In recent years, the manufacturing industry has witnessed sluggish growth owing to various macro-economic factors such as Brexit concerns, fluctuations of oil prices, and foreign trade policies. Tech developments in model-based offerings are expected to play a key role in the future of the sector. According to a recent report by Future Market Insights (FMI), the global model-based manufacturing technologies market is estimated to register a CAGR of over 8% during the forecast period of 2021-2031.
Performance requirement among manufacturers from new tool and equipment designs for higher efficiency is increasing. This has encouraged industrial manufacturers to focus on developing technology platforms and new operating models that enable connected products and services for integration to their customer operations.
This trend of technological development is expected to support growth of the market. Moreover, rapid technological advancements in the automobile industry, have resulted in an increase in demand for model-based manufacturing technologies to improve economic competitiveness.
The increasing number of RFID-based manufacturing technologies and digital manufacturing in automotive, and oil and gas sectors is expected to catalyse the growth of model-based manufacturing technologies.
In Europe & North America, many manufacturers are adopting Industry 4.0 standards in addition to integration of Smart Factory solutions in their production processes, which leads to efficient production with reduced inventory cost.
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Key Takeaways: Model Based Manufacturing Technologies Market
- 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.
“The proliferation of cloud-based services, the Internet of Things (IoT), smart phones, DIY machine connectivity, and low-code platforms is encouraging manufacturers to adopt model-based manufacturing technologies to augment the pace of innovation in the manufacturing ecosystem,” says FMI analyst.
COVID-19 Impact Analysis on Model Based Manufacturing Technologies Market
The covid-19 pandemic has adversely affected the global manufacturing industry. This disruption has brought attention to some of the leading challenges faced by the industry and have also highlighted the need to speed up production to boost supply chain resilience. In addition, the economic uncertainties have resulted in pressure on manufacturers to bring down costs while increasing overall efficiency.
Model based manufacturing technologies are likely to create a safer working environment by using automated manufacturing assets which use intelligent decision-making algorithms and networked sensors. Model-based manufacturing technologies facilitate goods and service operations, mitigating the severity of industrial chain disruption. Hence, the model-based manufacturing technologies market is estimated to grow at 6% to 7% Y-o-Y from 2019 to 2021.
Who is Winning?
Leading manufacturers in the moderately consolidated model-based manufacturing technologies market are focused on product and services development endeavors, while also pushing for geographical expansion strategies to leverage previously untapped markets in emerging economies.
Leading players in the market include but are not limited to Aspen Technology Inc., Oracle Corp., SAP SE, Honeywell International Inc., Ibaset Inc., Autodesk Inc., PTC, Inc., Siemens PLM Software Inc., Rockwell Automation, Inc., Dassault Systemes, Schneider Electric SE, ABB Ltd., Seabrook Technology Group, Vero Software Ltd. Sogeti High Tech SAS, KPIT Technologies Limited, General Electric Company, Statii Ltd., CNC Software, Inc., and Cimatron Technologies, Inc.
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More Valuable Insights on Model Based Manufacturing Technologies Market
FMI’s report on the model based manufacturing technologies market is segmented into five major sections – solution (software – manufacturing execution systems (MES) software, material requirements planning (MRP) software, product lifecycle management (PLM) software, CAD/CAM software, manufacturing ERP software, and others, and service – professional & managed), deployment (cloud and on-premises), enterprise size (SMEs and large enterprises), industry (automotive, electronics and semiconductors, aerospace and defense, oil & gas, healthcare & pharmaceuticals, food & beverages, and others) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the model based manufacturing technologies market.
Key Highlights from Report
- Which is the Leading Model Based Manufacturing Technologies Market?
The U.S. has emerged as a leading market for model based technologies. It is expected to remain dominant in North America through the forecast period, from 2021 to 2031. The U.S. is expected to account for nearly 82% of North America market in 2021.
- Which is the Top-selling Software in the Model Based Manufacturing Technologies market?
Manufacturing ERP software is currently the top-selling product in the market. It will account for over 27% of revenue generated by 2021. However, manufacturing execution systems (MES) software is expected to dominate the market share with 26.7% through 2031. This is due to advancement in technologies, for optimum resource utilization.
- Which are the Leading Companies Offering Model Based Manufacturing Technologies?
Some of the leading companies in this landscape are Oracle Corporation, SAP SE, Dassault Systèmes, Honeywell International, Inc., and Siemens Digital Industries Software among others. As per FMI analysis, over 75% of the market share is currently covered by the top 15 players.
- Who is the Leading End User of Model Based Manufacturing Technologies?
The automobile sector is expected to dominate the market over the forecast period, generating a revenue of US$ 21.0 Bn by 2031. Automobile manufacturers across the globe are increasingly adopting model-based manufacturing technologies in the development of vehicle electronics, engines, and transmission controllers with battery management modules.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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