Global Smart Manufacturing Market: To Thrive Players Need to Explore New Markets
April 28, 2017 | Transparency Market ResearchEstimated reading time: 2 minutes
The global market for smart manufacturing is characterized by the presence of numerous companies. This makes the landscape fragmented and highly competitive. The competition is being dictated by the demand for huge investments in infrastructure and development of technologies.
Siemens AG, Johnson Controls, Inc., Honeywell International, Inc., Emerson Electric Company, and ABB Ltd., are to name a few big companies operating in the global market for smart manufacturing. To progress further, a report by Transparency Market Research advices players to look beyond their existing geographical reach and uncover opportunities in underserved developing nations.
As per the research report, the global market for smart manufacturing will likely be worth US$548.14 billion by 2024 after expanding at a healthy 13.2% CAGR between 2015 and 2024. The market was worth US$159.05 billion in 2015.
Thrust on Manufacturing Makes Asia Pacific and North America Dominant Markets
Depending upon the different technologies, the global market for smart manufacturing has been segregated into enterprise resource planning (ERP), programmable logic controller (PLC), manufacturing execution system (MES), distributed control system (DCS), human machine interface (HMI), supervisory controller and data acquisition (SCADA), and machine vision (MV), among others. Enterprise resource and planning segment, among them hold a leading share in the market. Enterprise resource and planning grosses maximum revenue as it finds application in automation, fishing, oil and gas, retail, media and entertainment, and military.
Based upon geography, the global market for smart manufacturing can be classified into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific, among them, held a dominant share of 39.0% vis-à-vis revenue in 2015. North America trailed it closely. Going forward, Asia Pacific and North America will likely continue holding a sway over the smart manufacturing market because increasing focus on manufacturing by governments in the region and the swiftly expanding automotive and consumer electronics industries in the region.
Mandates for Deploying Smart Manufacturing Technologies Bolsters Market
Majorly boosting the market for smart manufacturing worldwide are the strict rules and regulations enforcing the installation of smart manufacturing technologies in different sectors. As per the lead analyst of the report, “This trend is being predominantly seen in North America and Asia Pacific, where economies are recovering and strengthening, thereby fueling the growth of the overall manufacturing sector. The evolution of industrial sector that has persistently had an analytical attitude has also been responsible for the prolific growth of the overall market in the last few years. The market also has lucrative prospects as leading players are offering technologically advanced solution to small and medium-sized businesses. The new solutions are garnering a positive image as they are specifically designed to overcome the modern-day production challenges.”
Smart Manufacturing Technologies Witness Impressive Uptake due to Efficiency
Efficiency and efficient utilization of resources is the unique perceived benefit of smart manufacturing technologies. “Hence, an increasing number of manufacturers are using these technologies for setting standards for effective tradeoff decisions, maintenance, control, logistic, operation, risk assessment, business, and operation. The benefits such as improved productivity and cost-efficiency have resulted have also led a significant adoption of smart manufacturing technologies,” adds the analyst.
A factor posing a roadblock to the global market for smart manufacturing is the steep cost of services and systems and the upfront installation cost. Additionally, need for continued investment in research and development to design more efficient products is also acting as a deterrent for new entrants.
Suggested Items
I-Connect007 Editor’s Choice: Five Must-Reads for the Week
05/09/2025 | Andy Shaughnessy, Design007 MagazineTrade show season is wrapping up as we head into summer. Where has the time gone? I hope you all get the chance to take a vacation this year, because I know you’ve earned one. Speaking of which, when was my last vacay? If I can’t remember, it’s probably time for one. It’s been a busy week in electronics, with fallout from the back-and-forth on tariffs taking up most of the oxygen in the room. We have quite an assortment of articles and columns for you in this installment of Must-Reads. See you next time.
Kaynes Technology Acquires Canada-Based August Electronics
05/09/2025 | PRNewswireAugust Electronics Inc. is pleased to announce that it has entered into a definitive agreement to be acquired by Kaynes Canada Limited, a wholly owned step-down subsidiary of Kaynes Technology India Limited, a leading Electronics System Design & Manufacturing (ESDM) company. The transaction is expected to close by the end of May 2025, subject to customary regulatory approvals and closing conditions.
Localized Automation Becomes a Tariff Storm Safe Haven, but U.S. Smart Factory Build-Out Costs Far Exceed China’s
05/09/2025 | TrendForceTrendForce’s latest “Human-Machine Technology Report” points out that although the 90-day delay on the U.S. reciprocal tariffs announced by the Trump administration in early April 2025 offers temporary relief, it has already triggered lasting shifts in global manufacturing and supply chain strategies.
Primech AI Plans Production of 300 HYTRON Robots through its China Manufacturing Expansion
05/09/2025 | Globe NewswirePrimech AI Pte. Ltd., a subsidiary of Primech Holdings Limited announced a significant expansion of its manufacturing capabilities through a strategic manufacturing partnership in Guangdong Province, China.
Ultrahuman Expands its American Factory’s Manufacturing Capacity
05/09/2025 | GlobeNewswireUltrahuman, a pioneer in health optimization technology, has announced that it’s ramping up its capacity of the Ring AIR. Ultrahuman’s manufacturing facility (UltraFactory) in partnership with SVtronics, a US-based electronics manufacturing business, has been operational in Plano, Texas, since November 2024.