Smart Manufacturing Market Size, Trends and Insights By Component (Hardware, Software, Services), By Technology (Machine Execution Systems, Programmable Logic Controller, Enterprise Resource Planning, SCADA, Discrete Control Systems, Human Machine Interface, Machine Vision, 3D Printing, Product Lifecycle Management, Plant Asset Management), By End-use (Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Food & Agriculture, Oil & Gas, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI23222

Published Date: April 2023

Pages: 220+

Category: Technology

Report Snapshot

CAGR: 14.10%
255.65B
2022
299.67B
2023
788.87B
2030

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • ABB Ltd.
  • Siemens
  • General Electric
  • Rockwell Automation Inc.
  • Schneider Electric
  • Others

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Reports Description

As per the current market research conducted by Custom Market Insight Team, the global smart manufacturing market is expected to record a CAGR of 14.10% from 2023 to 2030. In 2023, the market size is projected to reach a valuation of US$ 299.67 billion. By 2030, the valuation is anticipated to reach US$ 788.87 billion.

Smart Manufacturing refers to the use of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and Big Data analytics to optimize manufacturing processes and improve operational efficiency. It involves the integration of various technologies, software systems, and sensors to create a connected and intelligent ecosystem that can monitor, analyze, and automate manufacturing operations in real time.

The goal of Smart Manufacturing is to improve productivity, reduce costs, and enhance product quality while ensuring regulatory compliance and sustainability. The Smart Manufacturing market includes various solutions and services such as hardware, software, and consulting services.

Attributes Value
Smart Manufacturing Value (2022) USD 255.65 billion
Smart Manufacturing Market Expected Value (2023) US$ 299.67 billion
Smart Manufacturing Market Forecast Value (2030) US$ 788.87 billion
Smart Manufacturing Market Expected CAGR (2023 to 2030) 14.10%

Smart Manufacturing Market – Mergers and Acquisitions

There have been several mergers and acquisitions in the Smart Manufacturing Market over the years. Here are a few notable ones:

  • In 2019, PTC, a leading software solutions provider, acquired Onshape, a cloud-based CAD software company. This acquisition enabled PTC to expand its portfolio of software solutions for smart manufacturing.
  • In 2020, Schneider Electric, a leading provider of digital transformation solutions, acquired ProLeiT AG, a provider of industrial automation and process control systems. This acquisition helped Schneider Electric to expand its offerings in the smart manufacturing space.
  • In 2021, Siemens AG, a global technology company, acquired Supplyframe, a provider of design-to-source intelligence solutions. This acquisition helped Siemens to expand its capabilities in the areas of design, engineering, and supply chain management.
  • In 2021, Rockwell Automation, a leading provider of industrial automation and digital solutions, acquired Plex Systems, a provider of cloud-based manufacturing execution systems (MES) and enterprise resource planning (ERP) software. This acquisition helped Rockwell Automation to enhance its smart manufacturing capabilities and offer end-to-end solutions to its customers.

These mergers and acquisitions are expected to drive growth in the Smart Manufacturing Market by bringing together the expertise and capabilities of different companies to offer comprehensive solutions to customers.

Smart Manufacturing Market – Significant Opportunities

The Smart Manufacturing market presents several significant opportunities for growth and innovation. One of the major opportunities is the integration of advanced technologies such as the Industrial Internet of Things (IIoT), artificial intelligence (AI), and machine learning (ML) into manufacturing processes. This integration can help manufacturers achieve improved efficiency, reduce costs, and enhance overall product quality.

Another opportunity is the adoption of Industry 4.0, which involves the use of smart technologies, including cyber-physical systems, the Internet of Things (IoT), cloud computing, and cognitive computing. This approach can help manufacturers develop intelligent, connected, and flexible manufacturing systems that are capable of responding to changing customer demands and market conditions.

The increasing demand for regulatory compliance in various industries is another significant opportunity for the Smart Manufacturing market. Manufacturers are required to comply with various regulations and standards to ensure product quality, safety, and traceability. The adoption of smart technologies can help manufacturers improve their compliance with these regulations and standards, thereby improving their overall product quality and customer satisfaction.

