The Smart Manufacturing Market was valued at USD 88.7 billion in 2021 and is anticipated to increase at a CAGR of 18.5% from 2022 to 2027 to reach USD 228.2 billion. The increasing adoption of Industry 4.0, the growing emphasis on industrial automation in manufacturing processes, the growing government support of industrial automation, the growing importance of regulatory compliances, the growing complexity of the supply chain, and the surging demand for software systems that save time and money are the main factors driving the global market for smart manufacturing.
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).
During the forecast period, the market for digital twins is anticipated to develop at the fastest rate.
From 2022 to 2027, the Smart Manufacturing Market for digital twin-enabling technologies is anticipated to increase at a CAGR of 68.9 %, from USD 2.1 billion in 2021 to USD 43.6 billion in 2027. With the use of digital twins, information about a physical product's behaviour in the real world may be linked to a 3D digital representation, which is frequently utilised in engineering and other business-related processes. By way of illustration, Dassault Systems (France) pioneered the virtual twin concept, which enables design and engineering teams to virtually visualise and analyse products or systems and provide insights resembling physical behaviours, such as stress and vibration, as well as behaviours connected to software and control systems.
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By 2027, the automotive industry will command the biggest market share for smart manufacturing.
Due to shifting consumer tastes and the inefficiency of conventional procedures, the automotive industry now holds the largest market share in the global market for smart manufacturing and is projected to expand at a rate of 29.1% over the course of the forecast period. The increased complexity of automobile products is a result of shifting consumer tastes, technical development, and the adoption of rules specific to the automotive sector. Automobiles are incredibly smart and highly complex products. Modern technological procedures and methods are needed for production. The automotive sector undergoes infrastructure changes as a result of technological advancements like gas and electric automobiles. Most of the critical operations in the automotive industry also no longer require human operators, which leads to the adoption of smart manufacturing technologies.
The market for smart manufacturing will expand most rapidly in APAC.
The rising demand for smart tools as a result of increased automation in various industries; rising adoption of technologies like Industry 4.0, smart factories, IoT, and IIoT; and growing need to maximise productivity and lower operating and maintenance costs are the key factors propelling the growth of the smart manufacturing market in APAC. One of the key elements that would increase demand for smart manufacturing in the upcoming years is government backing for industrialization in various APAC nations. The governments in the area have taken a number of actions. For instance, initiatives like "Made in China 2025" in China, "Industrial Value Chain Initiative" in Japan, "The Manufacturing Innovation Strategy 3.0" in South Korea, and "Samarth Udyog Bharat 4.0" in India are likely to have a significant impact on the advancement of industry and, as a result, present growth opportunities for the Smart Manufacturing Market.
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