Smart Manufacturing Technology Market Size, Share, Growth, and Industry Growth by Type (Manufacturing IT, Automation Control System, and Instrumentation & Field Devices) By Application (Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Oil & Gas, and Others) Regional Forecast To 2031

Updated On: 08 April 2024

SMART MANUFACTURING TECHNOLOGY MARKET REPORT OVERVIEW

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global smart manufacturing technology market size was USD 210450 million in 2021 and market is projected to touch USD 545059.2 Million By 2031, exhibiting a CAGR of 9.9% during the forecast period.

 The global COVID-19 pandemic has been unprecedented and staggering, with smart manufacruring technology experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Smart manufacturing technology is an advanced technology. It is a combination of several solutions and technologies which collectively if implemented in a manufacturing ecosystem.

Increase in government support and growing demand for smart manufacturing are estimated to fuel market growth. Rising research and development activities and growing focus on lot innovation. Increase in research centers and financial support for new loT research projects are predicted to expand market growth. Growing adoption of disruptive technologies is estimated to augment market growth. Rapid adoption of digitalization and advanced technology are anticipated to accelerate market progress. However, high investment in smart manufacturing solutions to hamper market growth in the forthcoming years.

COVID-19 Impact: Lockdown Restrictions Affected Supply and Chain Disruption

Increasing number of coronavirus cases globally impacted the economy in every industry. An outbreak of COVID-19 pandemic developed a critical gap between the supply chain and manufacturing units. Lockdown restrictions affected production lines. However, post-pandemic is anticipated to robust market growth owing to the re-opening of end-user industries such as aerospace & defense, chemicals & materials, healthcare, automotive, industrial equipment, electronics, oil & gas, and others.

LATEST TRENDS

"Growing Demand for Big Data and 5G Network to Fuel Market Growth. "

Big data is one of the crucial applications, and the growing adoption of technology are predicted to surge market growth. The increasing volume of unstructured and structural data is expected create massive demand for big data. Growing adoption of the internet of things (loT) in vehicles, smart devices, and sensors are predicted to fuel market progress. An increase in adoption of artificial intelligence solutions is estimated to fuel market growth. Further, growing adoption of autonomous/self-driving vehicles cars, intelligent thermostats, smart homes, smart city solutions, and pacemakers. Such broad adoption of smart technology is predicted to fuel market growth. For example, Tesla introduced self-driving cars, which witnessed a positive response among consumers. Therefore, these factors are responsible for accelerating smart manufacturing technology market growth during the forecast period. 

SMART MANUFACTURING TECHNOLOGY MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into manufacturing it, automation control system, and instrumentation & field devices.

Automation control system is expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into, aerospace & defense, automotive, chemicals & materials, industrial equipment, healthcare, electronics, oil & gas, and others.

Industrial equipment is expected to be the leading part of application segmentation.

DRIVING FACTORS

"Emergence of 5G era and Advancement in Connectivity Technologies to Support Market Growth"

Growing adoption of the 5G network and demand for high-speed connectivity is estimated to surge market growth. Rising adoption of Industry 4.0 is estimated to support market growth. Rapid industrial development to support economy growth. Further, growing industrial loT is gaining popularity in the market. Also, manufacturing companies are focusing on developing new smart manufacturing solutions. Increase in digitalization is anticipated to accelerate market growth. Further, the growing demand for technology in the food and beverage sector is estimated to expand market growth. The increase adoption of 3D food printing and machine is anticipated to propel market growth in the upcoming years. Growing adoption of automation in the food & beverage sector to offer safety solutions, flexibility, and innovation. Such factors are predicted to magnify smart manufacturing technology market growth.

"Growing Government Involvement in Supporting Smart Manufacturing to Surge Market Performance"

Governments globally are supporting the development of smart manufacturing is predicted to fuel market growth. High investment by private and government sectors for R&D activities. Also, several governments are funding loT innovations that are anticipated to accelerate market growth. Also, globally governments are taking regulations and researching financing centers, educational institutions, and research organizations. Further, developed countries such as U.K. and U.S. are promoting university–level 3D printing research. Therefore, these factors are anticipated to accelerate market growth. Rising demand for 3D printing and the robotic process is predicted to surge smart manufacturing technology market growth in the upcoming years.

RESTRAINING FACTORS  

High investment in smart manufacturing solutions to hamper market growth in the forthcoming years. Maintenance costs and fluctuation of raw material prices are anticipated to block market progress in the upcoming years.

SMART MANUFACTURING TECHNOLOGY MARKET REGIONAL INSIGHTS

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"Increase in Vibrant Ecosystem in Asia Pacific to Drive Market Share "

Asia Pacific is anticipated to hold largest smart manufacturing technology market share due to vibrant ecosystem across countries such as India, Japan, and China. Growing adoption of disruptive technologies such as Industry 4.0 and increase in adoption cloud-based technology. Rising research and development activities and growing focus on lot innovation. Increase in research centers and financial support for new loT research projects are predicted to expand market growth.

North America is predicted to hold the second-largest market owing to increasing expenditure on advanced manufacturing technologies. Availability of auxiliary printing material and growing demand from aerospace, healthcare, automotive, and defense sectors. Also, the presence of government agencies such as the Aeronautics and Space Administration (NASA) is expected to thrust smart manufacturing technology market expansion in the forthcoming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• GE (U.S.)
• ABB (Switzerland)
• Siemens (Germany)
• SAP (Germany) 
• Schneider (France)
• Emerson (U.S.)
• Oracle (U.S.)
• IBM (U.S.)
• Honeywell (U.S.)
• Cisco (U.S.)
• Rockwell (U.S.)
• Yokogawa (Japan)
• Fanuc (India) 
• NVIDIA (China)
• Keyence (Japan)
• Cognex (U.S.) 
• Stratatys (Israel)
• 3D Systems (U.S.)
• Daifuku (Japan)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.