The smart manufacturing market is estimated to grow from USD 214.7 billion in 2020 to USD 384.8 billion by 2025, growing at a CAGR of 12.4% from 2020 to 2025. Factors that drive the growth of the market include the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, the growing emphasis on regulatory compliances, increasing complexities in supply chains, and the surging demand for software systems that reduce time and cost.
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Key Market Players
As of 2020, Emerson Electric (US), ABB (Switzerland), and Rockwell (US) are a few of the dominant players in the smart manufacturing market.
Emerson Electric
Emerson Electric Co. manufactures and develops process controls, systems, valves, and analytical instruments. The company offers industrial, commercial, automation, and residential solutions worldwide. It operates through 2 business segments—Automation Solutions and Commercial & Residential Solutions. It serves industries such as petroleum, chemicals, food & beverages, pulp & paper, pharmaceuticals, and water & wastewater treatment. The company’s automation technologies help several organizations to improve their plant performance at a reduced cost. The company has 220 manufacturing locations in 150 countries, primarily in Europe and Asia. Emerson Electric provides PAM solutions under its Automation Solutions segment.
ABB LTD.
ABB operates mainly in areas such as robotics, power, heavy electrical equipment, and automation technology. The company has a presence in Europe, the Americas, Asia, Africa, and the Middle East. ABB mainly operates through 3 business segments—Electrification Products, Robotics and Motion, and Industrial Automation. In 2018, the company sold its Power Grids business to Hitachi (Japan) to focus more on its core businesses such as industrial automation. The Power Grids business is expected to be divested to Hitachi by 2020. Under its Industrial Automation business division, the company offers various Plant asset management (PAM )solutions, including System 800xA Asset Management, Asset Master, and AssetVista, for various key industries, such as oil & gas, mining, pulp & paper, chemicals, and water & wastewater. To ensure the growth of its PAM business, the company has leveraged its unique installed base of automation products.
Rockwell Automation:
Rockwell Automation, Inc. is one of the world’s largest companies providing industrial automation power, control, and information solutions. The company operates through 2 major business segments, namely, Architecture & Software and Control Products & Solutions. The Architecture & Software segment includes hardware, software, and communication components of the company's integrated control and information architecture capable of controlling customers’ industrial processes and connecting with their manufacturing enterprise. The Control Products & Solutions segment includes motor control products and industrial control products, as well as services such as asset management, technical support and repair, and predictive and preventative maintenance. Rockwell Automation offers PAM solutions and services for production and automation assets under its Control Products & Solutions business segment. PAM solutions offered by the company provide benefits such as reduced unplanned downtime, increased equipment output, and improved manufacturing flexibility.
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