Smart Manufacturing Market End-use Estimates and Demand Analysis By 2030

Tom Clark

Smart Manufacturing Industry Overview

The global smart manufacturing market size was valued at USD 259.63 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 13.4% from 2022 to 2030.

The rising growth of the market is a result of the growing implementation and adoption of Industry 4.0. The increase in automation and software-based processes has added to the market share. Smart technologies have been able to provide the global market with real-time analysis and synchronization which help reduce costs and save time. The market is directly proportional to technological developments, where both grow together.

Gather more insights about the market drivers, restraints, and growth of the Global Smart Manufacturing market

During the COVID-19 pandemic, all the industries and elements involved in industrial automation were affected or shut down. During the initial worldwide lockdown, the global supply chains and operational logistics were suddenly affected. As the demand for non-essential products reduced, the market became more focused on the essential products manufacturing to survive during the pandemic. However, the market was able to grow during the pandemic period as industries needed to provide their products and services safely and quickly. The market grew during this unprecedented event as a direct result of demand and also government financial assistance and technical support.

The information technology and automobile industries are the two industries where industry 4.0 is most prevalent. The market has helped automotive manufacturers build automated assembly lines not only for parts but also to manufacture the entire car. For instance, in 2021, Audi used their Production Lab (P-Lab) department to create real-life use cases for modern technology in everyday manufacturing. Industrial automation has created an in-depth and in-demand market for itself solely based on the benefits and opportunities it offers to the other industries. Now, regardless of industry, every company or manufacturer aims to apply smart manufacturing to their processes, thus increasing the overall market.

U.S. smart manufacturing market size, by component, 2020 - 2030 (USD Billion)

Additionally, the information technology industry is at the forefront for the existence of the market and also its development. The market has grown standardized as a result of the recent installation and widespread standardization of the Internet of Things (IoT). The Internet of Things has normalized the entry-level, application, and execution of manufacturing market technology around the world. The information technology industry uses augmented reality, virtual reality, machine learning, artificial intelligence, and many other modern solutions to keep the industry on the front foot to meet modern challenges and demands. For instance, in July 2021, Qualcomm began applying its advanced 5G technology as a means for smart manufacturing by unleashing the power of IoT.

Furthermore, the industry is growing momentum in developing nations like India, Mexico, and Brazil. As the developing countries are undergoing industrialization at an exorbitant rate, companies and industrial plants are seeing this as an opportunity. Along with technological and logistical advancements, governments in developing countries are enacting laws that benefit businesses, allowing the market to thrive.

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Market Share Insights

July 2021 - Qualcomm began applying its advanced 5G technology as a means for smart manufacturing by unleashing the power of IoT.

Key Companies profiled:

Some prominent players in the global Smart Manufacturing market include

  • Siemens
  • General Electric
  • Rockwell Automation, Inc.
  • Schneider Electric
  • Honeywell International Inc.
  • Emerson Electric Co.
  • Fanuc UK Limited

Order a free sample PDF of the Smart Manufacturing Market Intelligence Study, published by Grand View Research. 

Tom Clark
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