The demand with the global smart manufacturing market has been increasing based on the trend of achieving best industrial productivity for making a profitable business. Smart manufacturing has encompassed in several industries and is anticipated to renovate the business landscape over the forecast period. Smart manufacturing mentions the use of computerized systems and important manufacturing technologies to improve the speed of manufacturing, quality and agility. Smart manufacturing is dissimilar from traditional manufacturing in the sense involving workforce training and transformation concept to bring about product transaction.
The global market for the Smart Manufacturing is anticipated to develop at a compound annual growth rate (CAGR) of 12.7% throughout the course of the forecast, to reach
Traditional manufacturing methods include expected usage of raw materials in developing final products where smart manufacturing is a more customized approach focusing on the detailing of products. The current scenario has experienced various digital transformations and solutions coming under the limelight of attention, has supported the growth of the global smart manufacturing market. Various research organizations have justified smart manufacturing usage by claiming that there is a minimum production of waste when digital technologies are utilized for manufacturing. Growth of the manufacturing units in various sectors and industries is anticipated to bring optimistic growth in the global smart manufacturing market.
Various technologies of a smart manufacturing market are:
- Combined Robots: Co-bots or collaborative robots are the robots that are considered working along with humans in a workspace to deliver the improved process efficacy. These robots are poles apart from industrial robots in several ways like lack of “safety fence” during the work with humans, decreased setup time and simplified programming, potential in reducing the force and motor power and combination of auto-speed decrease and distance monitoring through proximity sensors during the application in evading the harm to human co-worker. Combined robots are utilized for performing semiautonomous or autonomous tasks for various applications like injection molding, screw driving, polishing & painting, lab analysis, welding and gluing, machine tending, quality testing, palletizing & packaging, handling, place & pick and assembly.
- Developed 3D Printing: Used in several applications like special machinery, robotics and tooling. Robotics is an important part of industries like defense & aerospace, printed electronics, automotive, forging and foundry. Merging the developed 3D printing with robotics enables the creation of less expensive, lightweight and well-designed components. Developed 3D printing shortens the time-consuming and expensive procedure of manufacturing tools, lessening the labor costs and removing assembly lines.
- Monitoring the condition of the machine: A procedure of defining the condition of the machine and operational state for distinguishing breakdowns by supporting automation. The procedure includes continuous or periodical data collection, diagnoses, interpretation and analyses. This method is dissimilar from the conventional methods in the manual procedure. Monitoring the condition of machine enhances the equipment readiness and decrease maintenance and requirements of staffing. It is mostly utilized for safeguarding the spontaneous outages, improve the performance of the machine and decrease downtime and maintain cost. This technique is initially classified as predictive machine monitoring and preventive machine monitoring. Predictive monitoring permits companies to recognize the potential trouble, problems of diagnosis and select the remedial actions earlier to degrade the performance or occurs interruption. Preventive monitoring is accomplished where the equipment is in the normal condition to evade the unpredicted breakdowns and related costs and downtime.
Key manufacturers like Yokogawa, Siemens, Schneider, SAP, Rockwell, Oracle, IBM, Honeywell, General Electric, Emerson, Daifuku, Cisco, ABB and 3D systems.
Smart Manufacturing Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 842.99 Billion|
|Growth Rate||CAGR of 12.7 % during 2022-2030|
|Segment Covered||Component Outlook, Technology Outlook, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), IBM (US), and General Electric (US).|
(Technology - Manufacturing Execution System (MES), Programmable Logic Controller (PLC), Supervisory Controller and Data Acquisition (SCADA), Distributed Control System (DCS), Enterprise Resource Planning (ERP), Human Machine Interface (HMI), and Machine Vision; End User - Automotive, Food and Beverage, Pharmaceuticals, Aerospace and Defense, Consumer Electronics, and Energy)
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Frequently Asked Questions (FAQ) :
Smart manufacturing has been a subject of discussion amongst the global strategists, leaders and manufacturing experts since few years now. Smart manufacturing is the technology-driven method that uses inter-linked machinery to observe the procedure of production. Smart manufacturing is projected to carry the next industrial revolution in the manufacturing sector across the globe. Smart manufacturing is defined as “the ability to solve existing and future problems via an open infrastructure that allows solutions to be implemented at the speed of business while creating advantaged value” by Smart Manufacturing leadership coalition’s (SMLC). The unceasingly surging investments in the activities of production, increasing mindfulness regarding the superior and developed production technologies and the requirement for modernization & up gradation of control systems becoming essential to contend at the international standards. All the factors are boosting the acceptance of smart manufacturing technology. By using smart manufacturing technologies, companies augment the efficacy of the production process and manufacturing plants by using digital technologies and real-time data.
The global smart manufacturing sector has been persecuted by various factors involving the doubts in the raw materials supply, extreme competition by local players, increasing operational costs and more. Several industry players are considering for choices and the options by improving the product quality, decrease the costs and make manufacturing more efficient. So the decreased structure of cost and enhanced productivity of manufacturing are increasing the growth of the global smart manufacturing market. Technologies of smart manufacturing are experiencing substantial growth in the market as it provides sufficient technological solutions to medium- and small-sized enterprises and associated supply chain to the users. While the factors like the primary cost of setting up and the possibility of cyber-attacks to rupture the security are affecting the global smart manufacturing market growth. Continuous investments by global players in the activities of research & development connected to smart manufacturing permitted coming up with the inventive products are projected to fuel the growth of the global smart manufacturing market.
Growth in the importance of growing production efficacy and getting visibility across the whole value chain are the two important factors fueling the growth of the smart manufacturing market. Accessibility of developed technologies plant asset management, manufacturing execution systems (MES) and 3D printing solutions to medium and small enterprises is increasing the growth of smart manufacturing industry.
Smart manufacturing involves a huge range of technologies from Product Lifecycle Management (PLM) to 3D printing. Whereas few of the technologies are in use for some time as segments like additive manufacturing are getting powerful in the coming years. The segment of 3D printing is anticipated to experience the maximum growth in the coming years because of its large-scale acceptance in agile product iterations and design procedure.
Although, the segment of Manufacturing Execution Systems (MES) will hold the maximum market share based on revenue produced as the result of the developed demand for restructuring workflows and decreasing the lead times. The rise in the demand for industrial automation linked with the increasing importance of regulatory and legal agreement is boosting the market growth.