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The manufacturing industry is always evolving, and high volume machining is no exception. As we look ahead to 2024, several trends are shaping the landscape of high volume machining parts. This article will explore these trends through up-to-date statistics and data, providing readers with a comprehensive overview of what to expect in the coming year.
Automation continues to be one of the leading trends in high volume machining. According to a report by Grand View Research, the global industrial automation market is projected to reach USD 319.64 billion by 2025, growing at a CAGR of 9.2% from 2019 to 2025. This trend is driven by the need for faster production rates and reduced labor costs.
In 2024, we can expect an increased integration of robotics in machining. A study by the International Federation of Robotics has shown that in 2023, around 3.1 million industrial robots were in operation worldwide, and this number is predicted to rise to 4.5 million by 2027. Robotics improves precision, reduces lead times, and enhances overall productivity.
Additive manufacturing or 3D printing is set to become more prevalent in high volume machining, especially in creating complex parts efficiently. According to Wohlers Associates, the additive manufacturing industry was valued at USD 11.58 billion in 2020 and is expected to grow at a CAGR of 21% reaching USD 34.8 billion by 2026.
Companies like GE Aviation have already implemented additive manufacturing techniques for fuel nozzles in their jet engines, resulting in improved performance and reduced weight. In 2024, we will likely see more industries adopt similar approaches to capitalize on the benefits of additive manufacturing.
Sustainability has become a pivotal trend across manufacturing sectors, including high volume machining. According to a 2023 McKinsey report, more than 70% of manufacturing executives consider sustainability a top priority for their businesses. Machining companies are increasingly adopting practices to reduce waste and lower their carbon footprints.
In 2024, we expect to see a rise in the use of eco-friendly materials such as bio-based plastics and recycled metals in machining parts. The global bio-based plastics market is projected to reach USD 37.4 billion by 2024, emphasizing a shift towards environmentally friendly materials.
Suggested reading:The adoption of data analytics in manufacturing processes is gaining traction. According to a report by Statista, the global market for data analytics in manufacturing is expected to grow from USD 2.76 billion in 2020 to USD 12.83 billion by 2026, at a CAGR of 30.2%. With advanced analytics, manufacturers can optimize operations, predict maintenance, and improve quality control.
In 2024, many manufacturers will incorporate IoT technologies to create smart factories. This development allows real-time monitoring and data collection, which in turn enhances decision-making processes and operational efficiency.
Precision engineering remains critical in high volume machining, especially for sectors like aerospace and automotive. The global precision engineering market was valued at USD 959.67 billion in 2020 and is expected to reach USD 1,541.19 billion by 2028, growing at a CAGR of 6.15%.
By 2024, companies will increasingly utilize advanced quality control techniques, including machine vision systems and AI-driven inspections, to ensure that machined parts meet the highest standards. The global market for machine vision is projected to reach USD 12.5 billion by 2025, showing the importance of stringent quality control measures.
As we approach 2024, these trends in high volume machining parts will significantly impact how manufacturers operate. Increased automation, the rise of additive manufacturing, sustainable practices, data-driven approaches, and precision engineering will shape the industry’s future. Company leaders must stay informed and adapt to these trends to maintain a competitive edge. By leveraging accurate data and statistics, businesses can make informed decisions that drive growth and efficiency in the face of evolving industry demands.
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