Overall, the Smart Manufacturing market presents significant opportunities for manufacturers to enhance their manufacturing processes, improve their product quality, and gain a competitive edge in the market.

Smart Manufacturing Market – Significant Threats

Some significant threats to the smart manufacturing market include:

  • Cybersecurity threats: The use of internet-connected devices and systems in smart manufacturing creates potential vulnerabilities for cyberattacks, which can result in significant data breaches, production downtime, and financial losses.
  • Lack of standardization: The absence of a common set of standards for smart manufacturing technologies can create interoperability challenges and limit their widespread adoption.
  • High implementation costs: The implementation of smart manufacturing technologies can be expensive, especially for small and medium-sized enterprises (SMEs) with limited resources.
  • Workforce adaptation: The adoption of smart manufacturing technologies requires a workforce that is skilled and trained in their use, which can create challenges for companies in terms of workforce management and training.
  • Data privacy concerns: Smart manufacturing technologies generate and collect a significant amount of data, which can raise concerns over data privacy and ownership rights.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Smart Manufacturing Market Warehouse Management System Market Battery Manufacturing Equipment Market
CAGR 14.9% (Approx) CAGR 16%

(Approx)

30%

(Approx)

USD 772.33 billion by 2030 USD 10.5 Billion by 2030 USD 25.4 Billion by 2030.

Smart Manufacturing Market – Market Trends

Some of the significant market trends in the smart manufacturing industry are:

Industrial Internet of Things (IIoT):

The integration of IIoT with smart manufacturing technologies helps in real-time data analytics, predictive maintenance, and remote monitoring, enabling a more efficient and productive manufacturing process.

Advanced Robotics:

The use of advanced robotics in smart manufacturing helps in automating repetitive and dangerous tasks, increasing production speed, reducing labor costs, and improving product quality.

Digital Twins:

Digital twins are virtual models that simulate the physical process and systems of a manufacturing plant, providing insights into the manufacturing process, reducing downtime, and improving product quality.

Cloud Computing:

Cloud-based smart manufacturing solutions offer benefits such as real-time data access, easy collaboration between stakeholders, and scalability.

Artificial Intelligence (AI):

AI-based solutions in smart manufacturing help in predictive maintenance, quality control, and production optimization.

Augmented Reality (AR):

AR technology helps in improving worker safety, reducing errors, and increasing productivity by providing real-time information and guidance to workers.

Cybersecurity:

As smart manufacturing processes are becoming more connected and data-driven, cybersecurity threats are increasing. Ensuring proper cybersecurity measures are in place is a critical trend in the smart manufacturing market.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 299.67 Billion
Projected Market Size in 2030 USD 788.87 Billion
Market Size in 2022 USD 255.65 Billion
CAGR Growth Rate 14.10% CAGR
Base Year 2022
Forecast Period 2023-2030
Key Segment By Component, Technology, End-use, and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Major Facts about Smart Manufacturing Market:

During the pandemic, the Smart Manufacturing market witnessed a shift in focus toward the production of essential products, while the demand for non-essential products declined. Nevertheless, the market continued to grow as businesses required safe and efficient delivery of their products and services. This growth was supported by increasing demand, government financial aid, and technological advancements.

The Information Technology and Automotive sectors are the leading adopters of Industry 4.0. Smart Manufacturing has enabled the automotive industry to automate its assembly lines, including the production of entire vehicles. For instance, Audi’s Production Lab (P-Lab) department utilized modern technology to create practical use cases for everyday manufacturing in 2021. The benefits and opportunities offered by industrial automation have created a significant demand across various industries. As a result, companies across industries aim to incorporate smart manufacturing into their processes, contributing to the overall growth of the market.

The information technology industry plays a pivotal role in the existence and development of the smart manufacturing market. Standardization has contributed to the market’s growth, facilitated by the widespread adoption of the Internet of Things (IoT). The IoT has made market technology easily accessible for entry-level manufacturing, application, and execution worldwide.

