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.
Smart manufacturing market in APAC to grow at highest CAGR during forecast period
The smart manufacturing market in APAC is expected to grow at the highest CAGR globally from 2020 to 2025. The economy in the APAC region is the world’s one of the fastest evolving due to increased spending on improving performance, security, and economic stability. The region is witnessing a surge in the deployment of smart manufacturing technologies. China, being one of the top manufacturing countries, has been adopting enabling technologies to increase operational efficiency and production in the country. Due to increasing maintenance costs in manufacturing, manufacturing, and energy & utilities industries have been genuinely considering the adoption of advanced technologies, such as predictive maintenance, to optimize maintenance processes and reduce operational costs.
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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.
IIoT to hold largest share of smart manufacturing market, by enabling technology, throughout forecast period
IIoT enables analyzing the collected data in an effective manner with the help of various algorithms and analytics. The Internet of Things (IoT) technology has transformed the operations of various industries, including the manufacturing industry. IIoT is revolutionizing manufacturing plants by connecting a wide network of intelligent devices that would increase automation in plants. IIoT is expected to revolutionize the manufacturing industry by enabling a greater amount of data, which can be shared throughout the enterprise from the plant floor to the supply chain. IIoT provides better connectivity, efficiency, scalability, and time- and cost-saving for industries. For example, SCADA systems and IoT technology complement each other. IoT is considered to be the fourth generation of SCADA systems. Big data and analytics have led to the integration of instrumentation with SCADA data to analyze and scrutinize the data generated during production processes. Continuous advancements in industrial automation are expected to bring significant benefits to end users in terms of increased profitability and improved efficiency. Information from SCADA systems acts as a data source for IoT. SCADA focuses on monitoring and controlling, while IoT analyzes machine data to improve productivity.
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 manufacturing market 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 manufacturing market 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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