DELRAY BEACH, Fla., Oct. 14, 2024 /PRNewswire/ -- The global Smart Manufacturing Market is projected to reach USD 479.17 billion by 2029 from USD 233.33 billion by 2024; it is expected to grow at a CAGR of 15.5% according to a new report by MarketsandMarkets™. The smart manufacturing market is driven by several key factors, including the emphasis on boosting manufacturing efficiency through automated production. Strong and continuous investments by the government in 3D printing technologies are helping push the market even further Additionally, the need to maintain regulatory compliance for industrial solutions remains crucial as businesses adopt advanced technologies. There is also a rising demand for innovative solutions to minimize manufacturing downtime and reduce production waste. For instance, the use of real-time data analytics in factories help companies optimize operations hence efficiency while reducing production waste.
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Smart Manufacturing Market Report Scope:
Report Coverage Details Market Revenue in 2024 $ 233.33 billion by 2024 Estimated Value by 2029 $ 479.17 billion by 2029 Growth Rate Poised to grow at a CAGR of 15.5% Market Size Available for 2020–2029 Forecast Period 2024–2029 Forecast Units Value (USD Million/Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered By technology, industry, and region Geographies Covered North America, Europe, Asia Pacific, and Rest of World Key Market Challenge Security issues in smart manufacturing Key Market Opportunities Rapid developments in IIoT and cloud computing Key Market Drivers Rising demand for innovative technologies to minimize manufacturing downtime and production waste
Energy and Power segment to exhibit highest CAGR in the forecast year.
Significant growth opportunities are available for vendors of automation solutions in alternative energy sources, such as wind, solar, and hydropower. Moreover, rapid industrialization, infrastructural development, and the integration of advanced technologies by various industries result in increased demand for power and energy. More stabilized electricity production can fulfill high energy demand, which requires higher plant performance and flexibility. This enforces the burden on plant operators to monitor and control the plant more efficiently. Thus, the adoption of advanced smart manufacturing technologies, such as HMI and PAM, is increasing significantly in the energy & power industry. Energy and power suppliers have already begun their shift toward smart manufacturing platforms owing to the rising inefficiencies of traditional methods. This adoption makes the suppliers more efficient in energy management, leading to cost savings and an eco-friendly landscape.
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The growth of smart manufacturing market in Asia Pacific can be attributed to rapid industrialization, commercialization of IIoT applications and increasing adoption of industrial robot. Asia Pacific is a manufacturing hub; hence, motor vehicle suppliers, such as Volkswagen (Germany), Toyota (Japan), Renault-Nissan (Netherlands), and Daimler (Germany), and local manufacturers, such as Tata Motors (India) and Hyundai Motors (South Korea), invest heavily in the smart factory market in Asia Pacific. Most key manufacturers from different industries have shifted their manufacturing plants to Asia Pacific due to the low labor costs and the availability of skilled labor in the region.
Key Players
The key companies in the smart manufacturing companies include 3D Systems, Inc. (US), ABB (Switzerland), Cisco Systems, Inc. (US), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), and IBM (US).
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