Europe 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

Europe is the third largest region in the global smart manufacturing market. The Europe smart manufacturing market size is projected to grow at a CAGR of 12.5% during the forecast period. The Europe market is projected to grow from USD 277.81 billion in 2022 to USD 754.1 billion by 2030.

The market size is growing rapidly in Europe, owing to the increasing need for manufacturers to improve productivity, reduce costs, and stay competitive in the global marketplace. Large manufacturing economies such as Germany are the major contributors to the Europe smart manufacturing market growth.

Our report on the European market covers the following countries/regions – the U.K., Germany, France, Italy, Spain, and the Rest of Europe.

LATEST TRENDS

Increasing Adoption of Smart Factories in the Europe Market

Smart factories are becoming increasingly common in Europe, as manufacturers adopt advanced technologies to optimize their production processes and improve efficiency. These factories are highly automated with machines and equipment connected to the internet and capable of communicating with each other. This allows real-time monitoring and control of production processes.

Smart factories use data analytics tools to collect and analyze a large amounts of data from production processes. They also make use of robotics to perform complex operations and automate the manufacturing process.

DRIVING FACTORS

Rising Levels of Innovation to Drive the Smart Manufacturing Market

Innovation is a key driving force behind the growth of smart manufacturing in Europe, with many companies and research institutions in the region working on developing new technologies and approaches to improve manufacturing.

European companies are developing innovative Internet of Things (IoT) solutions for a wide range of manufacturing applications, from supply chain management to predictive maintenance. As these innovations continue to evolve, we can expect to see smart manufacturing becoming more widespread and increasingly important in the European manufacturing industry.

RESTRAINING FACTORS

Data Privacy and Security to Impede Smart Manufacturing Market Growth

Data privacy and security are critical concerns in smart manufacturing in Europe. Smart manufacturing involves the use of various technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and Big Data, to optimize the manufacturing processes and increase efficiency. However, these technologies also generate vast amounts of data, which can be sensitive and confidential, making data privacy and security essential.

One of the main impacts of data privacy on smart type of manufacturing is the need to comply with data privacy laws and regulations. Companies must ensure that they are collecting and processing data in a legal and ethical manner, which can require significant resources and effort. Data privacy concerns also affect the willingness of customers to share data, which further limits the amount of data available for processing making it difficult to optimize manufacturing processes.

KEY INDUSTRY PLAYERS

The competitive landscape of smart manufacturing companies is rapidly evolving, with both established companies and start-ups entering the market. As smart manufacturing is a growing industry in the region, there is an increasing number of companies offering innovative solutions to optimize manufacturing processes and increase efficiency, and thus increasing the European market share. The presence of several multinational companies in the region has boosted market growth.

LIST OF KEY COMPANIES PROFILED:

• Siemens AG (Germany)


• Bosch (Germany)


• ABB (Switzerland)


• Schneider Electric (France)


• Dassault Systemes (France)


• Festo (German)


• SAP (Germany)


• Blue Prism (U.K.)


• TXT e-solutions (Italy)


• ICONICS (U.K.)

KEY INDUSTRY DEVELOPMENTS:

• October 2021: ABB announced that it acquired ASTI Mobile Robotics Group, a Spanish manufacturer of autonomous mobile robots for industrial applications. The acquisition was intended to expand ABB’s smart manufacturing capabilities.


• July 2021: Schneider Electric announced that it acquired RIB software, a German provider of software solutions for the construction and smart building industries.

REPORT COVERAGE

The research report provides qualitative and quantitative insights on the market and a detailed analysis of the Europe 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