Smart Manufacturing Market Report Scope & Overview:

The Smart Manufacturing Market Size was esteemed at USD 300.11 billion in 2023 and is supposed to arrive at USD 877.34 billion by 2031 and develop at a CAGR of 14.35% over the forecast period 2024-2031.

Smart Manufacturing is a sort of strategy for assembling that targets improving the idea, item assembling, and exchange process. Smart Manufacturing includes the utilization of mechanization hardware and the objective to be accomplished through this cycle is the utilization of data innovation to involve it for the upside of arriving at a worldwide market. This assembling diminishes the responsibility and makes for greater adaptability in the whole cycle.

Smart Manufacturing Market Revenue Analysis

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Developing reception of industry is an essential component speeding up the market development, likewise rising government contribution in supporting modern mechanization, rising accentuation on administrative compliances, rising intricacies in supply chains, expanding interest for programming frameworks that diminish time and cost, expanded reception of computerized hardware in various assembling ventures, a rising measure of government speculations right now occurring on the side of shrewd assembling, rising prominence of improved plant advancements in MEA, expanded work cost in North America and Rise in SMEs and their developing interest for robotization in Europe and the Asia Pacific are the main considerations among others helping the Smart Manufacturing market. In addition, expanded reception of IoT and cloud stages, rising joining of various answers for giving further developed execution, and quick modern development in arising economies will additionally set out new open doors for shrewd assembling market in the figure period referenced previously.

Nonetheless, expanded speculations and costs engaged with executing shrewd assembling arrangements, rising absence of normalization among hardware makers and in availability conventions, rising steady requirement for programming redesigns, and rising low reception of advancements because of specialized issues are the central point among others which will diminish the market development, while rising dangers connected with network safety, rising intricacy in the execution of brilliant assembling innovation frameworks and absence of mindfulness about advantages of embracing data and empowering advances will additionally challenge the Smart producing market in the figure period referenced previously.

Market Dynamics:

Driving Factors:

  • Expanding government contribution in supporting shrewd assembling.

  • The developing reception of Industry 4.0

Restraining Factors:

  • High speculations and costs are engaged with executing brilliant assembling arrangements.

  • Rising absence of normalization among hardware producers and in availability conventions.


  • Quick modern development in arising economies.

  • Expanded reception of IoT and cloud stages.


  • Dangers connected with network safety.

  • Rising low reception of advances because of specialized issues.

Impact of Covid-19

During the COVID-19 pandemic, every one of the enterprises and components associated with modern robotization was impacted or closed down. During the underlying overall lockdown, the worldwide stock chains and functional coordinated factors were out of nowhere impacted. As the interest for trivial items decreased, the market turned out to be more centered around the fundamental items assembling to make due during the pandemic. Notwithstanding, the market had the option to develop during the pandemic time frame as the need might have arisen to give their items and administrations securely and rapidly. The market developed during this phenomenal occasion as an immediate consequence of interest and government monetary help and specialized help.

Market Estimations

By Component

Given Components, the market is portioned into Hardware, Software, and Services. The product fragment represented a bigger offer in the Global Smart Manufacturing Market. The objective of a shrewd manufacturing plant is to give constant permeability, network, and independence. This will require the execution of progressively wise assembling programming. There is an assortment of assembling programming choices accessible for producers, and with the rising robotization and computerized change, interest in programming is supposed to increment.

By Technology

In light of Technology, the market is sectioned into Machine Execution Systems, Programmable Logic controllers, Enterprise Resource Planning, SCADA, Discrete Control Systems, Human Machine interfaces, Machine Vision, 3D Printing, and Product Lifecycle Management, Plant Asset Management. The Discrete Control Systems represented a bigger offer. For processes like controlling, checking, and detailing, DCS enjoys the benefit of being adaptable and basic, which has assisted it with acquiring a portion of the overall industry. Moreover, DCS gives elements like control and overt repetitiveness, bringing about expanded framework dependability and accessibility. Driving business sector players are supposed to send off DCSs for an assortment of industry verticals, supporting the portion's development.

