Smart Manufacturing Market Size Worth $589.98 Billion By 2028: Grand View Research, Inc.

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May 24, 2021, 04:35 ET

SAN FRANCISCO, May 24, 2021 /PRNewswire/ -- The global smart manufacturing market size is estimated to reach USD 589.98 billion by 2028, registering a CAGR of 12.4% from 2021 to 2028, according to a new study by Grand View Research, Inc. Increasing adoption of technologies, including big data analytics, smart robots, and industrial IoT, in manufacturing facilities is a key factor propelling the market growth. Additionally, small and medium enterprises are increasingly integrating plant asset management, Manufacturing Execution Systems (MES), and 3D printing solutions, accelerating the market growth.

Key suggestions from the report:

A shift from operational technologies to effective artificial intelligence and data analytics is expected to emerge as a major market trend
Internet of things has gained popularity in the global manufacturing sector owing to benefits such as reduced operational costs and increased efficiency and productivity
The integration of hardware and software is expected to be the prime focus of solution providers. Unified design architecture and cyber-physical systems are expected to witness high demand in the market
Developed economies are supporting digitalization to reintroduce industrialization into their turf while developing countries are making investments in smart technologies to comply with international manufacturing standards and trends

Read 128 page research report with ToC on "Smart Manufacturing Market Size, Share & Trends Analysis Report By Component, By Technology (Product Lifecycle Management, 3D Printing, Enterprise Resource Planning, Discrete Control Systems), By End Use, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/smart-manufacturing-market

Governments across the globe are increasingly investing and promoting smart manufacturing initiatives. Both developed and developing economies are aggressively embracing this avenue, contributing to market growth. For instance, under the Made in China 2025 program, the government of China is reportedly investing approximately USD 3 billion. Similarly, the Indian government is promoting smart manufacturing with the SAMARTH - Udyog Bharat 4.0 initiative to transform the manufacturing sector.

Automotive and aerospace and defense are the leading revenue-generating end-use verticals while oil and gas and industrial equipment are anticipated to scale up the digitization efforts rapidly. The advent of 3D printing, modeling, and simulation in the manufacturing process has significantly propelled the market growth. Furthermore, the market participants are entering into strategic partnerships to offer improved end products. For instance, General Motors (GM), an automobile manufacturer, partnered with Autodesk Inc. to manufacture lighter vehicle parts using 3D printing technology.

Grand View Research has segmented the global smart manufacturing market based on component, technology, end use, 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

List of Key Players of the Smart Manufacturing Market

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

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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