MEA regional market for model based manufacturing technologies is expected to witness significant growth owing to increasing plant productivity and reduced inventory costs
Valley Cottage, NY -- (SBWIRE) -- 06/17/2019 -- There is a tectonic shift in the global manufacturing vertical, which is rapidly transforming the existing production lines as well as adding more dynamism to them. The trend of data exchange and automation in manufacturing technologies has led to the rise of Industry 4.0, more popularly known as smart factories. Modern day factories follow certain models that allow more efficient, systematic and cost-effective manufacturing. In order to stay competitive, manufacturers are adopting the latest model-based manufacturing technologies. Future Market Insights in its new report projects that the US$ 23,866 Mn global model-based manufacturing technology market is set to register an impressive CAGR of 7.4% during the forecast period (2017-2027) to reach a valuation of US$ 53,550 Mn. The arrival of smart manufacturing technologies and cloud-based CAD systems are expected to facilitate the growth of the market over the next couple of years.
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The FMI report also cites that robust development in RFID-based manufacturing technologies and modernization of oil & gas, food & beverage and few other large scale sectors are benefiting the global model-based manufacturing technologies market. In terms of revenue sales, North America and Europe were the most dominant markets for model-based manufacturing in 2016. Countries such as the U.S., the U.K., Germany and France are expected to remain key markets for sustainable revenue generation from sales of model-based manufacturing technologies throughout the forecast period. Some of the leading market players such as HCL, Siemens and PTC have a strong base in North America, which is also supporting the market's growth in the region. Meanwhile, a massive growth potential exist in Asia with China, India, and Japan at the forefront. In terms of value, Asia Pacific excluding Japan (APEJ) is projected to be the most attractive market for model-based manufacturing technologies in 2017 and beyond. Market in Japan, on the other hand, is expected to register the highest Y-o-Y growth rates over 2027.
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Based on software type, manufacturing execution systems (MES) and enterprise resource planning (ERP) systems will continue to be the most attractive segments of the market over the assessment period.
By end-user industry, automotive and oil & gas are expected to account for sizeable value shares of the market between 2017 and 2027. During the same period, industries such as the aerospace and the defence are likely to witness strong Y-o-Y growth rates as well.
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For market players, emphases will remain on collaboration with software vendors, platform providers, and other OEM companies. To maintain a steady sales growth, agreements on long-term contracts with equipment suppliers will also be crucial. Also, strategies as such are anticipated to help equipment vendors to increase sales revenue and attract new potential customers in emerging markets. FMI's report has profiled some of the top companies operating in the global model-based manufacturing technologies market, which include Aspen Technology Inc, Oracle Corp., SAP SE, Honeywell International, Inc., Ibaset Inc., Autodesk Inc., PTC, Inc., Siemens PLM Software Inc., Rockwell Automation, Inc., Dassault Systemes, Schneider Electric SE, ABB Ltd, Seabrook Technology Group, Vero Software Ltd, Sogeti High Tech SAS, KPIT Technologies Limited, General Electric Company, Statii Ltd, CNC Software, Inc, Cimatron Technologies, Inc.