INDUSTRY NEWS
AI in European manufacturing
According to a new research report via analyst MarketsandMarkets , the global Industry-5.0 market is expected to be valued at US $ 65.8 billion in 2024 and is projected to reach US $ 255.7 billion by 2029 . It is anticipated to grow at a CAGR of 31.2 % from 2024 to 2029 .
“ Several factors are propelling the growth of the Industry-5.0 market across diverse industries , including rapid technological advances in artificial intelligence ( AI ), robotics , the Internet of Things ( IoT ) and industrial 3D printing . This evolution responds to the increasing demand for customised products and personalised experiences , fostering a human-centric approach to manufacturing that empowers workers with advanced tools and technologies ,” said the report .
The digital twin segment is expected to grow fastest during the forecast period . Digital twins play a central role in this integration by providing virtual representations of physical assets , processes and systems .
“ As industries increasingly adopt Industry- 5.0 principles to enhance efficiency , productivity and customisation , the demand for digital twin solutions rises accordingly to facilitate real-time monitoring , analysis and optimisation . Secondly , digital twins enable predictive maintenance , where machines can anticipate equipment failures and recommend proactive maintenance actions , minimizing downtime and reducing maintenance costs . This capability aligns with the goals of Industry 5.0 to optimise
Industry 5.0 ( image : Shutterstock . com .)
Industry-5.0 market worth US $ 255.7 billion by 2029
operations and enhance asset performance . Additionally , digital twins support the human-centric approach of Industry 5.0 by empowering workers with data-driven insights and decision-making capabilities , fostering collaboration between humans and machines ,” added the report .
The automotive segment is projected to grow significantly during the forecast period . It leverages technologies ( such as automation , IoT , data analytics and AI ) to revolutionise production processes . This approach boosts efficiency , reduces downtime and enables rapid customisation to meet market demands . Factors driving its growth include the need for cost-effective and sustainable production , the demand for personalised vehicles and the push for real-time monitoring to ensure quality and optimise resource allocation .
“ The Asia Pacific Industry-5.0 market is projected to grow at a CAGR of 31.2 %. Major factors driving the growth of the Industry-5.0 market in Asia Pacific are the rising demand for smart tools , the growing adoption of technologies ( such as IoT and IIoT ) and the increasing need to optimise productivity and reduce operational and maintenance costs . Government support to drive industrialisation
READ will also boost the demand for Industry 5.0 ,” concluded the report . n
REPORT
MakerVerse . com , a platform for on-demand manufacturing , has released a new survey revealing a significant gap between the potential of artificial intelligence ( AI ) and its current utilisation in European manufacturing operations .
The ‘ 2024 AI in European Manufacturing Report ’ sheds light on the current adoption rates , benefits and future expectations of artificial intelligence ( AI ) in manufacturing . The report reveals that most European manufacturers have high hopes for AI , but fail to implement the technology .
“ The survey of more than 50 European manufacturing professionals shows that a mere 5 % of European manufacturers have ‘ extensively ’ integrated AI technologies into their manufacturing processes , with 43 % not using AI at all . However , this also presents a promising opportunity for the industry to harness the power of AI ,” said Makerverse . com .
“ While the interest and strategic importance of AI remains high , the actual implementation is lagging , highlighting a significant opportunity for growth and innovation in manufacturing ,” added Dr . Markus Seibold , CEO of MakerVerse .
The survey further explores the reasons behind this slow adoption , with many manufacturers pointing to challenges such as a lack of expertise and high initial investment costs .
“ Looking ahead , European manufacturers are optimistic about the role of AI in enhancing operational efficiency . 79 % of respondents anticipate that AI will greatly help improve efficiency within the next five years ,” concluded Makerverse . com
To read the report , see www . makerverse . com / resources / ebooks / download-the- 2024-ai-in-european-manufacturingreport /
MakerVerse is a platform for sourcing industrial parts , providing instant access to a vetted supply chain and a range of manufacturing technologies .
With AI-powered quoting , order management and fulfilment , MakerVerse helps manufacturers with services from initial prototypes to full-scale production . Investors include Siemens Energy and ZEISS , and financial / venture capital investors , including 9.5 Ventures .
The company was founded in 2022 and is headquartered in Berlin , Germany . n
www . makerverse . com
14 | ismr . net | ISMR June 2024