The manufacturing industry has experienced sluggish growth in recent years as a result of various macroeconomic factors such as Brexit concerns, oil price fluctuations, and foreign trade policies. Model-based offerings are expected to play an important role in the sector’s future. According to a recent report by Future Market Insights (FMI), the global model-based manufacturing technologies market is expected to grow at a CAGR of more than 8% between 2021 and 2031.
Manufacturers’ performance expectations from new tool and equipment designs for increased efficiency are rising. This has prompted industrial manufacturers to prioritize 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 the demand for model-based manufacturing technologies to
Analysis of Model-Based Manufacturing Technologies
The covid-19 pandemic has hurt the global manufacturing industry. This disruption has drawn attention to some of the industry’s most pressing issues, as well as the need to accelerate production to improve supply chain resilience. Furthermore, economic uncertainty has put pressure on manufacturers to reduce costs while increasing overall efficiency.
Model-based manufacturing technologies, which use intelligent decision-making algorithms and networked sensors, are likely to create a safer working environment. Model-based manufacturing technologies ease the flow of goods and services, reducing the severity of industrial chain disruption. As a result, the market for model-based manufacturing technologies is expected to grow at a 6% to 7% CAGR from 2019 to 2021.
Who is the victor?
Leading manufacturers in the moderately consolidated model-based manufacturing technologies market are concentrating their efforts on product and service development, while also pushing for geographical expansion strategies to capitalize on 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