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 Enabling Technologies
IIoT
IIoT can be defined as an environment in which complex industrial systems are networked together in such a way that their data are transmitted over the Internet for remote monitoring and performance analysis. In this research study, the IIoT market has been analyzed for the following verticals—manufacturing, energy & power, oil & gas, metals & mining, transportation, healthcare, retail, transportation, and agriculture. Sensors and networking technologies are the key IIoT enablers in each of these verticals.
Industrial Machine Vision
Industrial machine vision is a combination of mechanical, optical, electronic, and software systems used to detect defects in objects, surfaces, materials, and manufacturing processes; it helps improving quality and operational efficiency in industries such as automotive, electronics and semiconductor, consumer electronics, glass, metals, wood and paper, and pharmaceuticals. This technology is used to automate production processes, increase production speed, and improve product quality. It mainly replaces manual inspections and measurements with digital cameras and advanced image processing techniques.
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Industrial Cybersecurity
Industrial cybersecurity refers to the safety and security of industrial control systems, automation processes, plant operations, and critical infrastructure against cyber intrusions. Industrial control systems such as programmable logic controllers (PLCs), distributed control systems (DCS), and supervisory control and data acquisition (SCADA) systems are primarily prone to cyberattacks. To safeguard these systems from cyberattacks, various technologies such as distributed denial of service (DDoS) protection solution, intrusion detection and prevention systems, antivirus, and products such as gateway and networking devices are used for uninterrupted productivity of utilities, grids, transportation systems, and the manufacturing sector.
Machine condition Monitoring
Machine condition monitoring is the process of determining the operational state and condition of a machine for detecting potential breakdowns with the help of automation. The process comprises periodical or continuous data collection, analyses, interpretation, and diagnoses. This approach is different from traditional methods wherein processes are manual.
Machine condition monitoring optimizes equipment readiness and reduces maintenance and staffing requirements. It is used to prevent unscheduled outages, reduce downtime and maintenance costs, and optimize machine performance. This technique is primarily classified as preventive machine monitoring and predictive machine monitoring.
Digital Twin
Digital twin technology creates virtual models of a physical asset, process, or system. Digital twins use data obtained from sensors and algorithms for making reasonable projections about future processes. Digital twin can reduce operating costs and help extend the life of equipment and assets. With the growing adoption of IoT, the concept of digital twinning is becoming prominent in the market. Product design and development, machine and equipment health monitoring, predictive maintenance, and dynamic optimization are the 4 prominent application areas of digital twins.
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).
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