Smart Manufacturing Market Size is Expected to Worth of US$ 985.5 Bn in 2032

 The global smart manufacturing market size was estimated at USD 226.3 billion in 2022 and is expected to hit around USD 985.5billion by 2032 with a CAGR of 16% from 2023 to 2032.

 

The report has been prepared with extensive primary and secondary research. Primary research involved the majority of the research efforts, wherein analysts carried out interviews with key manufacturers, end-consumers, industry experts, independent consultants, and opinion-makers.

Secondary research involved referring to company websites, annual reports, investors’ presentations, press releases, patents database, import-export statistics, and other relevant documents to understand the smart manufacturing market. Secondary research also included Precedence Research internal repository, industry associations, government agencies, and proprietary databases. Analysts employed a combination of top-down and bottom-up approaches to study various attributes of the global smart manufacturing market.

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The report includes an executive summary, along with a market overview and an elaborative analysis of the growth behavior in various segments that are included in the scope of the study. The report also covers a high-level picture of the production processes and product specifications pertaining to smart manufacturing. Furthermore, the report provides insights on the changing competitive dynamics, which serve as valuable tools for existing market players as well as for entities interested in participating in the market.

In addition to the above, the report also explores the competitive landscape, in terms of identifying the global players operating in the smart manufacturing market and comprehensive profiles of the key players, including their business overview, key financials, market shares, market footprints, production capacities, and strategic initiatives including new product developments, mergers & acquisitions, etc.

Some of the prominent players in the global smart manufacturing market include:

• Emerson Electric Co.
• ABB Ltd.
• Fanuc Corporation
• Honeywell International, Inc.
• General Electric Co.
• Mitsubishi Electric Corporation
• Rockwell Automation, Inc.
• Robert Bosch GmbH
• Schneider Electric SE
• Yokogawa Electric Corporation
• Siemens AG

Segments Covered in the Report

By Technology

• Programmable Logic Controller
• Machine Execution Systems
• Enterprise Resource Planning
• Discrete Control Systems
• SCADA
• Human Machine Interface
• 3D Printing
• Machine Vision
• Plant Asset Management
• Product Lifecycle Management

By Component

• Software
• Hardware
• Services

By End-Use

• Aerospace & Defense
• Automotive
• Chemicals & Materials
• Industrial Equipment
• Healthcare
• Electronics
• Oil & Gas
• Food & Agriculture
• Others

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World

Research Methodology

Precedence Research employs a comprehensive and iterative research methodology focused on minimizing deviance to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:

Preliminary data mining

Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain, and to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.

Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.

Statistical model

Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.

Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:

• Market drivers and restraints, along with their current and expected impact
    • Raw material scenario and supply v/s price trends
      • Regulatory scenario and expected developments
      • Current capacity and expected capacity additions up to 2030

Report content

Qualitative Analysis

• Industry overview
• Industry trends
• Market drivers and restraints
• Market size
• Growth prospects
• Porter’s analysis
• PESTEL analysis
• Key market opportunities prioritized
• Competitive landscape
• Company overview
• Financial performance
• Product benchmarking
• Latest strategic developments

Quantitative Analysis

• Market size, estimates, and forecast from 2017 to 2030
• Market estimates and forecast for product segments up to 2030
• Regional market size and forecast for product segments up to 2030
• Market estimates and forecast for application segments up to 2030
• Regional market size and forecast for application segments up to 2030
• Company financial performance

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions& Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Smart Manufacturing Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope

Chapter 5. COVID 19 Impact on Smart Manufacturing Market

5.1. Covid-19: Smart Manufacturing Industry Impact
5.2. Smart Manufacturing Business Impact Assessment: Covid-19
5.2.1. Supply Chain Challenges/Disruption
5.2.2. Market Trends and Smart Manufacturing Opportunities in the COVID-19 Landscape
5.3. Strategic Measures against Covid-19
5.3.1. Government Support and Initiative to Combat Covid-19
5.3.2. Proposal for Smart Manufacturing Vendors to deal with Covid-19 Pandemic Scenario

Chapter 6. Smart Manufacturing Market Dynamics Analysis and Trends

6.1. Market Dynamics
6.1.1. Market Drivers
6.1.1.1. Increasing Penetration of Internet of Things (IoT)
6.1.1.2. Rising Demand for Automation
6.1.2. Market Restraints
6.1.2.1. Rising Concern for Security
6.1.3. Market Opportunities
6.1.3.1. Government Support & Initiatives for Digitization in Industrial Sector
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition

Chapter 7. Global Smart Manufacturing Market: Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis
7.1.1.1. Smart Manufacturing Market Revenue by Vendor (2015-2020)
7.1.1.2. Smart Manufacturing Market Revenue Market Share by Vendor (2015-2020)
7.1.2. Key Organic/Inorganic Strategies Adopted by Players
7.1.2.1. Product Portfolio Expansion, Regional Expansion, Product Innovation
7.1.2.2. Merger and Acquisition, Collaboration and Partnerships
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers

Chapter 8. Global Smart Manufacturing Market, By Technology

8.1. Smart Manufacturing Market, by Technology, 2016-2027
8.1.1. Programmable Logic Controller
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Machine Execution Systems
8.1.2.1. Market Revenue and Forecast (2016-2027)
8.1.3. Enterprise Resource Planning
8.1.3.1. Market Revenue and Forecast (2016-2027)
8.1.4. Discrete Control Systems
8.1.4.1. Market Revenue and Forecast (2016-2027)
8.1.5. SCADA
8.1.5.1. Market Revenue and Forecast (2016-2027)
8.1.6. Human Machine Interface
8.1.6.1. Market Revenue and Forecast (2016-2027)
8.1.7. 3D Printing
8.1.7.1. Market Revenue and Forecast (2016-2027)
8.1.8. Machine Vision
8.1.8.1. Market Revenue and Forecast (2016-2027)
8.1.9. Plant Asset Management
8.1.9.1. Market Revenue and Forecast (2016-2027)
8.1.10. Product Lifecycle Management
8.1.10.1. Market Revenue and Forecast (2016-2027)

Chapter 9. Global Smart Manufacturing Market, By Component

9.1. Smart Manufacturing Market, by Component, 2016-2027
9.1.1. Software
9.1.1.1. Market Revenue and Forecast (2016-2027)
9.1.2. Hardware
9.1.2.1. Market Revenue and Forecast (2016-2027)
9.1.3. Services
9.1.3.1. Market Revenue and Forecast (2016-2027)

Chapter 10. Global Smart Manufacturing Market, By End-use

10.1. Smart Manufacturing Market, by End-use, 2016-2027
10.1.1. Aerospace & Defense
10.1.1.1. Market Revenue and Forecast (2016-2027)
10.1.2. Automotive
10.1.2.1. Market Revenue and Forecast (2016-2027)
10.1.3. Chemicals & Materials
10.1.3.1. Market Revenue and Forecast (2016-2027)
10.1.4. Industrial Equipment
10.1.4.1. Market Revenue and Forecast (2016-2027)
10.1.5. Healthcare
10.1.5.1. Market Revenue and Forecast (2016-2027)
10.1.6. Electronics
10.1.6.1. Market Revenue and Forecast (2016-2027)
10.1.7. Oil & Gas
10.1.7.1. Market Revenue and Forecast (2016-2027)
10.1.8. Food & Agriculture
10.1.8.1. Market Revenue and Forecast (2016-2027)
10.1.9. Others
10.1.9.1. Market Revenue and Forecast (2016-2027)

Chapter 11. Global Smart Manufacturing Market, Regional Estimates and Trend Forecast

11.1. North America
11.1.1. Market Revenue Forecast by Technology (2016-2027)
11.1.2. Market Revenue Forecast by Component (2016-2027)
11.1.3. Market Revenue Forecast by End-use (2016-2027)
11.1.4. U.S
11.1.4.1. Market Revenue Forecast (2016-2027)
11.1.5. Canada
11.1.5.1. Market Revenue Forecast (2016-2027)
11.2. Europe
11.2.1. Market Revenue Forecast by Technology (2016-2027)
11.2.2. Market Revenue Forecast by Component (2016-2027)
11.2.3. Market Revenue Forecast by End-use (2016-2027)
11.2.4. UK
11.2.4.1. Market Revenue Forecast (2016-2027)
11.2.5. Germany
11.2.5.1. Market Revenue Forecast (2016-2027)
11.2.6. France
11.2.6.1. Market Revenue Forecast (2016-2027)
11.2.7. Rest of EU
11.2.7.1. Market Revenue Forecast (2016-2027)
11.3. Asia Pacific (APAC)
11.3.1. Market Revenue Forecast by Technology (2016-2027)
11.3.2. Market Revenue Forecast by Component (2016-2027)
11.3.3. Market Revenue Forecast by End-use (2016-2027)
11.3.4. China
11.3.4.1. Market Revenue Forecast (2016-2027)
11.3.5. India
11.3.5.1. Market Revenue Forecast (2016-2027)
11.3.6. Japan
11.3.6.1. Market Revenue Forecast (2016-2027)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue Forecast (2016-2027)
11.4. LATAM
11.4.1. Market Revenue Forecast by Technology (2016-2027)
11.4.2. Market Revenue Forecast by Component (2016-2027)
11.4.3. Market Revenue Forecast by End-use (2016-2027)
11.4.4. Brazil
11.4.4.1. Market Revenue Forecast (2016-2027)
11.4.5. Rest of LATAM
11.4.5.1. Market Revenue Forecast (2016-2027)
11.5. Middle East and Africa (MEA)
11.5.1. Market Revenue Forecast by Technology (2016-2027)
11.5.2. Market Revenue Forecast by Component (2016-2027)
11.5.3. Market Revenue Forecast by End-use (2016-2027)
11.5.4. GCC
11.5.4.1. Market Revenue Forecast (2016-2027)
11.5.5. North Africa
11.5.5.1. Market Revenue Forecast (2016-2027)
11.5.6. South Africa
11.5.6.1. Market Revenue Forecast (2016-2027)
11.5.7. Rest of MEA
11.5.7.1. Market Revenue Forecast (2016-2027)