The information technology industry leverages modern solutions such as augmented reality, virtual reality, machine learning, and artificial intelligence to keep pace with contemporary challenges and demands. For example, in July 2021, Qualcomm applied its advanced 5G technology to smart manufacturing to unleash the power of IoT.

Global Smart Manufacturing Market 2023–2032 (By Billion)

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Category-Wise Insights

Component Insights

In 2022, the software segment held the largest revenue share of 49.6% and is expected to maintain its dominance in the market throughout the forecast period. The software component is vital to the industry’s move towards full automation. With advanced software, machines such as robots and drones can operate without human intervention, reducing the risk of errors. The market can make significant advancements in the research and development of new and versatile solutions with the aid of software.

The hardware segment is expected to register the highest CAGR of 13.8% from 2023 to 2030. Advanced software requires high-level and compatible hardware to operate. To execute advanced software, modern hardware is required. Manufacturing plants use hardware that is energy-efficient, agile, and can operate without human intervention. Modern hardware must also be compatible with IoT to assist the market in achieving standardization.

Technology Insights:

In 2022, the discrete control system segment had the largest market share of 16.1% and is expected to remain dominant during the forecast period. This technology operates in the background, providing control and monitoring functions to the administrator. The market offers both basic and advanced technological control and an overview of every process, making it accessible remotely.

On the other hand, the 3D printing segment is expected to grow at the highest CAGR of 17.8% during the forecast period. Smart manufacturers can draw and print any small or big part using 3D software, which saves time and cost. The market is a significant investor and purchaser of 3D printing equipment and software, and its use is becoming increasingly widespread.

Global Smart Manufacturing Market 2023–2032 (By Component)

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End-Use Insights

In 2022, the automotive industry accounted for the largest market share of over 24%, and it is projected to have the highest compound annual growth rate (CAGR) of 15.6% over the forecast period. Due to minimal profits, many automotive manufacturers are adopting smart manufacturing to reduce waste and cost while increasing their profit margins. Additionally, the market offers automotive companies a way to maintain a high level of standardization of their products. With the help of Industry 4.0, the automotive industry can run non-stop and minimize labor costs, if any.

The aerospace and defense industry is expected to witness a substantial CAGR of 16.6% from 2023 to 2030, reflecting its growing investment in smart manufacturing. In this industry, precision is crucial, and the market’s advanced technologies can help achieve it. For instance, smart manufacturing can help manufacture rockets at a rapid pace, which is essential for space research that requires multiple flights for testing. Additionally, the defense industry invests heavily in industrial automation to develop modern defense mechanisms that can mitigate emerging threats effectively.

Region-Wise Insights

The global smart manufacturing market is expected to grow significantly in the coming years, and the growth will be driven by a number of factors including the increasing adoption of automation and the rise of Industry 4.0. Here are some region-wise insights on the global smart manufacturing market:

North America: North America is expected to dominate the global smart manufacturing market, with the United States being the largest contributor to the growth. The region has a highly developed manufacturing sector and a large number of smart manufacturing solutions providers.

Europe: Europe is another key market for smart manufacturing, with countries such as Germany, France, and the United Kingdom leading the way. The region has a strong focus on innovation and technology, which has led to the development of advanced manufacturing solutions.

Asia Pacific: The Asia Pacific region is expected to see significant growth in the smart manufacturing market, driven by countries such as China, Japan, and South Korea. The region has a large manufacturing base and is home to some of the world’s largest manufacturers.

Middle East and Africa: The Middle East and Africa region is expected to see moderate growth in the smart manufacturing market. The region has a growing manufacturing sector, and the adoption of smart manufacturing solutions is expected to increase in the coming years.

Latin America: Latin America is expected to see moderate growth in the smart manufacturing market, with Brazil being the largest contributor to the growth. The region has a growing manufacturing sector, and the adoption of smart manufacturing solutions is expected to increase in the coming years.

