Global Smart Manufacturing Market By Information Technology, By Enabling Technology, By Industry (Automotive, Aerospace & Defense, Chemicals & Petrochemical, And Others), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2020-2029

Market.us announces publication of its most recently generated research report titled, “Global Smart Manufacturing Market by Information Technology (Human Machine Interface, Enterprise Manufacturing Intelligence, Plant Asset Management, Manufacturing Execution System, Warehouse Management System, and Industrial Communications), By Enabling Technology (Industrial 3D printing, Collaborative Robots, Industrial IoT, AI in Manufacturing, Machine Condition Monitoring, Industrial Machine Vision, Industrial Cybersecurity, Digital Twin, and Automated Guided Vehicle), By Industry (Automotive, Aerospace & Defense, Chemicals & Petrochemical, Pharmaceutical, Semiconductor & Electronics, Food & Beverages, Oil & Gas, and Others) and by Region – Global Forecast to 2029.”, which offers a holistic view of the global smart manufacturing market through systematic segmentation that covers every aspect of the target market.

The Global Smart Manufacturing Market is projected to be US$ 177.5 Mn in 2019 to reach US$ 534.2 Mn by 2029 at a CAGR of 11.8%.

Smart manufacturing is a technology-driven approach used to enhance the manufacturing process by employing computer control, modeling, big data, and other automation. It includes advanced information and manufacturing technologies in order to enable flexibility of physical processes and increases productivity. Smart manufacturing offers various advantages over conventional manufacturing such as minimizing production errors, limited human intervention, connected machines, etc. Smart manufacturing techniques allow users to control and operate machines remotely using various cloud programs or algorithms built into the product. In addition, smart manufacturing allows manufacturers to maintain a certain level of autonomy.

Increasing technological advancements such as cloud computing, sensors, robotics, 3D printing, IoT, etc. coupled with traditional manufacturing processes is a key factor driving the growth of the global smart manufacturing market over the forecast period. In addition, rising manufacturers focus towards real-time data analysis in order to achieve enhanced visibility related to predictive maintenance of machines, to avoid repair works during operations is another factor estimated to boost growth of the target market.

Global Smart Manufacturing Market Revenue (US$ Mn), 2019–2029

However, high initial investment cost required for the implementation of smart factory, coupled with maintenance for upgrading software to keep up with the updated technology are factors expected to hamper growth of the global smart manufacturing market. The growing demand of smart manufacturing across various industrial and commercial applications, owing to rising adoption of Internet of thing and cloud platforms is expected to create potential revenue growth opportunities for the key players operating in the global smart manufacturing market.

Global smart manufacturing market is segmented on the basis of information technology, enabling technology, industry, and region. On the basis of information technology, the market is segmented into human-machine interface, enterprise manufacturing intelligence, plant asset management, manufacturing execution system, warehouse management system, and industrial communications. The human-machine interface segment accounts for the majority share and is expected to register highest growth over forecast period. On the basis of enabling technology, the market is segmented into industrial 3D printing, collaborative robots, industrial IoT, AI in manufacturing, machine condition monitoring, industrial machine vision, industrial cybersecurity, digital twin, and automated guided vehicle. The industrial IoT segment accounts for a majority share in the global smart manufacturing market. On the basis of industry, the market is segmented into automotive, aerospace & defense, chemicals & petrochemical, pharmaceutical, semiconductor & electronics, food & beverages, oil & gas, and others (energy, mining, and pulp & paper). The automotive segment accounts for a majority share in the global smart manufacturing market.

Global Smart Manufacturing Market by Information Technology, 2019

On the basis of region, the market is segmented into North America, Europe, APAC, South America and MEA. The Asia Pacific accounts for the majority share in the global smart manufacturing market, owing to the increasing development of smart manufacturing technologies and rising investments in order to improve performance, security, and economic stability across various countries in this region. Europe smart manufacturing market is expected to register significant growth in terms of revenue in the target market over the forecast period, followed by North America. Regions such as South America and MEA are expected to register stable growth over the forecast period.

The research report on the global smart manufacturing market includes profiles of some of the major companies such as Honeywell International Inc., ABB Ltd, Mitsubishi Electric Corporation, Emerson Electric Co., Siemens Aktiengesellschaft, FANUC, Yokogawa Electric Corporation, Schneider Electric S.E., General Electric Company, and Rockwell Automation, Inc.

Key Market Segments

Type

• Human-Machine Interface
• Enterprise Manufacturing Intelligence
• Plant Asset Management
• Manufacturing Execution System
• Warehouse Management System
• Industrial Communications

Application

• Automotive
• Aerospace & Defense
• Chemicals & Petrochemical
• Pharmaceutical
• Semiconductor & Electronics
• Food & Beverages
• Oil & Gas And Others (Energy, Mining, And Pulp & Paper)

Key Market Players included in the report:

• Honeywell International Inc.
• ABB Ltd
• Mitsubishi Electric Corporation
• Emerson Electric Co.
• Siemens Aktiengesellschaft
• FANUC
• Yokogawa Electric Corporation
• Schneider Electric S.E.
• General Electric Company
• Rockwell Automation Inc.

For the Smart Manufacturing Market research study, the following years have been considered to estimate the market size: