Leading developers in the model-based manufacturing technologies market are largely investing in optimized data reusability for downstream applications.
DUABI, UAE / ACCESSWIRE / September 9, 2020 / Future Market Insights: The model based manufacturing technologies market is anticipated to grow at a 7.4% CAGR between the years 2017 and 2027. The coronavirus outbreak is anticipated to have a moderate impact on the market, largely owing to the suspension of operations in aerospace, and automotive industries on a global scale, which are hurting the demand for model-based manufacturing technologies in the short term.
"Development of effective Industry 4.0 model-based manufacturing technologies has boosted adoption in a number of industry verticals to increase speed, accuracy, and cost-efficient production processes, sustaining market growth post the pandemic," says the FMI study.
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Model Based Manufacturing Technologies - Primary Takeaways
- Product data management tools are witnessing high demand owing to easier maintenance and access to manufacturing data.
- Aerospace production applications are major contributors to revenue, aided by the strong growth of the aircraft technologies development sector.
- North America is a major model-based manufacturing technologies market, aided by extensive demand from major automotive and aerospace sector manufacturers.
Model Based Manufacturing Technologies - Growth Factors
- Extensive application in training technologies for workers in the manufacturing sector is a key contributor to market growth.
- Higher efficacy in optimizing fabrication, tooling, and fixture design, in comparison to conventional digital drawings to minimize operational errors supports adoption.
Model Based Manufacturing Technologies - Major Constraints
- Lack of awareness among businesses in end user industry verticals is a major obstacle to market growth.
- Shortage of workers with adequate expertise on model-based manufacturing technologies is a key concern to market players.
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The Projected Impact of Coronavirus
The coronavirus pandemic has had a moderately adverse impact on the model-based manufacturing technologies market. Lockdown measures and suspension of manufacturing activities in multiple verticals around the globe has reduced short term demand in the market. However, extensive internet and cloud-based infrastructure investments, coupled with widespread popularity of work-from-home practices will help to minimize losses during this period.
Competition Landscape
The model-based manufacturing technologies comprises players including but not limited to Cimatron Technologies, Aspen Technology Inc., CNC Software Inc., Oracle Corp, Statii Ltd., SAP SE, General Electric Co., Honeywell International Inc., KPIT Technologies Ltd., Ibaset Inc., Sogeti High Tech SAS, and Autodesk Inc.
Players in the model-based manufacturing technologies market are displaying interest in gaining long term contracts with government and defense bodies in aerospace systems research and development initiatives.
For instance, UK-based BAE systems has made a multimillion-dollar investment for model-based manufacturing technologies for the United Kingdom's next-gen combat aircraft system. Similarly, Kratos Defense and Security Solutions are using model-based manufacturing solutions for the US and Australian air force collaboration for developing unmanned jets. Bell and Lockheed Martin are pushing for development of prototype long-range assault aircraft with model-based production tech.
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More About the Study
The FMI study provides detailed insights on Model based manufacturing technologies. The market is broken down in terms of end user industry (automotive, electronics & semiconductor, aerospace & defense, oil & gas, and others), and software type (MES, ERP, MRP, CAD, and others), across seven key regions (North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific excluding Japan, and MEA).
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