The global model based manufacturing technologies market is expected to be valued at approximately US$ 46.4 billion in the year 2023. This market is anticipated to grow significantly and reach a value of around US$ 104.3 billion by the year 2033. This growth is expected to occur at an annual average rate of 8.4% from 2023 to 2033.
The emergence of viable model-based manufacturing techniques has encouraged industries like manufacturing to start implementing it into their operations, resulting in faster, more accurate, and less expensive production.
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Manufacturers’ performance expectations from new tool and equipment designs for increased efficiency are rising. This has prompted industrial manufacturers to prioritise the development of technology platforms and new operating models that enable connected products and services to be integrated into their customers’ operations.
This technological development trend is expected to support market growth. Furthermore, rapid technological advancements in the automotive industry have increased demand for model-based manufacturing technologies in order to improve economic competitiveness.
Key Takeaways: Model Based Manufacturing Technologies Market Report:
The cloud deployment segment will reflect relatively faster growth with a CAGR of 8.7%, owing to the benefits of remote access.
Large enterprises are estimated to contribute over 59% of the overall market. However, small and medium enterprises (SMEs) are likely to reflect a strong CAGR of above 8%.
Among end-use industries, the automotive segment is anticipated to hold the dominant share of 23.8% in 2021, backed by the rise of IoT connectivity opportunities.
The U.S. is projected to account for over 81% of North America owing to adoption of next-gen emerging technologies.
The market in India is expected to progress at a noteworthy CAGR of more than 13% through 2031, driven by an expanding automotive sector.
The U.K. market is expected to rise at a CAGR of close to 10% over the coming decade, with impetus from research and development programs.
Recent Developments
To achieve a competitive edge, market participants are concentrating on innovation and strategic collaborations.
Siemens Digital Industries Software launched the current version of its industry-leading NX software, which is part of the Xcelerator portfolio of services and products, in February 2022. The new NX Topology Optimizer assists in the creation of parts solely based on operational and architectural requirements, leading to entirely configurable convergent bodies that would make it nearly impossible to create and construct manually.
Bentley Motors, a division of Volkswagen Group, disclosed in February 2022 that it would double the additive manufacturing (AM) capacity at its factory in Crewe, England, which is liable for the assembly of all Bentley models.
Ford launched CAD files in February 2022, allowing consumers to 3D print models of their Maverick pickup truck components.
Leading Key Players:
Key players in the Model Based Manufacturing Technologies Market include Oracle Corporation, SAP SE, Dassault Systèmes, Honeywell International, Inc., Siemens Digital Industries Software, Rockwell Automation, Inc., PTC, Autodesk, Inc., Aspen Technology, Inc., iBASEt Inc., Schneider Electric, ABB, General Electric, Sepasoft, Inc., and Hexagon AB.
