Smart Manufacturing Market size was valued at USD 144.49 billion in 2024 and is set to reach USD 1.82 trillion by the end of 2037, expanding at around 21.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of smart manufacturing is assessed at USD 169.34 billion. It is further estimated to grow steadily with a robust CAGR of during the forecast period. The rising emphasis on adopting Industry 4.0 solutions and services that helps in using modern technology in everyday manufacturing is estimated to favor the growth of the global smart manufacturing market size during the forecasted timeline. The global industry 4.0 sector is anticipated to grow with 16% CAGR and reach USD 400 Billion by 2035.
In the recent period, the escalation in the government’s engagement in supporting manufacturing processes to strengthen the economies along with the increasing complexities in the supply chain is anticipated to intensify the market value of the global smart manufacturing market. Furthermore, the need to reduce time, cost, and human intervention in order to scale up the various manufacturing processes is also predicted to fuel market growth.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
21.3% |
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Base Year Market Size (2024) |
USD 144.49 billion |
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Forecast Year Market Size (2037) |
USD 1.82 trillion |
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Regional Scope |
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Component (Hardware, Software, Services)
The software segment is slated to dominate the smart manufacturing market and holds the largest revenue share of about 38% by the end of the forecast period. The dominance of the segment is attributed to the rising trend of full automation of processes. Advanced software is set to increase the usage of robots, drones, and other machines which minimizes human interruption. For the smooth functioning of these components, smart manufacturing solutions are required. All these factors have fueled the growth of segment value.
End-Use (Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Electronics, Food & Agricultural, Oil & Gas)
The automotive segment is poised to account for 32% share of the global smart manufacturing market by 2037. Smart manufacturing technologies have aided automotive manufacturers to build automated assembly lines for vehicle parts and producing the whole car. Also, the rapid growth of the automotive industry and increased demand for smart technologies such as smart manufacturing meet the expectations of the global population. The global automotive industry generated a revenue of almost USD 3 trillion and is expected to rise with a significant CAGR.
Our in-depth analysis of the market includes the following segments:
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Component |
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Technology |
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Deployment |
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Enterprise Size |
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End-Use |
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North America Market Forecast
The smart manufacturing sector in the North American region is set to hold the biggest market value with a share of about 35% by the end of 2037. The rapid adoption of advanced technologies such as IoT, and IIoT aid in enhancing productivity and lowering operational and maintenance costs is the major factor driving the market value in the region. Also, the introduction of several favorable initiatives taken by the United States government is estimated to bring lucrative growth opportunities for market growth during the next few years.
Asia Pacific Market Analysis
The Asia Pacific smart manufacturing segment is also poised to hold a significant share by growing steadily over the forecast period. Developing countries like China and India are aiming towards full automation of businesses which generates the demand for smart manufacturing services. Also, the recent increase in investment in advanced technologies by the regulatory bodies for being independent in production and manufacturing is also estimated to attract
Author Credits: Abhishek Verma
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