By End-Use

Given End-use, the market is portioned into Automotive, Aerospace and Defense, Chemicals and Materials, Healthcare, Industrial Equipment, Electronics, Food and Agriculture, Oil and Gas, and Others. The Automotive fragment represented a bigger offer. A portion of the major touchpoints for savvy fabricating arrangements in the auto business incorporate the robotization of whole creation plants, testing and reenactment, and buyer network. The car area is making bigger ventures and setting higher focuses for its computerized producing activities than some other areas.

Key Market Segmentation

By Component

  • Hardware

  • Software

  • Services

By Technology

  • Machine Execution Systems

  • Programmable Logic Controller

  • Enterprise Resource Planning


  • Discrete Control Systems

  • Human Machine Interface

  • Machine Vision

  • 3D Printing

  • Product Lifecycle Management

  • Plant Asset Management

By End-Use

  • Automotive

  • Aerospace & Defense

  • Chemicals & Materials

  • Healthcare

  • Industrial Equipment

  • Electronics

  • Food & Agriculture

  • Oil & Gas

  • Others

Smart Manufacturing Market Segment Analysis

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Regional Analysis:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Asia-Pacific rules the brilliant assembling market because of the rising presence of countless savvy fabricating organizations animated by the need to contend at worldwide levels, expanding accentuation on administrative compliances, climbing intricacies in supply chains, and expanding interest for programming frameworks that diminish time and cost around here.

Key Players

The Major Players are ABB, Siemens, General Electric, Rockwell Automation, Inc., Schneider Electric, Honeywell International Inc., Emerson Electric, Fanuc, and other players

General Electric-Company Financial Analysis

Smart Manufacturing Market Report Scope:

Report Attributes Details
Market Size in 2023 US$ 300.11 Billion
Market Size by 2031 US$ 877.34 Billion
CAGR CAGR of 14.35% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Component (Hardware, Software, Services)
• By Technology (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)
• By End-use (Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Food & Agriculture, Oil & Gas, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles ABB, Siemens, General Electric, Rockwell Automation, Inc., Schneider Electric, Honeywell International Inc., Emerson Electric, Fanuc
Key Drivers • Expanding government contribution in supporting shrewd assembling.
• The developing reception of Industry 4.0.
RESTRAINTS • High speculations and costs are engaged with executing brilliant assembling arrangements.
• Rising absence of normalization among hardware producers and in availability conventions.

Frequently Asked Questions

Ans. The Smart Manufacturing Market is to grow at a CAGR of 14.2% from 2023 to 2030.

Ans. The Smart Manufacturing market is expected to reach USD 759.23 billion by 2030.

Ans. The Asia Pacific region is dominating the Smart Manufacturing market.

Ans. Rising absence of normalization among hardware producers and in availability conventions to restrain the market growth.

Ans. Expanding government contribution in supporting shrewd assembling to provide growth to the market.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers          

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value chain analysis

6. Porter’s 5 forces model

7. PEST analysis

8. Global Smart Manufacturing Market Segmentation, By Component

8.1 Hardware

8.2 Software

8.3 Services

9. Global Smart Manufacturing Market Segmentation, By Technology

9.1 Machine Execution Systems

9.2 Programmable Logic Controller

9.3 Enterprise Resource Planning


9.5 Discrete Control Systems

9.6 Human Machine Interface

9.7 Machine Vision

9.8 3D Printing

9.9 Product Lifecycle Management

9.10 Plant Asset Management

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

10.1 Automotive

10.2 Aerospace & Defense

10.3 Chemicals & Materials

10.4 Healthcare

10.5 Industrial Equipment

10.6 Electronics

10.7 Food & Agriculture

10.8 Oil & Gas

10.9 Others

11. Global Smart Manufacturing Market, by Region/Country

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3 Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4 Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6 Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

12. Company profiles

12.1 ABB

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 Swot Analysis

12.1.4 The SNS View

12.2 Siemens

12.3 General Electric

12.4 Rockwell Automation, Inc.

12.5 Schneider Electric

12.6 Honeywell International Inc.

12.7 Emerson Electric

12.8 Fanuc

13. Competitive Landscape

13.1 Competitive Bench Marking

13.2 Market Share Analysis

13.3 Recent Developments

14. Conclusion

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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