North America Smart Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud and On-Premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (Discrete Industry and Process Industry), and Regional Forecast, 2023-2030

North America is the largest region in the global smart manufacturing market. It is projected to grow at a CAGR of 11.7% during the forecast period. The global market is projected to grow from USD 277.81 billion in 2022 to USD 754.1 billion by 2030.

The market size is gaining traction majorly due to the increasing need for automation, efficiency, and productivity in the manufacturing sector. The U.S. is the largest contributor to the North American market share followed by Canada. Automotive, defense, and aerospace are the major end-user industries of smart manufacturing in the region. However, industries such as food and beverage, pharmaceuticals, and consumer goods are also adopting smart manufacturing, and thus contributing to market growth.

Our report on the North America’s market covers the following countries/regions – U.S. and Canada

LATEST TRENDS

Growing Trend of Digital Twin in the Region to Bolster the North America Smart Manufacturing Market Growth

Digital twin technology is a growing trend in smart manufacturing in North America. It involves creating a virtual replica of physical systems such as a manufacturing plant or product. Digital twin is then used to stimulate and optimize manufacturing processes, test new products, and troubleshoot issues in real time.

In the North America region, a digital twin is being used in a variety of manufacturing industries including automotive, aerospace, and defense. For instance, General Electric used digital twins to create replicas of its jet engines, which are then used to optimize engine performance and predict maintenance needs. Ford has also adopted digital twin to stimulate its manufacturing process.

DRIVING FACTORS

Competitive Pressure among Manufacturers to Drive Market Growth

North American manufacturers are facing intense competition from low cost countries such as China and India. To remain competitive, manufacturers need to find ways to increase efficiency, reduce cost, and improve quality. To achieve all these goals, companies are shifting toward smart manufacturing, thus helping the market growth in the North America region.

Smart manufacturing helps companies compete by providing them with greater flexibility, agility, and responsiveness to changing market conditions.

RESTRAINING FACTORS

High Initial Cost of Investment Restricting Market Growth

To implement smart manufacturing, companies require specialized equipment and hardware such as sensors automation systems, and analytical software. These can be expensive to purchase, install, and integrate into existing manufacturing processes.

Further, implementing smart manufacturing also requires upgrading of existing infrastructure such as installing new communication networks, servers, and databases. All this adds up significantly to the total implementation cost, thus creating hindrances to market growth.

KEY INDUSTRY PLAYERS

Smart manufacturing companies in North America are at the forefront of an industrial revolution that is transforming the way products are designed and manufactured. Companies in the region are leveraging advanced technologies to optimize their operations, increase production efficiency, and enhance product quality.

Another trend is the adoption of Industry 4.0, which includes additive manufacturing and robotics. These technologies are helping companies to create more flexible and agile manufacturing process.

LIST OF KEY COMPANIES PROFILED:

• HP Development Company, L.P. (U.S.)
• Emerson Electric Co. (U.S.)
• General Electric (U.S.)
• Honeywell International, Inc. (U.S.)
• Rockwell Automation, Inc. (U.S.)
• IBM (U.S.)
• PTC (U.S.)
• ADGA Group (Canada)
• ATS Automation tooling Systems (Canada)
• Javelin Technologies (Canada)

KEY INDUSTRY DEVELOPMENTS:

• October 2022: Rockwell Automation, one of the major industrial automation and digital transformation companies, acquired CUBIC, a company that specializes in modular systems for the construction of electrical panels.
• September 2021: Honeywell acquired Performix Inc, a Manufacturing Execution System (MES) software provider for biotech and pharmaceutical companies with an objective to strengthen its digital automation capabilities.
• October 2020: Emerson expanded industrial automation control and software footprint by completing the acquisition of Progea Group, which is a leading provider of technologies such as Industrial Internet of Things (IIoT), Human Machine Interface (HMI), plant analytics, and supervisory control.

REPORT COVERAGE

To gain extensive insights into the market, Download for Customization

The research report provides qualitative and quantitative insights on the market and a detailed analysis of the North America market size & growth rate for all possible segments in the market. Along with the market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are overview of the number of procedures, an overview of price analysis of types of products, overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships and, the impact of COVID-19 on the market.

REPORT SCOPE & SEGMENTATION