MAR 2019

Smart Manufacturing Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Technology (Distributed Control System, Enterprise Resource and Planning, Programmable Logic Controller), Components (Communication Segment, Control Device, Machine Vision Systems), End User, and Region - Growth, Trends, and Forecast (2019 - 2024)

Market Snapshot

Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

North America

Key Players:

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Market Overview

The smart manufacturing market is expected to register a CAGR of over 9.8% during the forecast period, 2019 - 2024. Industrial automation is expected to grow as battery-operated RF is more extensively adopted, which are sensors that have recently been made available in the market.  An example of such a device is a wireless switch that has a ten-year battery lifespan from Digi-Key Electronics. The Internet of Things is driving change in industrial automation. In Germany, the Industrial Internet of Things initiative is taking hold as many new suppliers are entering the market.  Moreover, big data and the computing platforms that aggregate and report data together form another area of growth.

Electronics maker e-magazine estimates that 30% of all new robotic deployments are expected to be smart, collaborative robots that operate three times faster than today’s robots, and are also likely to be safe for working around humans. Collaborative robots had a positive effect on production. MIT researchers found that cobot-human teams were about 85% more productive than either alone at BMW. In December 2017, KUKA and SAP announced that they would work together around Industrial 4.0 and Industrial Internet of Things (IIoT) and collaborate in the areas of manufacturing, mechanical engineering, and the automotive sector to promote the flexibility and automation of production processes.

The impact of robotics is not just in the space of cobots, but also in other areas of IIoT. The estimate for the global robotics industry is expected to exceed USD 151 billion by 2020, driving automation, pushing the demand, and making the industry more ready for smart manufacturing adoption and implementation.

A connected and centralized control system includes some electronic components that are essential for signaling and controlling of the automation systems. Some translate the data from the industrial control systems into human-readable visual representations of the systems.

Through these systems, the operator can see schematics of the systems, turn pumps and switches of machinery on or off, raise or lower temperatures, start air flow or stop it, etc. The software assisting these technologies are usually deployed on Windows-based machines, communicating with programmable logic controllers (PLC) and other industrial controllers. Industrial control systems (ICS) are integrated hardware and software, specially designed to monitor and control the operation of industrial machinery and associated devices in working environments, including those that are designated as critical infrastructure.

Scope of the Report

The smart manufacturing leadership coalition’s (SMLC) definition states, "Smart manufacturing is the ability to solve existing and future problems via an open infrastructure that allows solutions to be implemented at the speed of business while creating advantaged value." The term "smart" encompasses enterprises that create and use data and information throughout the product life cycle with the goal of creating flexible manufacturing processes that respond rapidly to changes in demand, at low cost to the firm, without damage to the environment. The concept necessitates a life-cycle view, where products are designed for efficient production and recyclability.

Smart manufacturing utilizes big data analytics to refine complicated processes and manage supply chains. Big data analytics allows an enterprise to use smart manufacturing to shift from reactionary practices to predictive ones, a change that targets improved efficiency of the process and performance of the product.

By Technology
Distributed Control System
Enterprise Resource and Planning
Smart Manufacturing
Manufacturing Execution System
Programmable Logic Controller
Supervisory Controller and Data Acquisition
Other Technologies
By Component
Communication Segment
Control Device
Machine Vision Systems
Other Components
By End-user Industry
Aerospace and Defense
Chemical and Petrochemical
Food and Beverage
Oil and Gas
Other End-user Industries
North America
United States
United Kingdom
Rest of Europe
Rest of Asia-Pacific
Latin America
Rest of Latin America
Middle East & Africa

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Key Market Trends

Aerospace and Defence Expected to Register Significant Growth

According to a survey conducted by Capgemini, as of March 2017, 62% of aerospace and defense companies had a smart manufacturing initiative. The survey indicated the dominance of the aerospace and defense sector over the automotive, energy, and utility industries.

The aerospace and defense manufacturers need to organize and manage the expensive assets and operations that involve complex processes. The manufacturers often use various systems to manage these processes, but the real-time visibility of the operations is very low. The lack of real-time visibility makes the optimizing processes and the need to reduce costs serious challenges for the aerospace and defense manufacturers.

Every phase in the assembly process provides an opportunity to add value or reduce risk. Smart factory identifies the assets and connects this information, accurately, with data from the existing plant systems and devices. Hence, this real-time data helps in recognizing any flaw in the aerospace assembly operation. Smart factory enhances the quality control procedures and provides various insights to improve aerospace production operation.


