the 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.
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
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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.
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.
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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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.
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.
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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
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging digital manufacturing market trends and dynamics.
- Depending on component, the hardware segment was the largest revenue generator in 2020.
- By technology, the Internet of Things (IoT) segment generated the highest revenue in 2020.
- On the basis of application, the industrial machinery-segment accounted for the highest revenue in 2020.
- Region wise, North America is anticipated to dominate the digital manufacturing market share throughout the study period.
- The report provides an extensive analysis of the digital manufacturing industry trends and emerging opportunities of the market.
- The digital manufacturing market forecast analysis from 2021 to 2030 is included in the report.
Dassault Systems, Tata Consultancy Services, Siemens AG, Autodesk Inc, Mentor Graphics Corporation, Parametric Technology Corporation Inc, SAP SE, ARAS Corporation, Cogiscan Inc, and Bestplant.