This keynote paper investigates the major milestones in the evolution of simulation technologies and examines recent industrial and research applications and findings. Especially in todays’ turbulent manufacturing environment, which is affected by megatrends such as globalisation and ever-increasing requirements for higher degree of product customisation and personalisation, the value of simulation is evident. Simulation comprises an indispensable set of technological tools and methods for the successful implementation of digital manufacturing, since it allows for the experimentation and validation of product, process and system design and configuration.