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United States to Witness Significant Growth

The United States is on the verge of the fourth industrial revolution, where data is being used on a large scale for production while integrating the data with a wide variety of manufacturing systems throughout the supply chain.

The United States is also one of the largest automotive markets in the world and is home to over 13 major auto manufacturers. Automotive manufacturing has been one of the largest revenue generators for the country in the manufacturing sector. The formation of the “Advanced Manufacturing Partnership (AMP)” is an initiative undertaken to make the industry, universities, and the federal government invest in emerging technologies.

This has aided the country to substantially gain a competitive edge in the global economy. The National Network for Manufacturing Innovation (NNMI) consists of developing regional hubs, which will be involved in developing and adopting cutting-edge manufacturing technologies for making innovative products, to be implemented in the manufacturing sector. The development of the next-generation, energy-efficient, high-power electronic chips and devices (by making wide-bandgap semiconductor technologies, which are expected to be cost-competitive with current silicon-based power electronics during the forecast period) is expected to aid in fostering the growth of the market.


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Competitive Landscape

The smart manufacturing market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with the prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. 

The companies operating in the market are also acquiring start-ups working on autonomous delivery robots technologies to strengthen their product capabilities. In April 2018, GE’s Power Services business signed a milestone agreement with Edison, Italy’s second largest integrated energy company, to enhance performance at its Candela combined-cycle power station in Puglia.

Major Players

  1. General Electric Co.
  2. Honeywell International Inc.
  3. Texas Instruments Incorporated
  4. Mitsubishi Electric Corporation
  5. Robert Bosch GmbH

* Complete list of players covered available in the table of contents below

Smart Manufacturing Market

Download the market shares of key players in this industry.

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Increasing Demand for Automation to Achieve Efficiency and Quality

      2. 4.3.2 Need for Compliance and Government Support for Digitization

      3. 4.3.3 Proliferation of Internet of Things

    4. 4.4 Market Restraints

      1. 4.4.1 Concerns Regarding Data Security

    5. 4.5 Value Chain Analysis

    6. 4.6 Industry Attractiveness Porter's Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry


    1. 5.1 By Technology

      1. 5.1.1 Distributed Control System

      2. 5.1.2 Enterprise Resource and Planning

      3. 5.1.3 Smart Manufacturing

      4. 5.1.4 Manufacturing Execution System

      5. 5.1.5 Programmable Logic Controller

      6. 5.1.6 Supervisory Controller and Data Acquisition

      7. 5.1.7 Other Technologies

    2. 5.2 By Component

      1. 5.2.1 Communication Segment

      2. 5.2.2 Control Device

      3. 5.2.3 Machine Vision Systems

      4. 5.2.4 Robotics

      5. 5.2.5 Sensor

      6. 5.2.6 Other Components

    3. 5.3 By End-user Industry

      1. 5.3.1 Aerospace and Defense

      2. 5.3.2 Automotive

      3. 5.3.3 Chemical and Petrochemical

      4. 5.3.4 Food and Beverage

      5. 5.3.5 Mining

      6. 5.3.6 Oil and Gas

      7. 5.3.7 Pharmaceutical

      8. 5.3.8 Semiconductor

      9. 5.3.9 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 North America

        1. United States

        2. Canada

      2. 5.4.2 Europe

        1. Germany

        2. United Kingdom

        3. Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Rest of Asia-Pacific

      4. 5.4.4 Latin America

        1. Brazil

        2. Argentina

        3. Rest of Latin America

      5. 5.4.5 Middle East & Africa


    1. 6.1 Company Profiles

      1. 6.1.1 General Electric Co.

      2. 6.1.2 Honeywell International Inc.

      3. 6.1.3 Texas Instruments Incorporated

      4. 6.1.4 Mitsubishi Electric Corporation

      5. 6.1.5 Robert Bosch GmbH

      6. 6.1.6 Emerson Electric Company

      7. 6.1.7 Fanuc Corp.

      8. 6.1.8 Rockwell Automation Inc.

      9. 6.1.9 Schneider Electric SE

      10. 6.1.10 Siemens Corporation

      11. 6.1.11 Texas Instruments

      12. 6.1.12 Yokogawa Electric Corporation

    2. *List Not Exhaustive

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