The research "Smart Manufacturing Market by Information Technology, Enabling Technology, Industry (Process and Discrete), and Geography (North America, Europe, Asia Pacific, Rest of World) - Global Forecast to 2027" offers a detailed overview of the global smart manufacturing market. The market, which was estimated to be worth USD 88.7 billion in 2021, is anticipated to rise at a compound annual growth rate (CAGR) of 18.5% from 2022 to 2027, reaching USD 228.2 billion.

Several important factors are driving significant growth in the market for smart manufacturing. The increasing acceptance of Industry 4.0, or the incorporation of cutting-edge technologies and digitalization in manufacturing processes, is a significant motivator. With the help of technologies like AI, IoT, big data analytics, and robotics, efficiency and production can be increased. The necessity for manufacturers to remain competitive in a digital environment that is continually changing is what is driving this trend.

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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OPPORTUNITIES: Rapid industrial growth in emerging economies

For businesses in industrialised economies, the rapid industrial growth in emerging nations offers enormous prospects. Low labour costs and reduced real estate prices in these growing regions are two major factors influencing this trend. To benefit from the cost advantages and improve their global competitiveness, businesses from developed economies are trying to expand their operations in these regions.

The growing industrialisation of emerging economies like India, China, Africa, Brazil, Mexico, and Indonesia has also prompted significant investments in infrastructure development. There is a demand for cutting-edge and sophisticated warehousing facilities as a result of the construction of new manufacturing plants and industrial facilities in these nations. These warehouses are essential for effectively integrating and controlling supply chains.

Global businesses are drawn to the expansion prospects these emerging markets provide because they recognise their potential. Companies can take advantage of the rising consumer base, get access to new markets, and profit from beneficial governmental policies and incentives by establishing manufacturing facilities and expanding their operations in these economies.

CHALLENGES: Threats related to cybersecurity

Cybersecurity presents substantial obstacles for the smart manufacturing business. The sector is greatly endangered by the growing incidence of cybersecurity risks. There are more instances of viruses and hacking than ever before, and these nefarious actions can tamper with crucial data held in computer systems, causing big losses for corporations.

The possible disruption of the entire information flow within smart manufacturing systems is one of the major difficulties. Systems for communicating software can be attacked if proper security measures are not taken. There is a higher risk of malware targeted at industrial systems because of the rising reliance on web-based communication and widespread use of off-the-shelf IT solutions across industries.

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Breach of cybersecurity can have serious repercussions for smart industrial operations. Critical data loss or manipulation can stop production, affect product quality, and result in financial losses. Furthermore, the interconnectedness of smart manufacturing systems may reveal weaknesses throughout the supply chain, which could have an impact on a number of stakeholders.

Market for digital twins expected to grow at the fastest rate during the forecast period


Digital twin use in the smart manufacturing sector is anticipated to expand quickly over the course of the projection period. It is anticipated to increase from USD 2.1 billion in 2021 to USD 43.6 billion by 2027, with a compound annual growth rate (CAGR) of 68.9%.

As a way to link actual data about tangible objects with a 3D digital representation, digital twins are gaining popularity. Numerous economic sectors, including engineering, make extensive use of this technology. For instance, the French business Dassault Systems has popularised the idea of virtual twins. With the help of these virtual twins, design and engineering teams may visually visualise and examine goods or systems and gain insights into how they behave similarly to their actual counterparts.

The multiple advantages that digital twins provide are what are driving their increasing acceptance in smart manufacturing. Companies can get real-time insights on the performance, behaviour, and condition of physical assets by digitising them. Because of the proactive maintenance, predictive analytics, and process optimisation made possible by this, operational efficiency, downtime, and product quality have all improved.

Automotive industry to hold largest share of Smart manufacturing market in 2027

By 2027, it is anticipated that the automotive sector would account for the greatest portion of the market for smart manufacturing. It now controls the market and is anticipated to expand at a rate of 29.1% over the course of the projection. This substantial market presence is a result of various causes. The shifting consumer tastes in the automotive sector are a major motivator. Vehicles with cutting-edge features, connectivity choices, and increased performance are becoming more and more in demand from consumers. To address these changing expectations, smart manufacturing technologies must be implemented.

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The complexity of the automotive sector is greatly influenced by technological development. Products for the automotive industry are getting increasingly complex and combining cutting-edge technologies like electric and gas-powered automobiles. To overcome the difficulties involved in producing such highly complex items, these improvements demand for the use of advanced manufacturing techniques and procedures. The great complexity of the automotive industry's regulations is another factor. The sector is required to adhere to a number of legal requirements on fuel economy, emissions, and safety. In order to assure compliance and satisfy the strict standards, it is necessary to integrate smart manufacturing technology.

Smart manufacturing market in APAC to grow at the highest CAGR

The Asia-Pacific (APAC) region is predicted to have the highest compound annual growth rate (CAGR) for the market for smart manufacturing. This growth and the opportunities it brings to the area are being fueled by a number of important reasons.

The growing need for automation and smart tools across numerous industries is one of the main factors. The demand for smart manufacturing solutions that can optimise processes, boost productivity, and lower operational and maintenance costs is rising as more sectors in APAC adopt automation technologies. The need to maintain competitiveness in a world market that is continually changing is what is driving this demand.

The rise of the smart manufacturing market in APAC is also being attributed to the use of technologies like Industry 4.0, smart factories, the Internet of Things (IoT), and the Industrial Internet of Things (IIoT). Through continuous communication, data interchange, and automation throughout manufacturing operations, these technologies boost productivity, consistency, and adaptability. These technologies are being used by APAC nations to spur innovation and revamp their manufacturing industries.

News Covered:

https://www.globenewswire.com/en/news-release/2023/05/12/2667549/0/en/Germany-Smart-Manufacturing-Industry-to-Grow-at-a-CAGR-17-9-from-2021-to-2027.html

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