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)
Publication Month: Oct 2022 | Report Code: TIPTE100000174 | No. of Pages: 258 | Category: Technology, Media and Telecommunications | Status: Published
The smart manufacturing market was valued US$ 258.72 billion in 2022, it is estimated to grow at a CAGR of 6.0% from 2022 to 2028.
Smart manufacturing uses execution control, analytics, and simulation to boost the high yield manufacturing process. Optimization through simulation and analytics is driving product and process improvements in the process. The global industrial sector is dynamic as it observes the deployment of numerous technologies, such as Industry 4.0 and the Industrial Internet of Things (IIoT). With factories reporting for ~40% of the world's energy consumption, the need to mitigate energy usage is crucial in encouraging manufacturers to adopt cost-effective, sustainable, precise, and reliable machinery. Machines are evolving and are reducing human intervention by introducing new interfaces such as augmented reality (AR), touchless interfaces, and smart tools.
Growing demand for industrial robots, sensors, tools, drives, and condition monitoring; execution of complex & advanced techniques/devices will endure the rise of smart manufacturing market. The smart manufacturing market growth is attributed to the rising demand for machine vision systems in diversified industries; the expanding industrial sector in such as the US, China, and India; and the upsurge in the adoption rate of real-time location systems (RTLS). The growing use of robots and automation due to the increased implementation of artificial intelligence (AI) and other advanced technologies is expected to boost the market growth. Moreover, with the growing digital transformation, the wave of transforming generic factories into a smart one will likely receive high traction, which is contributing to the growth of the smart manufacturing market.
Strategic Insights
Impact of COVID-19 Pandemic on Smart Manufacturing Market
Smart manufacturing is a combination of multiple electronic components, devices, and technologies. Major suppliers supply parts and raw materials to manufacturers, as these countries are manufacturing hubs. As a result of the COVID-19 pandemic, strict lockdowns were enforced as preventive measures, which impacted the supply chain of electronic components and devices. Thus, in 2020, smart manufacturing solutions manufacturers faced a delay in the supply of raw materials. However, in 2021, the upliftment of lockdowns and the successful drive of vaccination by the government gradually increased the shipment of raw materials which further propelled the market growth of smart manufacturing. Hence, this factor is helping in creating a positive scenario for the growth of the smart manufacturing market.
Lucrative Regions for Smart Manufacturing Market
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Market Insights – Smart Manufacturing Market
Increasing Demand for Smart Machine Vision Systems
Machine vision is a multi-staged system that employs smart cameras in the initial phases of image processing. Smart cameras are generally designed to outperform multicamera systems in harsh operating environments. These cameras are self-contained and can be easily programmed to perform a specific task, or they can be modified as per the need without affecting other inspection processes. The demand for smart machine vision systems is expected to increase during the forecast period as they are cost-effective, compact, and flexible; the flexibility of these systems allows easier implementation of changes in these systems based on revised regulations and standards. In addition, with advancements in smart camera technology and the Internet of Things (IoT), the adoption of machine vision systems based on these cameras is likely to increase in the coming years. Smart cameras typically combine lighting, image sensors, software, and I/O functionality, which ease the task of machine vision systems. With the evolution in camera technology, in terms of capabilities and specifications, manufacturers are introducing models with larger image sensors and embedded vision cameras; the new models function as smart cameras, and a few of these are also capable of performing deep learning and artificial intelligence (AI) tasks.
End User-Based Smart Manufacturing Market Insights
Based on end user, the smart manufacturing market is bifurcated into discrete industry and process industry. The discreet industry segment led the smart manufacturing market with a share of 56.5% in 2021. In diversified industries, numerous types of smart manufacturing technologies are being integrated during manufacturing.
Component-Based Smart Manufacturing Market Insights
Based on components, the smart manufacturing market is bifurcated into hardware and software. The hardware segment led the market with a share of 63.2% in 2021; it is anticipated to continue its dominance during the forecast period. Rapid expansion in the manufacturing industry and adopting industrial automation in the automotive, consumer electronics, logistics, and healthcare industries are a few of the factors driving the growth of smart manufacturing. Nevertheless, growing government support and integration of AI in manufacturing process are anticipated to provide many growth opportunities to the manufacturers operating in the smart manufacturing market.
Players operating in the smart manufacturing market are mainly focused on developing advanced and efficient products.
- In 2022, GE Digital introduced enhancements in CIMPLICITY and Tracker software that provide critical decision support for operators to make them more efficient. CIMPLICITY HMI/SCADA provides client-server visualization to precisely monitor and control operations. Tracker, part of GE Digital’s Proficy Manufacturing Execution Systems (MES) offering, automates routing and sequencing to accelerate time to the smart manufacturing market, reduce warranty and recall exposure, and support Lean operations and building right the first time.
- In 2021, Raytheon Technologies and the Army Research Laboratory (ARL) of the Combat Capabilities Development Command (DEVCOM) selected 3D Systems (NYSE: DDD) for a research project titled “Research for Virtual Design and Qualification Process for Additively Manufactured Parts Optimized for Multi-Laser Machines” awarded through the National Center for Manufacturing Sciences.
Company Profiled:
- Yokogawa Electric Corporation
- Cisco Systems, Inc
- Honeywell International Inc.
- 3D Systems, Inc
- Daifuku Co., Ltd
- GENERAL ELECTRIC
- IBM Corporation
- Oracle Corporation
- Siemens AG
- Schneider Electric SE
Frequently Asked Questions
1. Surging Adoption of RTLS
2. Increasing Trend of Industry 4.0
1. 3D robotics
2. AI
3. IoT technologies
The List of Companies - Smart Manufacturing Market
- Yokogawa Electric Corporation
- Cisco Systems, Inc
- Honeywell International Inc.
- 3D Systems, Inc
- Daifuku Co., Ltd
- GENERAL ELECTRIC
- IBM Corporation
- Oracle Corporation
- Siemens AG
- Schneider Electric SE
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the smart manufacturing market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the smart manufacturing market thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
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