global 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.
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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.
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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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).
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.
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