Smart manufacturing is a process that uses advanced technology and data analytics to enhance the operational efficiency of manufacturing units. Its benefits include reduced downtime, increased productivity, and improved product quality. This technology has been applied in a variety of industries, including automotive, pharmaceuticals, and electronics.

IoT and cloud connectivity are important factors in achieving a smart manufacturing strategy. These technologies allow machines to communicate with each other and send alerts when problems occur. They also increase the quality of goods produced. Some devices may even be able to independently make decisions based on their own sensors and AI.

Market Dynamics:

As the demand for intelligent automation increases, the global smart manufacturing market is expected to grow rapidly. Several major players are focusing on expanding their customer base in the global market. They invest in research and development to develop advanced products. This in turn will boost the market growth.

However, rising costs, transportation capacity constraints, and inadequate supply chain scalability are some of the factors that will limit the market's growth in the coming years. 

In July 2021, Rockwell Automation announced the acquisition of Plex Systems for USD 2.22 billion to expand its industrial cloud software offering. Plex Systems is a pure software-as-a-service, cloud-native smart manufacturing platform operating at scale

In March 2021, FANUC and Rockwell Automation formed a alliance to address the manufacturing skills gap with robotics and automation apprenticeship plans planned to upskill current and future workers for advanced manufacturing, robotics, and automation jobs. The alliance has established new apprenticeship agendas offering people openings to gain credentials, including fundamental robotics (Robot Operator) and automation (PLC Operator).

Key features of the study:

• This report provides in-depth analysis of the global smart manufacturing market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global smart manufacturing market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Yokogawa Electric Corporation, ABB Ltd., Texas Instruments Incorporated, Emerson Electric Company, Siemens AG, Fanuc Corp., Schneider Electric SE, General Electric Co., Rockwell Automation Inc., Honeywell International Inc., Robert Bosch GmbH, and Mitsubishi Electric Corporation.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global smart manufacturing market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global smart manufacturing market

Detailed Segmentation:

• Global Smart Manufacturing Market, By Technology
  • Programmable Logic Controller (PLC)
  • Supervisory Controller and Data Acquisition (SCADA)
  • Enterprise Resource and Planning (ERP)
  • Distributed Control System (DCS)
  • Human Machine Interface (HMI)
  • Product Lifecycle Management (PLM)
  • Manufacturing Execution System (MES)
  • Other Technologies
• Global Smart Manufacturing Market, By Components
  • Communication Segment
  • Control Device
  • Machine Vision Systems
  • Robotics
  • Sensor
  • Other Components
• Global Smart Manufacturing Market, By End-use Industry
  • Automotive
  • Semiconductors
  • Mining
  • Oil & Gas
  • Chemicals & Petrochemicals
  • Pharmaceuticals
  • Aerospace & Defense
  • Food & Beverages
  • Other End-user Industries
• Global Smart Manufacturing Market, By Geography
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
  • ABB Ltd
  • Emerson Electric Company
  • Fanuc Corp.
  • General Electric Co.
  • Honeywell International Inc.
  • Mitsubishi Electric Corporation
  • Robert Bosch GmbH
  • Rockwell Automation Inc.
  • Schneider Electric SE
  • Siemens AG
  • Texas Instruments Incorporated
  • Yokogawa Electric Corporation