The manufacturing industry is evolving with the integration of advanced technologies such as Robotics, IoT sensors, cloud networks, and AI. These technologies are transforming the production processes, making them more efficient and cost-effective. The need for these technologies in the manufacturing sector is expected to grow significantly by 2030, given the increasing demand for precision, speed, and customization in production.
Additive manufacturing, also known as 3D printing, is one of the significant growth areas in the sector. It is poised to grow at a CAGR of 18.92% from 2023 to 2032, reaching a market size of around USD 98.31 billion by 2032. This growth is fueled by its extensive applications across various industries such as medical and dental, aerospace, automotive, architecture and construction, fashion and jewelry, and food. North America is leading the market, capturing more than 34% of the revenue share in 2022.
Another promising area in the manufacturing sector is the concept of 'Manufacturing as a Service'. This involves delivering customized, on-demand products, which requires manufacturing tools capable of producing tailored products within short lead times. This trend is driven by the increasing customer demand for personalized products. Similarly, 'Manufacturing Labour as a Service' and 'Manufacturing AI as a Service' are emerging trends, addressing the industry's needs for skilled professionals to manage advanced technologies and the potential of AI in streamlining production processes, improving quality control, and optimizing supply chain logistics.
Current manufacturing opportunities in Canada include Robotics, IoT sensors, cloud networks and AI will be an essential requirement by 2030.
- Additive manufacturing (3D Printing): The global 3D printing market size is projected to hit around USD 98.31 billion by 2032 from USD 17.38 billion in 2022 and poised to grow at a CAGR of 18.92% during the forecast period 2023 to 2032. Key Takeaways: North America captured more than 34% of the revenue share in 2022.
- In the medical and dental industries, additive manufacturing can be used to create customized prosthetics, implants, and surgical tools, which can lead to improved patient outcomes.
- In the aerospace industry, this technology can help create lightweight yet strong components, contributing to fuel efficiency and overall performance.
- The automotive industry can benefit from rapid prototyping and the production of complex, lightweight parts. In architecture and construction, additive manufacturing opens up possibilities for creating complex structures and reduces material waste.
- In the fashion and jewelry industries, it allows for the creation of unique, intricate designs that wouldn't be possible with traditional manufacturing methods.
- In the food industry, it can be used to create customized food products, opening up new possibilities for personalization and dietary accommodation.
- Manufacturing as a service: Think mass produced, customized JIT manufactured products. Customers increasingly want manufacturers to deliver customized, on-demand products. Customization starts with having the right tools to make tailored products in short lead times.
- Manufacturing Labour as a Service: specialists, especially from younger generations, to maintain and manage the robots, sensors, and software of factories. Manufacturers can’t find enough machinists, welders, metalworkers, production supervisors, and other industry stalwarts.
- Manufacturing AI As A Service: The manufacturing sector can benefit greatly from AI. It can streamline production processes by predicting and preventing bottlenecks. AI can also improve quality control by detecting defects and irregularities in the production line. Additionally, AI can enhance supply chain logistics by predicting demand and optimizing inventory management.