Overall, the global smart manufacturing market is expected to see significant growth in the coming years, driven by the increasing adoption of automation and the rise of Industry 4.0.

Global Smart Manufacturing Market 2023–2032 (By End-Use)

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Key Companies & Market Share Insights

The global smart manufacturing market is highly competitive, with a significant number of small and medium-sized players vying for market share against established manufacturers. The majority of small-scale players are located in the Asia Pacific region, where the market is still developing. With the evolution of technology, the types of products being manufactured are also changing, and industrial automation is streamlining the process, allowing the market to grow alongside these advancements. In contrast, the North American and European markets are dominated by large and medium-sized companies.

Despite high competition, technological advancements are enabling companies to save time and costs while increasing efficiency and effectiveness. Continuous research and development are also making smart manufacturing more common and standardized, even though it requires some investment. The trend towards smart manufacturing is global, with markets crossing borders. Governments are also recognizing the growth potential of the market and offering schemes and policies to attract investors to bring the market to their countries.

Some of the Prominent Players in the Market are:

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

The Smart Manufacturing Market is segmented as follows:

By Component

  • Hardware
  • Software
  • Services

By Technology

  • Machine Execution Systems
  • Programmable Logic Controller
  • Enterprise Resource Planning
  • SCADA
  • Discrete Control Systems
  • Human Machine Interface
  • Machine Vision
  • 3D Printing
  • Product Lifecycle Management
  • Plant Asset Management

By End-use

  • Automotive
  • Aerospace & Defense
  • Chemicals & Materials
  • Healthcare
  • Industrial Equipment
  • Electronics
  • Food & Agriculture
  • Oil & Gas
  • Others

