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 Companies
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. The company has 220 manufacturing locations in 150 countries, primarily in Europe and Asia. Emerson Electric provides PAM solutions under its Automation Solutions segment. 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; for example, the Plantweb Optics solution offered by the company delivers higher-level collaboration, better insights, and priority decision-making, thereby enabling substantial savings due to reduced maintenance costs.
ABB Ltd.
The ABB Group was founded in 1988 after the merger of Asea AB (Sweden) and BBC Brown Boveri AG (Switzerland). It 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 enterprises. 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.
Honeywell
Honeywell International, Inc. is a diversified technology and manufacturing company, serving customers all over the world. Founded in 1906 and headquartered in New Jersey, US, the company operates through 4 business segments—Aerospace, Performance Materials and Technologies, Honeywell Building Technologies, and Safety and Productivity Solutions. Honeywell International, Inc. offers PAM solutions under its business segment Safety and Productivity Solutions. The company also offers process-centric PAM solutions that help users in decision-making, increasing operational performance and decreasing unplanned downtime. Its asset management solutions cover all the elements of condition monitoring, reliability, and maintenance management.
Siemens
Siemens is an electronics & electrical engineering company that operates in the fields of electrification, automation, and digitalization. It operates through Digital Industries, Smart Infrastructure, Gas and Power, Mobility, Siemens Healthineers, and Siemens Gamesa Renewable Energy segments. Siemens provides automation systems, identification systems, industrial communication systems, industrial controls, industry services, manufacturing execution systems (MES), operator controls and monitoring systems, PC-based automation solutions, power supplies, PLM software, process analytics, and process control systems for industrial automation.
Manufacturing execution systems held second-largest share of smart manufacturing market, by information technology, in 2019
Manufacturing companies are increasingly adopting advanced technologies, such as the cloud, to gain competitive advantage by accelerating their growth through improved efficiency throughout their manufacturing process. This is driving the adoption of more scalable and flexible MES solutions. Cloud technology has made significant advancements in the past few years. Cloud-based MES enables businesses to get the most from the manufacturing process, even if it is a large, multi-factory global operation or a single production line. Cloud-based MES helps integrate the operations taking place on a plant floor with the systems in the top management for effective monitoring and decision making.
Energy & power industry to hold largest size of smart manufacturingmarket in 2025
Technological advances in developing markets such as India, China, Brazil, and the Middle East are likely to create significant opportunities for automation in these markets. As a result, a number of smart manufacturing solution providers have targeted this industrial sector. The power industry is growing rapidly because of the globally rising demand for energy. This results in high pressure on power-manufacturing companies to deliver cheap and reliable energy. Also, it becomes necessary for power-manufacturing companies to utilize available resources efficiently, reduce maintenance costs, and further enhance plant performance. Moreover, PAM and HMI solutions help power plant owners, operators, and original equipment manufacturers (OEMs) make improved business decisions regarding the performance and operational readiness of their assets.
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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