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 Model Based Manufacturing Technologies Market report highlights several key trends shaping the industry landscape. Cloud deployment is poised for rapid growth, driven by the convenience of remote access, while large enterprises continue to dominate, contributing over 59% of the market. However, small and medium enterprises (SMEs) are expected to see robust growth rates above 8%. In terms of end-use industries, the automotive sector stands out with a significant share, buoyed by the opportunities presented by IoT connectivity. Geographically, the U.S. leads the North American market, accounting for over 81% of the region's share due to its adoption of next-generation technologies. Meanwhile, India is emerging as a notable player, with expectations of a remarkable CAGR of over 13% propelled by a burgeoning automotive sector. The U.K. market is also set for substantial growth, with a projected CAGR of nearly 10% driven by research and development initiatives. These insights underscore the dynamic nature of the Model Based Manufacturing Technologies Market and the diverse factors shaping its trajectory.
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:
Major 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. These companies are leading the innovation and adoption of model-based manufacturing technologies, shaping the future of manufacturing processes across various industries.
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