DELRAY BEACH, Fla., Oct. 14, 2024 -- 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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=105448439
Browse in-depth TOC on "Smart Manufacturing Market"
288 – Tables
83 – Figures
374 – Pages
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 |
Digital transformation systems segment is expected to account for the largest share of the smart manufacturing market during the forecast period.
The digital transformation systems segment accounted for the largest share of smart manufacturing market in 2029. Digital transformation systems include Al in manufacturing, industrial cybersecurity, digital twin, and AR & VR in manufacturing. Growth in this segment is due to the growth of innovative technologies such as AI and the necessity to implement faster and more efficient manufacturing abilities. Furthermore, these technologies create immersive training environments that promote workforce knowledge retention and skills development. For instance, AR can layer digital information onto physical equipment like guidance by technicians in real time during repair and maintenance tasks.
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.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=105448439
Asia Pacific is expected to hold the largest market share of the smart manufacturing market during the forecast period.
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).
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=105448439
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
Real-time Location Systems Market Size, Share & Industry Trends Growth Analysis Report by Hardware (Tags/Badges, Readers/Trackers), Technology (RFID, Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, Zigbee, RuBee), Application (Inventory/Asset Tracking, Personnel Monitoring), Region - Global Forecast to 2029
Industrial Sensors Market Size, Share & Industry Trends Growth Analysis Reportby Sensor Type (Level Sensor, Temperature Sensor, Gas Sensor, Pressure Sensor, Position Sensor, and Humidity & Moisture Sensor), Type (Contact & non-contact sensors), End-User Industry and Region - Global Forecast to 2029
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
This News is brought to you by Qube Mark, your trusted source for the latest updates and insights in marketing technology. Stay tuned for more groundbreaking innovations in the world of technology.