By Region

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Smart Manufacturing Market, (2023 – 2030) (USD Billion)
    • 2.2 Global Smart Manufacturing Market : snapshot
  • Chapter 3. Global Smart Manufacturing Market – Industry Analysis
    • 3.1 Smart Manufacturing Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Attributed to factors such as the increasing number of government initiatives to promote industrial automation
      • 3.2.2 The rising number of investments in Industry 4.0
      • 3.2.3 Growing demand for safety regulation compliance
      • 3.2.4 High labor costs in developed economies.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Component
      • 3.7.2 Market attractiveness analysis By Technology
      • 3.7.3 Market attractiveness analysis By End-use
  • Chapter 4. Global Smart Manufacturing Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Smart Manufacturing Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Smart Manufacturing Market – Component Analysis
    • 5.1 Global Smart Manufacturing Market overview: By Component
      • 5.1.1 Global Smart Manufacturing Market share, By Component , 2022 and 2030
    • 5.2 Hardware
      • 5.2.1 Global Smart Manufacturing Market by Hardware, 2023 – 2030 (USD Billion)
    • 5.3 Software
      • 5.3.1 Global Smart Manufacturing Market by Software, 2023 – 2030 (USD Billion)
    • 5.4 Services
      • 5.4.1 Global Smart Manufacturing Market by Services, 2023 – 2030 (USD Billion)
  • Chapter 6. Global Smart Manufacturing Market – Technology Analysis
    • 6.1 Global Smart Manufacturing Market overview: By Technology
      • 6.1.1 Global Smart Manufacturing Market share, By Technology , 2022 and 2030
    • 6.2 Machine Execution Systems
      • 6.2.1 Global Smart Manufacturing Market by Machine Execution Systems, 2023 – 2030 (USD Billion)
    • 6.3 Programmable Logic Controller
      • 6.3.1 Global Smart Manufacturing Market by Programmable Logic Controller, 2023 – 2030 (USD Billion)
    • 6.4 Enterprise Resource Planning
      • 6.4.1 Global Smart Manufacturing Market by Enterprise Resource Planning, 2023 – 2030 (USD Billion)
    • 6.5 SCADA
      • 6.5.1 Global Smart Manufacturing Market by SCADA, 2023 – 2030 (USD Billion)
    • 6.6 Discrete Control Systems
      • 6.6.1 Global Smart Manufacturing Market by Discrete Control Systems, 2023 – 2030 (USD Billion)
    • 6.7 Human Machine Interface
      • 6.7.1 Global Smart Manufacturing Market by Human Machine Interface, 2023 – 2030 (USD Billion)
    • 6.8 Machine Vision
      • 6.8.1 Global Smart Manufacturing Market by Machine Vision, 2023 – 2030 (USD Billion)
    • 6.9 3D Printing
      • 6.9.1 Global Smart Manufacturing Market by 3D Printing, 2023 – 2030 (USD Billion)
    • 6.10 Product Lifecycle Management
      • 6.10.1 Global Smart Manufacturing Market by Product Lifecycle Management, 2023 – 2030 (USD Billion)
    • 6.11 Plant Asset Management
      • 6.11.1 Global Smart Manufacturing Market by Plant Asset Management, 2023 – 2030 (USD Billion)
  • Chapter 7. Global Smart Manufacturing Market – End-use Analysis
    • 7.1 Global Smart Manufacturing Market overview: By End-use
      • 7.1.1 Global Smart Manufacturing Market share, By End-use, 2022 and 2030
    • 7.2 Automotive
      • 7.2.1 Global Smart Manufacturing Market by Automotive, 2023 – 2030 (USD Billion)
    • 7.3 Aerospace & Defense
      • 7.3.1 Global Smart Manufacturing Market by Aerospace & Defense, 2023 – 2030 (USD Billion)
    • 7.4 Chemicals & Materials
      • 7.4.1 Global Smart Manufacturing Market by Chemicals & Materials, 2023 – 2030 (USD Billion)
    • 7.5 Healthcare
      • 7.5.1 Global Smart Manufacturing Market by Healthcare, 2023 – 2030 (USD Billion)
    • 7.6 Industrial Equipment
      • 7.6.1 Global Smart Manufacturing Market by Industrial Equipment, 2023 – 2030 (USD Billion)
    • 7.7 Electronics
      • 7.7.1 Global Smart Manufacturing Market by Electronics, 2023 – 2030 (USD Billion)
    • 7.8 Food & Agriculture
      • 7.8.1 Global Smart Manufacturing Market by Food & Agriculture, 2023 – 2030 (USD Billion)
    • 7.9 Oil & Gas
      • 7.9.1 Global Smart Manufacturing Market by Oil & Gas, 2023 – 2030 (USD Billion)
    • 7.10 Others
      • 7.10.1 Global Smart Manufacturing Market by Others, 2023 – 2030 (USD Billion)
  • Chapter 8. Smarts Manufacturing Market – Regional Analysis
    • 8.1 Global Smarts Manufacturing Market Regional Overview
    • 8.2 Global Smarts Manufacturing Market Share, by Region, 2022 & 2030 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Smarts Manufacturing Market, 2023 – 2030 (USD Billion)
        • 8.3.1.1 North America Smarts Manufacturing Market, by Country, 2023 – 2030 (USD Billion)
    • 8.4 North America Smarts Manufacturing Market, by Component , 2023 – 2030
      • 8.4.1 North America Smarts Manufacturing Market, by Component , 2023 – 2030 (USD Billion)
    • 8.5 North America Smarts Manufacturing Market, by Technology , 2023 – 2030
