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Digital Manufacturing Market Share, Growth Analysis & Forecast, 2021–2030
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The digital manufacturing market is expected to grow significantly, reaching $1.30 trillion by 2030, driven by technological advancements and efficiency improvements.
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.
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 Market by Component (Hardware, Software, and Services), Technology (Robotics, 3D Printing, Internet of Things (IoT), and Others), and Application (Automotive & Transportation, Aerospace & Defense, Consumer Electronics, Industrial Machinery, and Others)
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.
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.
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Top 10 Leading Players
Covid-19 Impact 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 main topic is the growth and forecast of the digital manufacturing market from 2021 to 2030.
COVID-19 caused short-term halts in manufacturing due to lockdowns, impacting market growth in 2020.
Technologies like IoT, robotics, and fleet management are key drivers of market growth.
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