Chapter 12. Company Profiles

12.1. Emerson Electric Co.
12.1.1. Company Overview, Business Information, Geographical Reach
12.1.2. Product Portfolio Analysis
12.1.2.1. Product Details, Specification, Application
12.1.3. Revenue, Price and Gross Margin (2015-2020)
12.1.4. Recent Developments and Strategies
12.2. ABB Ltd.
12.2.1. Company Overview, Business Information, Geographical Reach
12.2.2. Product Portfolio Analysis
12.2.2.1. Product Details, Specification, Application
12.2.3. Revenue, Price and Gross Margin (2015-2020)
12.2.4. Recent Developments and Strategies
12.3. Fanuc Corporation
12.3.1. Company Overview, Business Information, Geographical Reach
12.3.2. Product Portfolio Analysis
12.3.2.1. Product Details, Specification, Application
12.3.3. Revenue, Price and Gross Margin (2015-2020)
12.3.4. Recent Developments and Strategies
12.4. Honeywell International, Inc.
12.4.1. Company Overview, Business Information, Geographical Reach
12.4.2. Product Portfolio Analysis
12.4.2.1. Product Details, Specification, Application
12.4.3. Revenue, Price and Gross Margin (2015-2020)
12.4.4. Recent Developments and Strategies
12.5. General Electric Co.
12.5.1. Company Overview, Business Information, Geographical Reach
12.5.2. Product Portfolio Analysis
12.5.2.1. Product Details, Specification, Application
12.5.3. Revenue, Price and Gross Margin (2015-2020)
12.5.4. Recent Developments and Strategies
12.6. Mitsubishi Electric Corporation
12.6.1. Company Overview, Business Information, Geographical Reach
12.6.2. Product Portfolio Analysis
12.6.2.1. Product Details, Specification, Application
12.6.3. Revenue, Price and Gross Margin (2015-2020)
12.6.4. Recent Developments and Strategies
12.7. Rockwell Automation, Inc.
12.7.1. Company Overview, Business Information, Geographical Reach
12.7.2. Product Portfolio Analysis
12.7.2.1. Product Details, Specification, Application
12.7.3. Revenue, Price and Gross Margin (2015-2020)
12.7.4. Recent Developments and Strategies
12.8. Robert Bosch GmbH
12.8.1. Company Overview, Business Information, Geographical Reach
12.8.2. Product Portfolio Analysis
12.8.2.1. Product Details, Specification, Application
12.8.3. Revenue, Price and Gross Margin (2015-2020)
12.8.4. Recent Developments and Strategies
12.9. Schneider Electric SE
12.9.1. Company Overview, Business Information, Geographical Reach
12.9.2. Product Portfolio Analysis
12.9.2.1. Product Details, Specification, Application
12.9.3. Revenue, Price and Gross Margin (2015-2020)
12.9.4. Recent Developments and Strategies
12.10. Yokogawa Electric Corporation
12.10.1. Company Overview, Business Information, Geographical Reach
12.10.2. Product Portfolio Analysis
12.10.2.1. Product Details, Specification, Application
12.10.3. Revenue, Price and Gross Margin (2015-2020)
12.10.4. Recent Developments and Strategies
12.11. Siemens AG
12.11.1. Company Overview, Business Information, Geographical Reach
12.11.2. Product Portfolio Analysis
12.11.2.1. Product Details, Specification, Application
12.11.3. Revenue, Price and Gross Margin (2015-2020)
12.11.4. Recent Developments and Strategies

Chapter 13. Appendix

13.1. About Us
13.2. Glossary of Terms

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