Smart manufacturing, or the application of cutting-edge technology to improve the effectiveness of conventional manufacturing processes, is fostering the development of a more flexible and effective industrial base. The advent of new technologies like 3D printing, additive manufacturing and artificial intelligence led to the emergence of the term “smart manufacturing” in the middle of the 2000s. Under the umbrella of “smart manufacturing,” other ideas like “digital manufacturing” and “cyber manufacturing” are combined. Global standards are currently being created at this moment to further define smart manufacturing techniques. This is primarily due to rising automation, digital transformation, Internet of Things’ (IoT) ability to connect the digital and physical worlds, changing industrial and manufacturing technologies (like additive manufacturing), intensive data/analytics use (with cloud computing and a move of intelligence to the edge), challenges in industry and manufacturing, human, economic, and societal evolutions and demands, and the incorporation of information technology. In a recent survey on smart manufacturing, more than 75% of respondents acknowledged that smart technology would boost their company’s competitiveness, but only 50% said their company would be willing to invest in smart initiatives. Various industries such as automobile, healthcare and other manufacturing industries are highly adopting smart manufacturing. Moreover the leading smart manufacturing market players are looking forward to collaborations and partnerships for introducing advanced technologies for smart manufacturing. In February 2022, Qualcomm Technologies, Inc. and Bosch Rexroth AG announced their joint research partnership dedicated on 5G technology applications for Industrial Internet of Things (IIoT). This collaboration demonstrates flexible manufacturing and industrial automation using time-sensitive networking (TSN), coordinated multi-point (CoMP), low latency, and 5G accurate placement of an aided guided vehicle (AGV) and an autonomous mobile robot (AMR).
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The industrial manufacturing sector will heavily rely on smart manufacturing, and it’s probable that the COVID-19 epidemic will only serve to emphasise the benefits of more automation and better, more robust supply networks. In the post-COVID-19 era, smart manufacturing is proving to be essential due to its distinctive benefits in automating the factory floor and infusing new services into all types of products. Moreover artificial intelligence and machine learning technologies are proven to be important enablers that can transform production and have some obvious advantages. Furthermore in a recent McKinsey poll of manufacturing and supply-chain professionals, it was discovered that 90% planned to invest in skills for digitization, while 93% planned to concentrate on the resilience of their supply chain along with smart manufacturing. Thus with the above factors the global smart manufacturing market will experience tremendous growth during the forecast period 2023-2031.The global smart manufacturing market was worth US$ 97.9 Bn in 2022, growing at a CAGR of 18.6% over the forecast period (2023 – 2031).
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Interoperable systems, intelligent automation, multi-scale dynamic simulation, big data processing, advanced industrial robotics with networked sensors, the industrial internet of things (IIoT), distributed manufacturing technologies and highly secure cybersecurity are all part of smart manufacturing. Along with related technologies like machine learning, the role of AI in manufacturing is anticipated to take centre stage in the upcoming years, ready to deliver on the promise of years of gradual adoption. For more precise forecasting and planning of maintenance, manufacturing capacity, inventory, sales, and other factors, AI technology can be applied. Virtual twins have also grown in popularity as a result of the popularity of virtual reality. Technicians may visualise layouts and workflows using these simulations of factory environments, which are updated in real-time based on data gathered from IIoT sensors. They can then improve performance even when operating remotely as a result of this. These factors are aiding for the overall growth of global smart manufacturing market.
Asia Pacific region is anticipated to be the fastest growing region in the global smart manufacturing market during the forecast years. In countries such as India, Japan, China, government bodies are taking huge efforts by concentrating on its small and medium-sized firms (SMEs) that are playing a crucial role in smart manufacturing in order to take advantage of the best that smart manufacturing has to offer. SMEs are the backbone of the economy and have a significant leverage impact, so it is essential to provide unique ideas for smaller businesses. Furthermore, the Covid-19 pandemic’s disruption of global supply chains and recent geopolitical unrest have highlighted the necessity for multinational corporations to re-evaluate and modify their supply systems to deal with unforeseen global occurrences. Three out of four manufacturers in Asia Pacific have prioritised innovation and automation for increased operational efficiency and resilience over the past year.
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The key market participants operating in the global smart manufacturing market are:
- Axiomtek Co., Ltd.
- Bosch Rexroth AG
- Cisco Systems, Inc.
- Emerson Electric Co
- Epicor Software Corporation
- General Electric
- Robert Bosch GmbH
- Rockwell Automation
- SAP SE
- Other Market Participants
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Global Smart Manufacturing Market
- Big Data Analytics
- Artificial Intelligence (AI) and Machine Leaning (ML)
- Edge Computing/ Cloud Computing
- Industrial Internet of Things (IIoT)
- Simulation with Virtual Reality (VR) & Augmented Reality (AR)
- Autonomous Robots
- Cyber Security
- Additive Manufacturing
- Edge Computing
- 3D Printing
- Digital Twin
By Organization Size
- Small and Medium Organizations
- Large organizations
By End Use Industry
- Consumer Products
- Aerospace & Defense
- Food & Beverage
- Oil & Gas
- Energy, Power & Utilities
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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