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.
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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.
Covid-19 Scenario Analysis
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.
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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).
Top Key Players
Key companies profiled in the report include Dassault Systems, Tata Consultancy Services, Siemens AG, Autodesk Inc, Mentor Graphics Corporation, Parametric Technology Corporation Inc, SAP SE, ARAS Corporation, Cogiscan Inc, and Bestplant.
The report provides an extensive analysis of the current and emerging digital manufacturing market trends and dynamics.
Depending on the 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.
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