The Smart Manufacturing Market was valued at USD 97.6 billion in 2022 and is projected to reach USD 228.3 billion by 2027; it is expected to grow at a CAGR of 18.5% from 2022 to 2027.

The major drivers of the Smart Manufacturing Market include the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, growing emphasis on regulatory compliances, increasing complexities in the supply chain, and surging demand for software systems that reduce time and cost.

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Food & beverages process industry is projected to register the highest CAGR from 2022 to 2027

The latest technological methods such as 3D food printing and machine vision are changing the manufacturing processes of the food & beverages industry.

The main aim of the stakeholders involved in the manufacturing and distribution chain of this is to offer high-quality products while keeping the production, maintenance, and distribution costs low. The automation technologies used in the food &beverages industry offer design flexibility, innovative and integrated safety solutions, and advanced software tools for controlling the operations of machines. Food manufacturers are investing significantly in transforming their traditional manufacturing facilities into advanced ones. Thus, the adoption of smart manufacturing technology and advanced manufacturing equipment is considerably increasing in the food & beverages industry.

Automotive industry to hold the largest share of Smart Manufacturing Market in 2027

The automotive industry dominates the Smart Manufacturing Market with the highest market share and is expected to grow at a considerable rate of during the forecast period owing to changing consumer preferences and the inefficiency of traditional processes. Changing consumer preferences, technological advancements, and the introduction of regulations associated with the automotive industry are responsible for the high complexity of automobile products. Automobiles are extremely complex and technologically sophisticated products. Manufacturing them requires advanced technological methods and processes. Technological innovations such as electric- and gas-powered vehicles lead to infrastructural changes in the automotive industry; also, the latest machines and equipment replace the need for human operators for most of the crucial processes in the automotive industry, resulting in the adoption of smart manufacturing technologies.

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Smart Manufacturing Market in APAC to grow at the highest CAGR

The major factors driving the growth of the Smart Manufacturing Market in APAC are the rising demand for smart tools due to increasing automation in industries; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and increasing need to optimize productivity and reduce operational and maintenance costs. Government support in various APAC countries to drive industrialization is one of the important factors that will boost the demand for smart manufacturing in the coming years. Various initiatives have been taken by the governments in the region. For instance, China’s “Made in China 2025,” Japan’s “Industrial Value Chain Initiative (IVI),” South Korea’s “The Manufacturing Innovation Strategy 3.0 (Strategy 3.0),” and India’s “Samarth Udyog Bharat 4.0,” are likely to play major roles in industrial advancement and consequently create growth opportunities for the smart manufacturing market.

Key Market Players in Smart Manufacturing Industry

Major companies offering smart manufacturing technologies include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), IBM (US), and General Electric (US).

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