The report "Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region - Global Forecast to 2025", is expected to be worth USD 214.7 billion in 2020 and 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, rising emphasis on regulatory compliances, increasing complexities in the supply chain, and surging demand for software systems that reduce time and cost.
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Smart Manufacturing Market and Top information technology
Industrial Communication
Industrial communication is a combination of components, software, and standard protocols that allows man-to-machine and machine-to-machine communication across various industries. Efficient, reliable, and secure industrial communications help in improving operational efficiency and reducing the overall operational cost of organizations. Industrial communication plays a significant role in industries such as oil & gas, electronics, automotive, and energy & power.
Manufacturing Execution System
Manufacturing execution system (MES) is a computerized control system that integrates with enterprise resource planning (ERP) solutions to manage and monitor work in a manufacturing firm. It can process several tasks by controlling the number of production processes. It helps to maintain all the data related to manufacturing, such as raw materials converted into finished goods and related documentation, and data from robots and employees. MES solutions help in improving productivity as well as reduce production cycle time required for an order to be completed. MES helps to maintain the updated data pertaining to the product life cycle, product quality, order execution and dispatch, resource scheduling, downtime management for overall equipment effectiveness (OEE), and production analysis.
Plant Asset Management
PAM is a software system that leverages the intelligence ingrained in the assets and uses different measurement technologies to protect and predict the health of the assets. It provides valuable information about the condition of the asset over the entire life cycle. This information is used for optimizing plant operations and maintenance, increasing production capacity, and implementing predictive maintenance and operational strategies. PAM is the source of information that helps different business solutions such as enterprise asset management (EAM) and computerized maintenance management system (CMMS) to operate smoothly
Human Machine Interface
HMI enables operators and line supervisors to coordinate and control manufacturing processes in plants. It acts as an interface between the user and the machine. HMI is also known as MMI. The interface comprises hardware and software that assist operators in converting complex process variables into actionable and usable information. It reduces human involvement in the manufacturing process, which increases the productivity and safety of operators. HMI software gathers data from other integrated systems, processes data, and provides a visual representation to an operator. HMI offers various advantages such as error reduction, enhanced efficiency, and improved reliability; thus encouraging adoption among different end-user industries.
Enterprise manufacturing intelligence
Enterprise manufacturing intelligence, is a term used to describe software used for the collection of manufacturing-related data from various sources across departments in a corporation. This software interprets/analyses manufacturing-related data from various sources, which is utilized for reporting, decision making and visualization, and to pass this intelligent data between plant floor systems and enterprise level. This data is deployed for increased productivity and improved efficiency in manufacturing processes, which would lead to significant monetary and productivity gains at the enterprise level.
Smart manufacturingmarket in APAC to grow at highest CAGR from 2020 to 2025
The smart manufacturing market in APAC is expected to grow at the highest CAGR globally from 2020 to 2025. China is one of the fastest-growing economies in the world and a global manufacturing hub for semiconductor and automotive industries. This is leading to the increasing adoption of advanced manufacturing technologies such as HMI, MES, AI, condition monitoring, AGV, and WMS. Smart manufacturing technologies are used in these industries to enhance the overall performance of manufacturing plants and improve production output. In addition, the growing economy and technological developments in various industries encourage the application of these technologies for monitoring and controlling production processes.
A few other companies involved in the development of smart manufacturing solutions include 3D Systems (US ), CISCO (US), General Electric (US), Honeywell (US), IBM (Europe), Mitsubishi Corporation (Japan), Schneider (Europe), Siemens (Europe), Oracle (US), SAP (Europe), Yokogawa (Japan) and Stratasys (US).
COVID-19 Impact on Smart Manufacturing Market Analysis
Post COVID-19, the global smart manufacturing market size is estimated to grow from USD 181.3 billion in 2020 and projected to reach USD 220.4 billion by 2025, at a CAGR of 4.0%. The estimation for 2020 is down by ~16% as compared to pre-COVID-19 evaluation.
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Factors that drive the growth of the smart manufacturing market include the increasing demand for smart manufacturing products & solution propelled by COVID-19, the importance of digital twin in maintaining operations within the manufacturing ecosystem, and the emerging & expanding role of collaborative robots in healthcare and manufacturing sectors.
Disruption in the supply chain of the manufacturing industry may adversely impact the demand for smart manufacturing products and solutions
Coronavirus has emerged from Wuhan (China), which is home to many of the factories that supply components, parts, and semi-finished products to several manufacturing units across the world. To contain the spread of the virus, Wuhan was kept under lockdown for approximately two months. During these months, manufacturing units were closed and were not able to manufacture any products. This created a ripple effect throughout the world’s manufacturing facilities and ruptured the entire supply chain. The most affected manufacturing units are:
- Those that are working on Just in Time Model, where they need the raw material exactly when they are required.
- Those that are entirely dependent on China as a source of raw materials, semi-finished goods, etc.
Because of this situation, most of the manufacturing companies around the world are currently focusing on saving their business and cash flow, rather than investing in smart manufacturing products and solutions.
The temporary shift to the manufacturing of essential medical items is expected to boost the smart manufacturing market growth
Due to the negative impact of COVD-19, some of the non-medical manufacturing companies have started manufacturing medical-related products such as masks, ventilators, and related components, sanitizer, and others. This is one such way to minimize the impact of COVID-19 by the manufacturing companies. However, this is not a long term strategy for survival, and companies have to focus on innovation to survive the pandemic.
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