An artificial intelligence (AI) start-up company, from the University of Sheffield Advanced Manufacturing Research Centre (AMRC) in the UK, has secured £2.2million in seed funding to make machine tool process optimisation technology accessible to a wider range of manufacturers worldwide.

Metalforming companies’ forecast for economic activity over the three months from April 2023 remained fairly steady from the preceding month, with some manufacturers expressing optimism and others anticipating headwinds. This is according to the April 2023 Precision Metalforming Association (PMA) Business Conditions Report.

The machine-tool manufacturing industry is facing a transformative decade and as manufacturers’ needs are more digitally focused, machine-tool builders must evolve their products to meet changing market requirements.  According to global technology intelligence firm ABI Research, the machine tool market will grow by a CAGR of 4.3% from 2022 to 2032 and reach US$ 245.2 billion in manufacturing value added.

Cranfield University in the UK has been awarded over £0.5 million for a range of manufacturing projects, including three initiatives focused on how materials respond to hydrogen, which could help accelerate the adoption of hydrogen-fuelled engines and assist industries with reaching net zero carbon emissions.