Enjoy complimentary customisation on priority with our Enterprise License!
The digital manufacturing in electrical and electronics market size is estimated to grow at a CAGR of 17.07% between 2023 and 2028. The market size is forecast to increase by USD 14.96 billion. The growth of the market depends on several factors, including the growing use of DM for improved traceability, the DM becoming an inevitable link in manufacturing, and the benefits associated with the adoption of DM. Global digital manufacturing (DM) in electrical and electronics market refers to the use of advanced digital technologies, such as robotics, artificial intelligence, the Internet of Things (IoT), and cloud computing, in the manufacturing processes of electrical and electronic products.
The report includes a comprehensive outlook on the Digital Manufacturing in Electrical and Electronics Market, offering forecasts for the industry segmented by Technology, which comprises design-centric digital manufacturing tech., control-centric digital manufacturing tech., and management-centric digital manufacturing tech.. Additionally, it categorizes Type into solution and services, and covers Geography regions, including APAC, North America, Europe, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
For More Highlights About this Report, Download Free Sample in a Minute
The benefits associated with the adoption of DM are the key factor driving m market growth. DM helps to smoothen the flow of product and plant information during change processes without losing consistency in product design. Machining and tooling information and 3D information of the product can be viewed simultaneously via DM. The simulation features in DM help in the validation of robotics and automation programs. DM implements Six Sigma and other lean operation management more easily.
Moreover, DM makes the production process easier by providing real-time access to product lifecycle data. DM has a high ROI and quality. DM enhances standardization. DM helps the workforce to work in a safer and ergonomically designed plant. Consequently, the benefits associated with the adoption of DM will drive the growth of digital manufacturing in the electrical and electronics market during the forecast period.
Availability of cloud-based services is the primary trend shaping market growth. Market players are focusing on reducing the adoption cost of PLM, thereby leading to increased adoption of cloud-based PLM software. Many PLM service providers are implementing PLM on the cloud for end-users. Wipro, a global information technology, consulting, and outsourcing firm, is providing cloud-based PLM services for Siemens PLM Software's solution, Teamcenter.
Moreover, such services help electronics and semiconductor manufacturing companies deploy Teamcenter on the cloud through SaaS. It also helps end-users to reduce upfront costs for implementation and the total cost of ownership (TCO). Thus, the availability of cloud-based services will drive the growth of the digital manufacturing in electrical and electronics market during the forecast period.
Low adoption of DM among SMEs is a challenge that affects market growth. SMEs provide jobs for a large number of people and greatly contribute to the national income in developing countries such as India and China. Though large companies use DM to make their manufacturing processes more efficient, the number of SMEs that have adopted DM is low.
Moreover, this is attributed to factors like the cost of the software and the reluctance of the vendors to accept new methods as they are skeptical about the outcome and ROI. Therefore, the low adoption of DM among SMEs will impede the growth of global digital manufacturing in the electrical and electronics market during the forecast period.
The market share growth by the design-centric digital manufacturing tech. segment will be significant during the forecast period. The design-centric digital manufacturing technology segment focuses on providing advanced tools and solutions that enhance the design process of electrical and electronic products. This segment aims to streamline and improve the efficiency of product design, prototyping, and manufacturing through the use of digital technologies.
Get a glance at the market contribution of various segments Download the PDF Sample
The design-centric digital manufacturing tech. segment showed a gradual increase in the market share of USD 2.70 billion in 2018. Some of the key features like computer-aided design (CAD), product lifecycle management (PLM), additive manufacturing (3D Printing), simulation and analysis tools, virtual reality (VR) and augmented reality (AR), digital twins. Consequently, owing to the above-mentioned factors, it is evident that the design-centric digital manufacturing technology segment will expand significantly, which in turn will drive the growth of the market during the forecast period.
The solution segment was the largest contributor to digital manufacturing in the electrical and electronics market in 2023. Digitalization involves the transformation of products from physical goods and tangible services into digital twins, which is a replica of the physical product. Industry 4.0 is a crucial concept that aims at increasing competitiveness by lowering production costs while enhancing product quality and production scalability using digitalization tools. Furthermore, various large-scale enterprises are expanding their product offerings and are using advanced technologies, such as the cloud, to cater to the continuously changing demands of the electrical and electronics industry, which is providing opportunities for market players to offer advanced business solutions. Hence, the increased demand for the solution segment will drive the growth of the market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC countries, especially China, Taiwan, South Korea, and Japan, are the major players in the electrical and electronics industry. The electrical and electronics industry is growing at a rapid rate in APAC due to the increasing demand for semiconductor components, consumer durables, electronics goods, and high-technology products, especially in China, South Korea, India, and Japan.
In addition, the increasing adoption of DM software by the semiconductor industry in APAC is one of the major drivers for the market growth in this region. Furthermore, market players such as Toshiba and Hitachi implement DM to increase and enhance product innovation, reduce time-to-market, minimize iterations, and enhance the collaboration and production of highly improved product quality. Hence, such factors are expected to drive market growth in this region during the forecast period.
The Digital Manufacturing in Electrical and Electronics Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Digital Manufacturing in Electrical and Electronics Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The digital manufacturing in electrical and electronics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028
|
Digital Manufacturing In Electrical And Electronics Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
175 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 17.07% |
|
Market growth 2024-2028 |
USD 14.96 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
16.45 |
|
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 49% |
|
Key countries |
US, China, Japan, South Korea, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
3D Engineering Automation LLP, Accenture Plc, Alphabet Inc., Aras Corp., Autodesk Inc., Bentley Systems Inc., CAD Schroer GmbH, Capgemini Service SAS, Dassault Systemes SE, DREAMZTECH US INC., Durr AG, Hewlett Packard Enterprise Co., Hexagon AB, KRONTIME S.L., Mitsubishi Electric Corp., PTC Inc., Sandvik AB, Siemens AG, Tata Consultancy Services Ltd., and Tulip Interfaces Inc |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
