PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485884
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485884
Digital Lean Manufacturing Market size was valued at USD 26,581.2 Million in 2023, expanding at a CAGR of 13.30% from 2024 to 2032.
The combination of advanced digital technologies and lean production principles is appropriately referred to as digital lean manufacturing. This novel method focuses on cutting waste, raising efficiency, and boosting quality to optimize industrial processes and boost value creation. The market's driving forces are the growing use of lean manufacturing to cut down on overproduction and the growing demand for higher operational efficiency. Growth in the market is also fueled by the quick integration of Industry 4.0 technologies in manufacturing facilities, which alter lean processes.
Digital Lean Manufacturing Market- Market Dynamics
Increasing Adoption of Industry 4.0 Technologies to Propel Market Demand
The adoption of Industry 4.0 technologies at a quick pace in manufacturing facilities to alter lean processes is a major factor driving market expansion. By incorporating cutting-edge technology like robotics, artificial intelligence (AI), machine learning, and the Internet of Things (IoT), traditional production processes are radically changing. With the help of these technologies, smart factories may be built, where systems and machines are networked to enable smooth communication and real-time data sharing. Manufacturers may now monitor and manage their operations with previously unheard-of accuracy and agility because of this interconnection. For example, IoT sensors may continuously offer data on production conditions and machine performance. When combined with AI analysis, this data can be used to predict maintenance needs, optimize processes, and minimize downtime. Furthermore, automation and robotics improve the precision and efficiency of repetitive jobs, freeing up human workers to concentrate on more intricate and strategic work. The combination of these technologies expedites production procedures, reduces waste, and enhances resource efficiency-all of which are components of lean manufacturing.
Digital Lean Manufacturing Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 13.30% over the forecast period (2024-2032)
Based on component segmentation, hardware was predicted to show maximum market share in the year 2023
Based on solution segmentation, technology enablement was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Digital Lean Manufacturing Market is segmented based on Component, Solution, and Region.
The market is divided into three categories based on components: Hardware, Services, and Software. The hardware category dominates the market. Hardware refers to the actual tools and machinery utilized in the production process in digital lean manufacturing. Robotics, sensors, IoT devices, and machines are all included. Hardware plays an important role in automation and the performance of repetitive, precise activities. With other costs, it is a substantial capital outlay, but it is necessary for the practical implementation of production.
The market is divided into three categories based on solution: Change Management, Consistency in Process, and Technology Enablement. The technology enablement category dominates the market and is likely to maintain its dominance during the forecast period. Adopting digital lean manufacturing necessitates strong change management plans to guarantee a seamless adoption of new procedures and technology. To handle employee resistance, effective change management incorporates support networks, training, and unambiguous communication. Achieving operational excellence, developing a culture of continuous improvement, and establishing a change-friendly atmosphere all depend on this process.
Digital Lean Manufacturing Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Throughout the forecast period, North America is anticipated to hold the greatest share of the global market for digital lean manufacturing. The presence of several manufacturing sites and the early adoption of Industry 4.0 technology make the United States a major contributor. It is highly recommended that cloud computing, AI, and IoT be included in manufacturing operations. Furthermore, the region is adopting digital lean systems more quickly as a result of growing concerns about sustainable manufacturing practices. The region's demand for digital lean manufacturing is influenced by stringent regulations and an emphasis on accuracy and quality, particularly in the industrial sectors of the United States.
In addition, the digital lean manufacturing market is anticipated to expand at the fastest rate in the world during the projected period in Europe. In terms of applying contemporary technologies, such as digital twins and real-time data analytics, to streamline industrial processes, Europe is a leader. The region's promising smart city initiatives and rapidly expanding manufacturing sectors are still in their infancy. Securing lower production costs and higher efficiency are critical for staying competitive in international markets.
Key players in the digital lean manufacturing market include ABB Ltd., Caterpillar Inc., Dassault Systemes S.E., Emerson Electric Co., Deere & Company, Ford Motor Company, General Electric Company, and others. These companies employ numerous strategies, including continuous product development, strategic partnerships, and global market expansion. Moreover, market share expansion and product offering diversification are frequently achieved through mergers, acquisitions, and strategic alliances. To bring new technologies and solutions that increase competition, entrepreneurs and emerging businesses are also innovating a lot.
August 2023: Hikvision unveiled AIoT-powered manufacturing solutions for manufacturers looking to increase output and operational efficiency. Using AIoT technology, the Hikvision manufacturing solution brings offline data online for efficient monitoring and use to solve processes related to lean management, staff management, and process visibility.
April 2023: Global Enterprise clients can now use Mevisio's unique Expert Round Table Network. The most recent advancements in digital lean manufacturing technology are displayed on this network, offering businesses priceless options.
GLOBAL DIGITAL LEAN MANUFACTURING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Amphenol Corporation
ABB Ltd.
Autodesk, Inc.
Caterpillar Inc.
Honeywell International Inc.
Dassault Systemes S.E.
Emerson Electric Co.
Omron Corporation
Deere & Company
Ford Motor Company
Infowise Solutions Ltd.
General Electric Company
Oracle Corporation
Leansuite.com Corp.
Mevisio AB
Others