The Europe Smart Manufacturing Market would witness market growth of 11.7% CAGR during the forecast period (2023-2029).
Robotics, machine learning (ML), and artificial intelligence (AI) are examples of smart manufacturing technologies that enable automation, which lowers the demand for manual labor and boosts production effectiveness. Robots, for instance, can quickly and accurately do repetitive jobs, while machine learning and artificial intelligence can optimize manufacturing processes by analyzing data and spotting potential improvement areas. The rising adoption of Industry 4.0, the increasing emphasis on automation, the growing complexity of the supply chain, and the increasing need for software systems that cut down on time and costs are the main factors driving the market.
With the advent of digitalization, production is supported by digital twins, a potent smart manufacturing technology. Before an actual model is built, a digital twin is made, a virtual version of the same product or system. Before incurring high production expenses, producers can test, simulate, and iterate on a product's design in this virtual environment to determine feasibility.
The manufacturing sector is undergoing a "Fourth Industrial Revolution," or "Industry 4.0," due to new smart and digital technologies boosting business operations. The EU-funded MAKERS project brings together a variety of European and international organizations to research issues that impact competitiveness, including emerging technologies, globalization, regional smart specialization, and the role of small businesses, among others. In 2020, more than 2.0 million businesses, or about one in ten (8.8%) of all those in the non-financial business economy of the EU, were categorized as manufacturing.
The creation of smart technologies and solutions that allow the European manufacturing sector to fully take advantage of digital potential has received strong support from the European Union's R&I (research and innovation) programs. The "Factories of the Future Public-Private Partnership," which seeks to assist EU manufacturing firms and SMEs in meeting international competitiveness by creating the necessary core enabling technologies across a wide variety of end-user industries, is the source of funding for numerous initiatives. As a result, the prominent and continually expanding manufacturing industry of this region is rapidly increasing the implementation of smart manufacturing, which will continue in the coming years as well.
The Germany market dominated the Europe Smart Manufacturing Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $36,481.3 million by 2029. The UK market is showcasing a CAGR of 10.8% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 12.5% during (2023 - 2029).
Based on Application, the market is segmented into Product Lifecycle Management, Machine Execution System, Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Machine Vision & Machine Condition Monitoring, Human-Machine Interface (HMI), Discrete Control Systems, 3D Printing, Plant Asset Management, Enterprise Resource Planning and Others. Based on Component, the market is segmented into Hardware, Software and Services. Based on Industry, the market is segmented into Automotive, Chemical & Petrochemical, Electrical & Electronics, Food & Agriculture, Healthcare, Industrial Equipment, Aerospace & Defense and Oil & Gas, & Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Smart Manufacturing Market is Projected to reach USD 576.3 Billion by 2029, at a CAGR of 12.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Ltd, Siemens AG, General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Honeywell International, Inc., Emerson Electric Co., FANUC Corporation, IBM Corporation, and Stratasys, Ltd.
By Application
By Component
By Industry
By Country
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
