Dublin, July 27, 2021 (GLOBE NEWSWIRE) -- The "Computer Aided Manufacturing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The computer-aided manufacturing market is expected to register a CAGR of 7.8% during the forecast period (2021-2026). CAM reduces waste and energy for enhanced manufacturing and production efficiency via increased production speeds, raw material consistency, and more precise tooling accuracy. The rapid industrialization and the growing trend of industrial automation are supporting the growth of computer-aided manufacturing.
The evolution of technological advancements and innovations across various manufacturing units have encouraged the CAM. Moreover, the rise of Industry 4.0 and the Industrial Internet of Things (IIoT) component have made the market more accessible, as it has become easier to turn machines in the manufacturing industry into a form of smart and connected. It has made manufacturing processes and stages available through one control center, wearables, increasing its accessibility, improving the operational processes, and usability.
Also, the number of IoT connected devices is expected to reach 51.11 billion by 2023 globally, and IoT in manufacturing market size is expected to cross USD 45 billion by 2022. According to Cisco, by 2022, machine-to-machine (M2M) connections that support IoT applications will account for more than half of the world's 28.5 billion connected devices.
The ability of CAM technology to reduce the time required to design and prototype rapidly without reconfiguring or retooling the manufacturing line is increasing the deployment of CAM solutions among varied industry verticals. CAM solution ensures organizations that mission-critical machines will be maintained appropriately and also enhances its efficiency, thereby producing quality products.
Also, the significant shift from proprietary software to cloud-based subscription is anticipated to provide profitable opportunities for the growth of the market. The adoption of cloud-based solutions is expected to grow faster, as it enables end-users to reduce their overall implementation and purchasing cost.
Moreover, owing to the developments, CAM is finding its application into the medical industry. Currently, the subtractive milling is the widely implemented CAM protocol in dentistry as it provides an alternative way of fabricating oral and facial prostheses.
However, the high upfront cost required is the major restraint for the market. Due to the high associated costs, small manufacturers are not able to adopt it, and thus, the adoption rate decreases to a huge extent. COVID-19 is also discouraging the market growth. Vendors serving the automobile and aerospace industry have been hit the most due to decreased spending by these sectors.
Key Market Trends
Automobile is Expected to Hold a Major Market Share
- Creating automobiles is not a singular process, especially after the globalization of engineering, design, and manufacturing facilities, and third-party suppliers. This is the reason behind the need for information systems to help to create cars with the help of computer-aided manufacturing (CAM).
- Automotive CAM also addresses straightforward mechanical design issues, such as fit, clearances, strain, stress, heat, and vibration. CAM systems are also finding applications in handling the immense part files typical in automotive designs part files that might contain upwards of 14,000 components.
- In using Automotive CAM systems, fault detection is made easy on the production line, and the same can be eliminated immediately. Traditionally, car manufacturers would have had to take parts away for testing. They would have only been able to test small sections of large batches, meaning there was always the risk of something going wrong elsewhere.
- CAM simulations also help computers to simulate various real-life situations on 3D models. This includes testing for what would happen if there was a violent impact, harsh weather, high speeds, wear and tear, and during crashes.
- Further, with the ongoing advancements such as Quantum computing, which combines GPUs and CPUs into a single element, eliminates the need for excess interfaces. Thereby, operations can be performed faster, which is expected to significantly impact the speed of the design process in the automobile industry.
- Additionally, leveraging 3D printing and other emerging technologies, CAM is set to disrupt product modeling processes and continue to play an essential role in the automotive industry going forward.
North America is Expected to have Highest Market Share
- North America is expected to hold the highest market share due to the increased adoption rate of industrial robotics in the United States region, and the CAM adoption has multiplied in the recent past. With the industrial robots coming into the picture, the CAM has helped to improve the functioning of the robotics.
- Also, owing to the unprecedented competition from the Japanese automakers, the region spends an ample amount of capital spending in its efforts to compete. Added with the pending government regulations on emission control and safety is said to further enable the end-users to invest in solutions such as CAM. For instance, according to OICA, North America produced around 16.8 million motor vehicles in 2019 despite being in a slump for three years. This is due to the increased production cost and changes in the supply chain.
- The increased competition between the manufacturers in North America has to lead to a loss of market share. There is a huge demand to increase efficiencies. With the introduction of Industry 4.0 and Smart factories, the manufacturers are in constant need to automate the process to improve efficiencies.
- The increased cost of labor in the United States has forced the manufacturers to adopt automation to reduce the expenditures. With the adoption of CAM, the risks associated with human labor is also reduced by a significant amount.
Competitive Landscape
The computer-aided manufacturing market consists of several players. In terms of market share, no players have a significant amount of market share. The market is fragmented in nature, with a large number of competitors existing in the market. The providers are constantly innovating their products in order to meet the latest demand catering to the latest industrial trends.
- June 2020: SolidCAM Ltd announced that amidst the COVID situation with the surge in demand for masks, the company is helping manufacturers in china to leverage its multi-axis machining solution. The machining program provides its customers' process flower rollers and cutter rollers by stimulating it while ensuring efficiency and safety.
- February 2019: The latest release of Siemens' NX introduces new and enhanced capabilities for a wide range of applications, such as mold and die manufacturing, production machining, and multi-axis milling. Meanwhile, the integrated additive manufacturing functions help you to design, prepare, and print breakthrough products that were simply impossible to manufacture using traditional technologies.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.3 Market Drivers
4.3.1 Increasing Adoption of Industry 4.0
4.3.2 Growing Utilization of CAM Software in the Packaging Machinery Sector
4.4 Market Restraints
4.4.1 Wide Availability of Open Source CAM Software
4.5 Impact of COVID-19 on the Computer Aided Manufacturing (CAM) Market
5 TECHNOLOGY SNAPSHOT
5.1 2D Design
5.2 3D Design
5.3 5D Design
6 MARKET SEGMENTATION
6.1 End-user Industry (Revenue in USD million and Market Share as a part of the study)
6.1.1 Aerospace & Defense
6.1.2 Automotive
6.1.3 Medical
6.1.4 Energy & Utilities
6.1.5 Other End-user Industries
6.2 Geography (Revenue in USD million and Market share as a part of the study)
6.2.1 North America
6.2.2 Europe
6.2.3 Asia Pacific
6.2.4 Latin America
6.2.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Autodesk Inc.
7.1.2 Siemens AG
7.1.3 SolidCAM Ltd.
7.1.4 CNC Software Inc.
7.1.5 Hexagon AB
7.1.6 3D Systems, Inc.
7.1.7 HCL Technologies Limited
7.1.8 NTT DATA Corporation
7.1.9 Open Mind Technologies AG
7.1.10 DP Technology Corporation
7.1.11 MecSoft Corporation
7.1.12 Dassault Systemes SE
7.1.13 PTC Inc.
7.1.14 ZWSOFT Co,,Ltd.
7.1.15 SmartCAMcnc
8 VENDOR MARKET SHARE ANALYSIS (To be provided for Major vendors operating in the Global CAM Market)
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/knaw8s