      • 8.5.1 North America Smarts Manufacturing Market, by Technology , 2023 – 2030 (USD Billion)
    • 8.6 North America Smarts Manufacturing Market, by End-use, 2023 – 2030
      • 8.6.1 North America Smarts Manufacturing Market, by End-use, 2023 – 2030 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Smarts Manufacturing Market, 2023 – 2030 (USD Billion)
        • 8.7.1.1 Europe Smarts Manufacturing Market, by Country, 2023 – 2030 (USD Billion)
    • 8.8 Europe Smarts Manufacturing Market, by Component , 2023 – 2030
      • 8.8.1 Europe Smarts Manufacturing Market, by Component , 2023 – 2030 (USD Billion)
    • 8.9 Europe Smarts Manufacturing Market, by Technology , 2023 – 2030
      • 8.9.1 Europe Smarts Manufacturing Market, by Technology , 2023 – 2030 (USD Billion)
    • 8.10 Europe Smarts Manufacturing Market, by End-use, 2023 – 2030
      • 8.10.1 Europe Smarts Manufacturing Market, by End-use, 2023 – 2030 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Smarts Manufacturing Market, 2023 – 2030 (USD Billion)
        • 8.11.1.1 Asia Pacific Smarts Manufacturing Market, by Country, 2023 – 2030 (USD Billion)
    • 8.12 Asia Pacific Smarts Manufacturing Market, by Component , 2023 – 2030
      • 8.12.1 Asia Pacific Smarts Manufacturing Market, by Component , 2023 – 2030 (USD Billion)
    • 8.13 Asia Pacific Smarts Manufacturing Market, by Technology , 2023 – 2030
      • 8.13.1 Asia Pacific Smarts Manufacturing Market, by Technology , 2023 – 2030 (USD Billion)
    • 8.14 Asia Pacific Smarts Manufacturing Market, by End-use, 2023 – 2030
      • 8.14.1 Asia Pacific Smarts Manufacturing Market, by End-use, 2023 – 2030 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Smarts Manufacturing Market, 2023 – 2030 (USD Billion)
        • 8.15.1.1 Latin America Smarts Manufacturing Market, by Country, 2023 – 2030 (USD Billion)
    • 8.16 Latin America Smarts Manufacturing Market, by Component , 2023 – 2030
      • 8.16.1 Latin America Smarts Manufacturing Market, by Component , 2023 – 2030 (USD Billion)
    • 8.17 Latin America Smarts Manufacturing Market, by Technology , 2023 – 2030
      • 8.17.1 Latin America Smarts Manufacturing Market, by Technology , 2023 – 2030 (USD Billion)
    • 8.18 Latin America Smarts Manufacturing Market, by End-use, 2023 – 2030
      • 8.18.1 Latin America Smarts Manufacturing Market, by End-use, 2023 – 2030 (USD Billion)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Smarts Manufacturing Market, 2023 – 2030 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Smarts Manufacturing Market, by Country, 2023 – 2030 (USD Billion)
    • 8.20 The Middle-East and Africa Smarts Manufacturing Market, by Component , 2023 – 2030
      • 8.20.1 The Middle-East and Africa Smarts Manufacturing Market, by Component , 2023 – 2030 (USD Billion)
    • 8.21 The Middle-East and Africa Smarts Manufacturing Market, by Technology , 2023 – 2030
      • 8.21.1 The Middle-East and Africa Smarts Manufacturing Market, by Technology , 2023 – 2030 (USD Billion)
    • 8.22 The Middle-East and Africa Smarts Manufacturing Market, by End-use, 2023 – 2030
      • 8.22.1 The Middle-East and Africa Smarts Manufacturing Market, by End-use, 2023 – 2030 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 ABB Ltd.
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Siemens
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 General Electric
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Rockwell Automation Inc.
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Schneider Electric
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Honeywell International Inc.
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Emerson Electric Co.
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Fanuc UK Limited.
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
List Of Figures

Figures No 1 to 38

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Players

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

FAQs

“North America” region will lead the global Smart Manufacturing market during the forecast period 2023 to 2030.

The key factors driving the market is attributed to factors such as the increasing number of government initiatives to promote industrial automation, the rising number of investments in Industry 4.0, growing demand for safety regulation compliance, and high labor costs in developed economies.

The key players operating in the Smart Manufacturing market are ABB Ltd., Siemens, General Electric, Rockwell Automation Inc., Schneider Electric, Honeywell International Inc., Emerson Electric Co., Fanuc UK Limited.

The global Smart Manufacturing market is expanding growth with a CAGR of approximately 14.9% during the forecast period (2023 to 2030).

The global Smart Manufacturing market size was valued at USD 292.12 Billion in 2021 and it is projected to reach around USD 772.33 Billion by 2030.

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