In 2024, India's manufacturing industry became the cornerstone of economic growth fuelled by the significant contribution from major sectors such as pharmaceuticals, automotive and engineering by adopting innovative technologies into their business operations. As per Viksit Bharat 2047 vision, the manufacturing sector will experience a substantial role, with an impressive GDP of 25 percent as the technologies have comprehensively changed the way how equipment’sare designed, produced and impacting the overall production processes and visual inspection systems.
Considering the manufacturing growth, the market isestimated at USD 310.31 billion in 2024 and is anticipated to reach USD 523.70 billion by 2029. For a comprehensive overview of the India's manufacturing sector milestones in 2024, let's have a closer look at the major innovations that has driven its progress.
With a greater success in the manufacturing industry, AI technology has been a cornerstone ever since it is being utilized. However, in 2024, this advanced technology has shown unparalled advancements mainly in the integration part. More importantly, it is no longer limited to improving production lines but becomes a central to the formation of new equipment’s and predictive maintenance. Even Machine learnings technologies are utilized by the manufacturers to design synthetic material along with enhanced properties in the form of shock absorption and thermal resistance. By adopting this capability, the technology is allowing manufacturers to make goods that can outperform conventional ones.
For instance, Tata Motors Limited leveraged advanced AI technology to improve its manufacturing operations. The technology is also being utilized to lower maintenance costs and downtime.
Jaya Jagadish, Country Head & Senior Vice President, AMD India said "AI and GenAI are pushing the boundaries at the nanoscale - bringing precision, optimizing layouts, predicting performance issues, and unlocking new possibilities"
The India's manufacturing industry plays a significant role in discovering milestones in 3D printing in 2024. This latest technology has the potential to make objects which is up to 29 meters long and that itself is a testament to its potential. The breakthroughs in 3D printing have not impacted more industries but added value in construction and aerospace where huge components are important. In addition to this, scientists have utilized machine learning for the purpose of synthetic bones, accomplishing greater levels of shock absorption. The innovations have implications mainly in the manufacturing and medical industry, which will open the way for lightweight equipment.
Wipro 3D, a pioneer of metal additive manufacturing solutions, allows the formation of complex, net-shape components, lowering production line and material waste. Moreover, their deal with several industries that leads to the practise of 3D printing innovations in India.
VikasSaxena, Director & Head - Software Division, Renishaw India said "Additive manufacturing continues to witness a significant investment in R&D in every aspect of the process. Attempts are being made to enhance the understanding of material behavior, dynamics of the events in the chamber, and better control of the process to increase the throughput"
With the latest blockchain technology, the firms in supply chain management in 2024 have revolutionized by offering a greater level of traceability and transparency. Indian manufacturers emphasize the blockchain to track the movement, origin, and authenticity of finished commodities. The potential of this technology is valuable in sectors such as pharma, and food, in which safety and quality are crucial. Moreover, blockchain is making sure the comprehensive visibility so that the manufacturers can build trustworthy relationships with consumers and adhere to compliance needs. Consequently, it also allows for lowering waste and improving resource allocation.
For instance, Mahindra has been utilizing blockchain solutions to enhance supply chain tasks. Through the implementation of blockchain technology, the firm targets to accomplish traceability and transparency in its automotive manufacturing space.
Rashid Hashim, Vice President and Head of Manufacturing, L&T Mitsubishi Hitachi Power Systems said "Block chain technology offers new tools for authentication and authorisation that precludes the need for many centralised administrators. This will revolutionise the way Logistics, Healthcare, Retail, Legal, Energy and Government transactions are carried out bringing in trust and transparency"
All in all, the innovations in the manufacturing sector in 2024 showcase a synergy of technology, sustainability, and people's efforts to find creative solutions to problems. Many technologies ranging from AI integration, 3D printing technology, blockchain, and more are working towards efficient and eco-friendly manufacturing. The industry will likely change with the passage of time and companies should embrace change and invest in the technologies that can bring value to their business operations. By performing these activities, the companies can bring opportunities, contribute to sustainability, and drive economic growth.
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