According to a new report published by Allied Market Research, titled, “digital manufacturing market by component, technology, application, and region: global opportunity analysis and industry forecast, 2021–2028,” the digital manufacturing market size was valued at $0.27 trillion in 2020, and is projected to reach $1.30 trillion by 2030, registering a CAGR of 16.5% from 2021 to 2030. Digital manufacturing aims at connecting construction and manufacturing sites with technologies and solutions such as machine learning and robotics to obtain maximum productivities. Manufacturing technologies consist of sensors, RFID tags, augmented reality, and virtual reality, which assist in recognizing potential risks in manufacturing industries as well as deliver enhanced productivities, efficient project management, and optimized use of resources.
Moreover, in 2020, North America was the highest contributor in the digital manufacturing market growth. North America held majority of the global share in consumption, mainly owing to high adoption rate for smart technologies in the country. Ministry of Industry and Information Technology in China issued license for 5G connectivity in 2019. 5G network is highly efficient in interacting with building platforms and analyzing data collected on construction sites regarding employee health, multi-dimensional security monitoring, AI functions, and others.
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digital manufacturing market has witnessed significant growth over the past decade, owing to benefits associated with digital manufacturing and efficient safety management, increased efficiency and productivity, and labor shortage on manufacturing sites. However, increased security threats in connected devices is anticipated to restrain growth of the market. In addition, rise in adoption of robotics in manufacturing and resource and waste optimization in manufacturing sites using IoT, big data, and other technologies are anticipated to provide lucrative opportunities for growth of the digital manufacturing market
Fleet management is largely adopted in manufacturing industries, owing to features such as development in sensor technologies in the industry. Conservation of resources through eliminating equipment downtime, reducing fuel wastage, real-time equipment, and health monitoring boosts demand for fleet management technologies in the manufacturing industry. Further, technological developments in software & solutions allow manufacturing companies to obtain proper risk management; which reduces expenditure. For instance, adopting Internet of Things (IoT) in manufacturing industries takes care of sustainability, safety, and profitability of automotive, defense, and other manufacturing industries.
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In addition, major players such as Siemens AG and Bestplant are adopting acquisition and product launch as their key developmental strategies to improve their product portfolio of digital manufacturing services. For instance, in April 2019, the Simens AG acquired Mendix Inc, based in the U.S., which deals in providing digital solutions for manufacturing industries. The acquisition was done for approximately $703.1 million. The acquisition aimed to improve products and service portfolio of digital manufacturing services.
COVID-19 pandemic halted manufacturing facilities for a short-term, owing to prolonged lockdowns applied in countries such as the U.S., India, and China. In addition, COVID-19 pandemic has shut-down construction activities, owing to prolonged lockdowns in major countries such as the U.S., China, Japan, India, and Germany. This hampered growth of the digital manufacturing market significantly in 2020. Further, this pandemic situation directly impacted sales of digital manufacturing companies. For instance, sales of Siemens AG dropped by 34.2% from January 2019 to January 2020.
The digital manufacturing market is segmented on the basis of component, technology, application, and region. By component, the market is fragmented into hardware, software, and services. Hardware segment sub-divided into RFID tags, sensors, intelligent systems, and others. Software segment is sub-divided into data and operation management software, safety and security systems, connectivity solutions, analytics solutions, remote management & logistics solutions. Services segment sub-divided into support and maintenance, system integration, and consultancy services. By technology, it is categorized into robotics, 3D printing, internet of things (IoT), and others. By application, it is classified into automotive and transportation, aerospace & defense, consumer electronics, industrial machinery, and others.
Region wise, the digital manufacturing market analysis is conducted across the North America (U.S., Canada, and Mexico), Europe (Germany, the UK, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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Digtial Manufacturing Market Segments
Key Findings Of The Study
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