India AI in manufacturing market is estimated to grow at a CAGR of around 36% during the forecast period. India is the fastest-growing economy for AI in manufacturing in the Asia-Pacific region. Adoption of various government policies to drive AI innovation such as digital India, and proliferation in various sectors such as IT, healthcare, and consumer goods give a boost to the growth of the market. The advent of new technologies such as AI and IoT is transforming the global manufacturing landscape, and India is also leveraging these technologies in order to cater to increasing demand from various industries.
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Moreover, the well-established players are bringing smart factory solutions in India which further drives the regional growth of the market. For instance, in April 2019, Panasonic announced its plan to bring its smart factory solutions in India. The company has integrated its welding business and SMT (Surface Mount Technology) equipment business for becoming an end-to-end integrated Smart Manufacturing Solutions company. With these smart factory solutions, the company will deliver a broad range of high value-added, smart solutions and services to the manufacturing industry. The company aims at building India as its innovation hub for the globe and create a strong ecosystem of component and automated manufacturing in the country; that will create future opportunities for the market growth.
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The market is segmented on the basis of application and end-user. Based on application, the market is segmented into quality control & reclamation, predictive maintenance, supply network optimization, and others including production planning. Predictive maintenance had the highest share of over 35% in the market owing to the increasing demand for accuracy and reliability during the manufacturing process. Based on end-user, the market is segmented into automobile, pharmaceutical, heavy metal & machine manufacturing and others. The automobile segment held the highest market share in 2018.
Global players such as Panasonic Corp., ABB Ltd., and others are expanding their reach in the Indian market to strengthen their geographical presence, which in turn, drives the growth of the AI in manufacturing market in India. For instance, in 2018, ABB India inaugurated one of the first smart factories in Bangalore for the production of electrical protection and connection solutions. The Bangalore facility will manufacture ABB’s range of air and molded case circuit breakers, electronic and thermal relays, contactors, pilot devices and ABB’s latest range of plug-and-play low-voltage circuit breaker, Emax 2. ABB has continued to invest in building capacity to cater to the evolving trends in the Indian market.
Market Segmentation
India AI in Manufacturing Market by Application
- Quality Control & Reclamation
- Predictive Maintenance
- Supply Network Optimization
- Others (Production Planning)
India AI in Manufacturing Market by End-User
- Automobile
- Pharmaceutical
- Heavy Metal & Machine Manufacturing
- Others (Semiconductor and Electronics)
Company Profiles
- Panasonic Corp.
- Schneider Electric SE
- Altizon Inc.
- Capgemini Services SAS
- Plex Systems
- Siemens AG
- ABB Ltd.
- Automation Anywhere, Inc.
- IBM Corp.
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
