Artificial Intelligence (AI) in Indian Manufacturing Industry 2023

Artificial Intelligence (AI) in Indian Manufacturing Industry 2023

The manufacturing industry has seen substantial change over the past few years and is now one of the fastest expanding sectors. The fourth industrial revolution or Industry 4.0, propelled by cyber-physical systems, big data analytics, IIoT, cloud computing infrastructure, AI, and 3D printing, has brought about an evolution in manufacturing. To remain competitive on a worldwide scale, the manufacturing sector is also concentrating on technologies like robotics and automation. For factory automation, quality control, equipment failure prediction, order management, delivery management, and demand forecasting, the manufacturing sector has implemented AI

Market insights:

In 2022, the Indian manufacturing output accounted for a share of 3.30% of the global market. The Internet of Things (IoT) in the manufacturing market in India was valued at INR 422.57 Bn in FY 2022. It is expected to reach INR 774.90 Bn by FY 2027, expanding at a compound growth rate of 13.32% during the FY 2023 – FY 2027 period. The major drivers of IoT in India's manufacturing sector have been the southern cities of Bangalore, Chennai, and Hyderabad. A further pull factor for the southern portion of the country's IoT manufacturing sector is being created by newly developed towns like Kochi, Thiruvananthapuram, Coimbatore, Visakhapatnam, Mysore, and Kozhikode.

Market trends:

Indian manufacturing companies are utilizing AI-enabled predictive maintenance systems for self-monitoring and reporting malfunctions in real time. IBM has developed its cognitive computing platform, Watson, for manufacturers to reduce errors and improve product quality. Similarly, Qualitas Technologies has developed the Eagle Eye Inspection System, which uses an AI-based vision controller to check the quality of products.

Players in the Indian manufacturing sector have been keen on the use of collaborative robots that leverage AI and analytics. Collaborative robots are capable of handling additional cognitive tasks and making independent decisions based on real-time data. Blue Star Ltd. is using AI-enabled collaborative robots (offered by Universal Robots A/S) to optimize the task of copper tube expansion and to minimize stress risks associated with it.

Impact of COVID-19:

With the change in the Industry 4.0, automation of conventional manufacturing, and industrial practices, COVID-19 boosted digital manufacturing in India. Increased use of robots, Shopfloor automation, use of sensors and data analytics, adopting IIOT technologies gained traction during the period. Indian companies accelerated their digital transformation to attract foreign investments and to set up pace for Industry 4.0.