The smart manufacturing market size is expected to reach US$ 365.22 billion by 2028, registering at a CAGR of 6.0% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Rising Number of Cyberattacks Boosts Smart Manufacturing Market
The global manufacturing sector growth is attributable to the rising number of regions investing in the establishment of manufacturing plants. As per the Global Manufacturing Risk Index (MRI) 2020, China, the US, and India are the prominent countries in this sector. During the COVID-19 outbreak, India emerged as a global manufacturing hub; the country surpassed the US to become the world’s second most desired manufacturing destination. In addition to industrial advancements in emerging economies, governments of various countries are striving to expand their manufacturing sectors.
Smart Manufacturing Market – by Region, 2021 and 2028 (%)
Smart Manufacturing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By End User (Discrete Industry and Process Industry) and Component (Hardware and Software)
Smart Manufacturing Market - Size, Analysis and Forecast | 2028
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Source: The Insight Partners Analysis
AI, 3D printing, and robots are the most prevailing technologies in the manufacturing sector. The manufacturing sector is experiencing a technological renaissance, which is changing the outlook, systems, and processes of modern factories. The technological revolution in the factories has been encouraging companies in this sector to further invest in the emerging technologies to enhance their productivity. Since smart manufacturing is still evolving, it is creating a substantial impact on the industrial & manufacturing sectors. Demand for embedded vision, integration of CoaXPress v2.0, developments in vision-guided robotics, surge in the use of SWIR cameras, advancements in thermal imaging technology, and improvements in AR and VR capabilities are among the factors driving the adoption of smart manufacturing practices, thus fueling the smart manufacturing market growth.
The smart manufacturing market is bifurcated on the basis of end-user and component. Based on end-users, the smart manufacturing market is divided into discrete industry and process industry. The discrete industry segment held a larger market share in 2020. Due to the rising production of medical devices, defense equipment, semiconductors, cars, and machines, advanced technologies are being adopted by these industries. Based on component, the smart manufacturing market is bifurcated into hardware and software. The hardware segment holds a larger share of the market. The segment growth is due to the growing integration & implementation of RTL, robots, and sensors are expanding in manufacturing plants. Based on geography, the smart manufacturing market is segmented into North America (the US, Canada, and Mexico), Europe (Austria, Italy, Poland, Switzerland, Sweden, Norway, Denmark, the Netherlands, Finland, Spain, Baltic states and Rest of Europe), and Asia Pacific (Australia, Japan, South Korea, Taiwan, and Rest of APAC).
Impact of COVID-19 Pandemic on Smart Manufacturing Market
The emergence of another variant of COVID-19 in the UK has affected the production & sales of various electronic devices used in smart manufacturing across the region. Further, the businesses in the region, such as manufacturing industries, faced severe economic difficulties as they had to suspend their operations or substantially reduce their activities. The shutdown of borders of various countries and the implementation of lockdowns had a direct impact on the supply chain of electronic components and devices. Companies such as Daimler AG, Volkswagen Group, and Ford temporarily suspended their production process due to the rise in COVID-19 cases. Anticipated delay in the supply of raw materials has hampered the delivery of products, thus adversely impacting the manufacturing processes.
3D Systems, Inc.; Cisco Systems, Inc.; Daifuku Co., Ltd.; General Electric Company; Honeywell International Inc.; Oracle Corporation; Schneider Electric SE; Siemens AG; Yokogawa Electric Corporation are among the leading players operating in the smart manufacturing market.
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