Smart Manufacturing Market to Hit $787.54 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Jan. 11, 2023 /PRNewswire/ -- The global smart manufacturing market size is predicted to hit USD 787.54 billion by 2030, according to a new study by Grand View Research, Inc. The market is also anticipated to register a CAGR of 14.9% from 2023 to 2030, based on a recent report by Grand View Research, Inc. This market is popularly known as industry 4.0 as the advancement and integration of manufacturing with technology and automation processes in manufacturing is driven by the Internet of Things (IoT), machine learning, and real-time data. It is focused on combining innovation and efficiency as production processes grow faster.
Key Industry Insights & Findings from the report:
- Industrial 4.0 has been helping to transform the market from acquiring legacy systems to smart components and sophisticated equipment to the development of digital factories, and later, to the ecosystem of plants and connected businesses.
- Based on the technology segment, the 3D Printing type of smart manufacturing is anticipated to grow with the highest CAGR of 17.8% during the forecast period due to the rise in the usage of 3D animation in the production of spare parts.
- The software segment is poised to grow with the highest CAGR of 15.5% during the forecast period. The advent of analytics and AI-driven systems is expected to be a key factor driving the growth of the market.
- The Asia Pacific region contributed the largest revenue share in 2022, owing to the constant advancements in automation and reducing dependency on other nations for an in-house manufacturing facility.
Read 300-page full market research report, "Smart Manufacturing Market Size, Share & Trends Analysis Report By Component, By Technology (Product Lifecycle Management, 3D Printing, Enterprise Resource Planning), By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Smart Manufacturing Market Growth & Trends
The industry is intended to adopt smart production methods across various domains. The need to increase productivity and improve the visibility of the entire system are two major factors driving the market growth. The proliferation of the Industrial Internet of Things (IIoT) is expected to create challenges in controlling large amounts of data and accessing data and hence participants can opt for self-study programs and Artificial Intelligence (AI) technologies to avoid challenges. However, with increasing reliance on data, the industry aims to prevent contact with processes from preventing unintended issues. An essential aspect of the industry is the need to integrate various technologies such as intelligent sensors, robots, and cloud computing. Digital development has created the opportunity to use integrated technologies to achieve measurable results. Simulation, 3D printing, and network technology development have made the market a promising investment center for technology developers and users.
Several countries around the world imposed strict closures to prevent the spread of COVID-19, with severe restrictions and safety measures. Leading companies that produce smart devices started using IoT deployment, statistics, and AI-based digital platforms to reduce the need for human interaction. In addition, reduced efficiency in production lines due to social isolation processes is also strengthened with the help of automated solutions, thereby reducing employee involvement in production processes.
While established retailers are pushing their technology harder in new fields and operating environments, the barriers to entry are declining rapidly. These trends have led to an increase in competition among retailers, thus, leading to the introduction of fictional business models as advanced products. Buyers are experiencing a paradigm shift and focus on ordering rather than production to sell stock. These circumstances are expected to drive a comprehensive overhaul of production business models. This, in turn, is expected to fuel the market during the forecast period.
Smart Manufacturing Market Segmentation
Grand View Research has segmented the global smart manufacturing market based on component, technology, end-use, and region:
Smart Manufacturing Market - Component Outlook (Revenue, USD Billion, 2018 - 2030)
- Hardware
- Software
- Services
Smart Manufacturing Market - Technology Outlook (Revenue, USD Billion, 2018 - 2030)
- 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 Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)
- Automotive
- Aerospace & Defense
- Chemicals & Materials
- Healthcare
- Industrial Equipment
- Electronics
- Food & Agriculture
- Oil & Gas
- Others
Smart Manufacturing Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- MEA
List of Key Players in Smart Manufacturing Market
- ABB Ltd.
- Siemens
- General Electric
- Rockwell Automation, Inc.
- Schneider Electric
- Honeywell International Inc.
- Emerson Electric Co.
- Fanuc UK Limited
Check out more related studies published by Grand View Research:
- Digital Transformation Market - The global digital transformation market size is expected to reach USD 4,617.78 billion by 2030, according to the new reports of Grand View Research. The market is expected to register a CAGR of 26.7% from 2023 to 2030. Digital transformation helps organizations improve their customer experience, customer retention ratios, and brand reputation through the software's implementation.
- Smart Cities Market - The global smart cities market size is expected to reach USD 6,965.02 billion by 2030, according to the new reports of Grand View Research, Inc. The market is expected to expand at a CAGR of 25.8% from 2023 to 2030. The market growth can be attributed to rapid favorable government initiatives worldwide and emerging technologies, such as Artificial Intelligence (AI), cybersecurity, big data analytics, and the Internet of Things (IoT). This has encouraged several countries to invest in smart city projects to manage infrastructure and assets.
- Machine Condition Monitoring Market - The global machine condition monitoring market size is expected to reach USD 4.83 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to grow at a lucrative CAGR of 7.3% from 2022 to 2030. An exponential demand for monitoring services to avoid machinery failure will propel the penetration of condition-monitoring systems. End-users have exhibited an unprecedented demand for predictive maintenance tools to bolster asset life, minimize machine failure and reduce maintenance costs.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
SOURCE Grand View Research, Inc
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article