Digital Manufacturing in Electrical and Electronics

Digital Manufacturing in Electrical and Electronics

Global Digital Manufacturing in Electrical and Electronics Market to Reach US$33.7 Billion by 2030

The global market for Digital Manufacturing in Electrical and Electronics estimated at US$12.1 Billion in the year 2023, is expected to reach US$33.7 Billion by 2030, growing at a CAGR of 15.7% over the analysis period 2023-2030. Solutions Component, one of the segments analyzed in the report, is expected to record a 15.5% CAGR and reach US$25.2 Billion by the end of the analysis period. Growth in the Services Component segment is estimated at 16.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$3.3 Billion While China is Forecast to Grow at 20.8% CAGR

The Digital Manufacturing in Electrical and Electronics market in the U.S. is estimated at US$3.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.6 Billion by the year 2030 trailing a CAGR of 20.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 11.9% and 13.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.5% CAGR.

Global Digital Manufacturing in Electrical and Electronics Market - Key Trends & Drivers Summarized

What Is Digital Manufacturing and Why Is It Crucial for the Electrical and Electronics Sector?
Digital manufacturing involves the use of integrated computer systems to enhance every aspect of the production process, from design through fabrication to assembly and testing. In the electrical and electronics industry, this approach harnesses technologies such as computer-aided design (CAD), computer-aided manufacturing (CAM), 3D printing, and the Internet of Things (IoT) to streamline operations and enhance product development. These tools enable manufacturers to create more precise components, reduce production costs, and increase the speed and flexibility of manufacturing operations. As the electrical and electronics sectors are characterized by rapid product cycles and a high demand for customization, digital manufacturing provides the agility needed to stay competitive in this fast-evolving market.

How Does Digital Manufacturing Transform Production Processes?
Digital manufacturing revolutionizes production processes by integrating digital twins, advanced simulations, and real-time data analytics into the manufacturing workflow. Digital twins create virtual replicas of physical devices to test and optimize machinery and product performance before actual production begins. This predictive capability not only reduces the risk of errors and rework but also enhances product quality and operational safety. Advanced simulations in the design phase allow for immediate feedback and iterative design enhancements, significantly shortening the product development lifecycle. Real-time data collected from sensors on the production floor can be analyzed to optimize energy usage, predict equipment failures, and streamline supply chain logistics, leading to improved efficiency and reduced operational costs.

What Role Do Emerging Technologies Play in Advancing Digital Manufacturing?
Emerging technologies such as AI, machine learning, and robotics are pivotal in advancing digital manufacturing in the electrical and electronics industries. AI and machine learning algorithms improve decision-making processes by analyzing vast amounts of data to identify patterns and predict outcomes, thus enhancing the overall quality and efficiency of the manufacturing process. Robotics, particularly collaborative robots (cobots), are increasingly used on production lines to perform repetitive tasks, work alongside humans to enhance productivity and safety, and ensure precision in assembling intricate electronic components. Additionally, blockchain technology is being explored for its potential to improve supply chain transparency and secure the manufacturing process by reliably tracing component origins and ensuring compliance with regulatory standards.

What Drives the Growth of the Digital Manufacturing Market in Electrical and Electronics?
The growth in the digital manufacturing market in electrical and electronics is driven by several factors. Increasing pressure to accelerate time-to-market and reduce costs motivates companies to adopt advanced manufacturing technologies that can improve productivity and operational efficiency. The rising demand for customized electronic products requires flexible production systems that can adjust quickly to changing customer requirements. Environmental regulations and the need for sustainable practices also push companies towards digital solutions that optimize energy use and reduce waste. Additionally, the integration of IoT devices and smart factory solutions is becoming standard practice, driven by the need for enhanced connectivity and automation in manufacturing facilities. As companies continue to recognize the strategic value of digitalization in achieving these goals, investment in digital manufacturing technologies is expected to rise, underpinning the sector`s expansion and innovation.

Select Competitors (Total 38 Featured) -

• 3D Engineering Automation LLP
• Accenture Plc
• Aras Corporation
• Autodesk, Inc.
• Capgemini SE
• Creative Synergies Group
• Dassault Systemes SE
• DREAMZTECH US INC.
• Hewlett Packard Enterprise Development LP
• Hexagon AB
• Mitsubishi Electric Corp.
• PTC, Inc.
• Siemens AG
• Tata Consultancy Services Ltd.
• Tulip Interfaces Inc;

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.