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Smart Manufacturing Market Size Worth $589.98 Billion By 2028

Published On: July 9, 2021

The global smart manufacturing market size is estimated to arrive at USD 589.98 billion by 2028. It is projected to develop by 12.4% CAGR from 2021 to 2028.

Rising acceptance of the technologies, together with industrial IoT, big data analytics and smart robots in manufacturing amenities, are an input feature, boosting the enlargement of the market for smart manufacturing.

The small & medium enterprises are also, progressively more, incorporating 3D printing solutions, plant asset management, and Manufacturing Execution Systems (MES), which are speeding up the expansion of the market.

The various governments, all over the world, are gradually more spending as well as encouraging smart manufacturing programs. Developing as well as developed nations, together, are insistently taking up this opportunity, which is adding to the augmentation of the market for smart manufacturing.

For example, the China government is reportedly spending about USD 3.0 billion, in the agenda Made in China 2025. Likewise, the government of India is encouraging smart manufacturing by way of the SAMARTH - Udyog Bharat 4.0 proposal, to alter the manufacturing segment.

Aerospace & Defense, and automotive are the most important revenue producing end-user verticals. Whereas, industrial equipment and oil & gas are expected to speedily increase the efforts for the digitization. The arrival of 3D simulation, printing, and modeling, in the manufacturing procedures has, considerably, impelled the development of the smart manufacturing market.

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Further key findings from the report suggest:

• Industrialized nations are behind the digitalization to bring in, again, the industrial revolution in their nation. Whereas emergent nations are doing funding for the smart technologies to go along with the global trends and standards of the manufacturing sector.

• As a result of the benefits for example, augmented production as well as the competence, and decreased operational overheads, Internet of things (IoT) has increased its reputation in the international manufacturing sector.

• The incorporation of software and hardware is likely to be the major center of attention for the solution suppliers. Cyber-physical systems and united design architecture are estimated to observe, greater demand in the market for smart manufacturing.

• A change from the operational technologies to effectual simulated intelligence plus the data analytics, is anticipated to come out like a most important market inclination.

Million Insights segmented the global smart manufacturing market based on End Use, Technology, Component, and Region.

Smart Manufacturing Component Outlook (Revenue, USD Billion, 2016 - 2028)
    • Hardware
    • Software
    • Services

Smart Manufacturing Technology Outlook (Revenue, USD Billion, 2016 - 2028)
    • 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

Smart Manufacturing End-use Outlook (Revenue, USD Billion, 2016 - 2028)
    • Automotive
    • Aerospace & Defense
    • Chemicals & Materials
    • Healthcare
    • Industrial Equipment
    • Electronics
    • Food & Agriculture
    • Oil & Gas
    • Others

Smart Manufacturing Regional Outlook (Revenue, USD Billion, 2016 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • MEA

Companies

Various companies for smart manufacturing market are:

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