Smart Manufacturing Market to Exhibit 13.7% CAGR and Generate $860.00 Billion by 2031 | Research Dive
The global smart manufacturing market is expected to grow primarily due to the growing need for automation in various industries. Automotive sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031
NEW YORK, June 28, 2023 /PRNewswire/ -- Global Smart Manufacturing Market Forecast Analysis:
As per the report published by Research Dive, the global smart manufacturing market is expected to register a revenue of $860.00 billion by 2031 at a CAGR of 13.7% during the forecast period 2022-2031.
Segments of the Smart Manufacturing Market
The report has divided the smart manufacturing market into the following segments:
- Component: hardware, software, and services
- Hardware– Dominant market share by 2031
Increasing use of smart manufacturing in hardware component production to improve efficiency, reduce costs, and improve quality is anticipated to augment the growth of this sub-segment by 2031. - Application: machine execution system, programmable logic controller, enterprise resource planning, SCADA, discrete control systems, human machine interface, machine vision, 3D printing, product lifecycle management, plant asset management, and others
- Product Lifecycle Management– Huge market revenue by 2031
Increasing demand for smart manufacturing solutions that can deliver real-time data and insights to support decision-making is expected to propel the growth of this sub-segment by 2031. - End-User: automotive, aerospace & defense, chemicals & materials, healthcare, industrial equipment, electronics, food & agriculture, oil & gas, and others
- Automotive– High CAGR by 2031
The rise in demand for high-quality and reliable vehicles has increased the use of smart manufacturing technologies by automotive manufacturers to improve their production processes. This is expected to push the growth of this sub-segment in the forecast period. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America– Significant market share in 2021
The increasing adoption of advanced technologies such as IoT, artificial intelligence (AI), and big data analytics is anticipated to give a major boost to the market in the forecast period.
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Dynamics of the Global Smart Manufacturing Market
Increasing demand and need of automation in various industries is expected to be the primary growth driver of the smart manufacturing market in the forecast period. Moreover, growing advancements in IoT and Big Data is predicted to augment the growth rate of the market. However, according to market analysts, high implementation costs might become a restraint in the growth of the market.
The growing need by various industries for increased efficiency and productivity has increased the demand for window coatings, which is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing demand for smart manufacturing by food & agriculture and aerospace industries is expected to propel the smart manufacturing market forward in the coming period.
COVID-19 Impact on the Global Smart Manufacturing Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The smart manufacturing market, however, was moderately impacted due to the pandemic. The market faced a slowdown as many manufacturing industries were closed during the pandemic due to the lockdowns. However, at the same time, there was an increase in demand for automation due to shortage of labour, which helped the market grow during the pandemic.
Key Players of the Global Smart Manufacturing Market
The major players of the market include
- ABB Ltd.
- Schneider Electric
- Fanuc UK Limited
- Siemens
- Honeywell International Inc.
- Fujitsu Global
- General Electric
- Emerson Electric Co.
- IBM
- Rockwell Automation Inc
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in July 2021, Cognizant, a leading information technology company, announced the acquisition of TQS Integration, a reputed industrial data and intelligence company. This acquisition is expected to help Cognizant to establish its lead in the smart manufacturing market in the coming period.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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