Research Nester published a report titled “AI in Manufacturing Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global AI in manufacturing market in terms of market segmentation by component, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global AI in manufacturing market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of end-user into automotive, electronics, semiconductor, and others. Out of these, the automotive segment is projected to hold a notable share over the forecast period owing to the growing demand for automobiles across the globe, along with reduced cost of manufacturing by using AI in the industry. Moreover, production of automobiles requires high accuracy, which is easier to achieve with the help of artificial intelligence.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%.
Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
The global AI in manufacturing market is estimated to grow on the back of rising adoption of artificial intelligence amongst the manufacturing sector, backed by higher accuracy and efficiency of AI based manufacturing. AI is majorly used in high-precision manufacturing, such as, electronics, medical devices, and automotive, to reduce any chance of human error in the process. Moreover, increasing investment in the manufacturing sector, especially after the COVID-19 lockdown, in order to regain the losses incurred during the pandemic, is estimated to boost the market growth. Furthermore, manufacturers are increasingly accepting the use of AI to up-surge the overall output, owing to the advantages, such as, reduced cost and time of operation. Such factors are projected to boost the market growth.
On the basis of geographical analysis, the global AI in manufacturing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to gain notable growth over the forecast period, owing to the presence of major automotive and electronics manufacturers in the APAC region, along with rising demand for automobiles and electronics. For instance, according to the data by India Brand Equity Foundation (IBEF), in 2019-20, the total passenger vehicles sales in India crossed 2.8 million units. Moreover, the rising adoption of advanced technology in developing countries, such as, India, and China, is estimated to boost the regional market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Penetration of Artificial Intelligence to Boost the Market Growth
With the advancement in technology, the adoption of AI is also increasing amongst various end-user industries. Moreover, presence of large data, along with rising investment in the manufacturing sector is anticipated to boost the market growth. In addition to this, the requirement of high accuracy in the manufacturing sector, especially in automotive, electronic, and medical equipment, is estimated to fuel the market growth.
However, lack of skilled workers is expected to operate as key restraint to the growth of the global AI in manufacturing market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global AI in manufacturing market which includes company profiling of Siemens AG, General Electric Company, Microsoft Corporation, Intel Corporation, Alphabet Inc., IBM Corporation, General Vision Inc., Rockwell Automation Inc., SAP SE, and Cisco Systems, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global AI in manufacturing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.