Westford, USA, Oct. 31, 2022 (GLOBE NEWSWIRE) -- The trend of manufacturing businesses adopting smart technologies is on the rise. This is trend in the global smart manufacturing market is particularly evident in the automotive and electronics industries, where smart manufacturing is seen as key to improving efficiency and quality.
One such company that has made a concerted effort to adopt smart technology is Panasonic. Another major player in the arena of smart manufacturing is GE. The company currently offers several solutions that can be implemented in factories, including its Predix platform, which provides real-time insights into factory operations and machinery health. In addition, GE also provides software development kits (SDKs) that enable developers to create their own applications using GE's data management and analytics capabilities.
SkyQuest attributes the rapid growth of the global smart manufacturing market to the many benefits of using smart technology in manufacturing such as increased productivity, reduced costs, and improved quality. In addition, using smart technologies can help manufacturers avoid potential safety hazards. For instance, using sensors to monitor the environment can help identify potential fires or catastrophes before they occur. Moreover, monitoring processes through analytics can help manufacturers spot problems early and make necessary repairs or modifications before they become irreversible.
However, SkyQuest, in order to reap all of these benefits from smart manufacturing market, overserved that businesses need to put in place a comprehensive system-wide approach. At its core, this strategy should include management of data streams from a variety of sources (e.g., machines and systems), sensor deployment and configuration (including accurate transmission of data across networks), automated control systems for process monitoring and regulation (including feedback loops for corrective actions), as well as integration with other business applications. Appropriate modeling and simulation tools can also be helpful in designing such an approach early on in the development cycle.
The trend towards smart manufacturing market is likely to continue into the future, particularly as automation continues to become more widespread across all industries. As businesses become increasingly Insight-driven and data-rich, they will need technology that can enable them to make better decisions faster. By embracing smart technology in their Manufacturing operations, companies can not only improve their own efficiency but also develop new products offering consumers unprecedented levels of value.
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Growing Interest in Intelligent Engineering Systems
Currently, there is a growing inclination towards smart manufacturing. This tendency can be observed in various industries, such as transportation and healthcare. Several reasons account for this trend in the smart manufacturing market: the growth of big data and analytics, the increasing demand for automation, and the decreasing cost of sensors and communication technology. These reasons have led to growing interest in using intelligent engineering systems (IES) for manufacturing processes.
IESs are software applications that allow manufacturers to manage their processes more efficiently and improve quality control. They can also automate tasks, reduce labor costs, and improve procurement operations. One of the main benefits of IESs in the smart manufacturing market is their ability to streamline manufacturing processes. For example, they can automatically order parts from suppliers, assign tasks to employees, monitor production performance, and make changes in order to optimize efficiency. In addition, IESs can help manufacturers reduce environmental impacts by automating waste management and improving safety procedures.
Despite these benefits, there are still some challenges that need to be overcome before widespread adoption of IESs takes place in the smart manufacturing market around the world. For example, improper configuration or wrong application of an IES can lead to decreased efficiency or even process failures. Additionally, some workers may resist changes that require them to learn new skills or work with new technology platforms. However, with time SkyQuest believes these challenges will likely be resolved.
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SkyQuest Analysis: Challenges and Opportunity in Smart Manufacturing Market
Our research suggests that the smart manufacturing industry is poised for strong growth, thanks to rising demand for more efficient and customized production. Gartner projects that global smart manufacturing spending will grow to $638.58 billion by 2028, up from $272.12 billion in 2021.
The main benefits of using smart technologies in manufacturing are improved efficiency and quality. Inefficient factories can waste large amounts of resources, while poor quality products can result in customer dissatisfaction and lost sales. By using digital technologies to manage processes and data streams, factories can become more automated and streamlined, allowing them to operate more effectively and create higher-quality products faster.
One key challenge facing the smart manufacturing market is implementation latency – the time it takes for new technology to spread throughout a production line. To speed up this process, many manufacturers are turning to cloud-based solutions that allow for real-time feedback on processes and data sharing between machines. By automating tasks that are currently done by humans, companies can reduce their labor costs while still achieving the same or better-quality standards.
Overall, SkyQuest sees three main areas where smart manufacturing market will continue to grow: advanced analytics and decision support; industrial internet of things (IIoT); and new applications of digital technologies like intelligent machines and mobile apps. By 2028, almost 60% of all intelligent machines will be deployed within manufacturing organizations. Additionally, a third of all business value creation from IIoT deployment will come from non-manufacturing sectors such as transportation (30%), utilities (25%) and health care (20%).
Many companies in the global smart manufacturing market are already taking advantage of these opportunities to improve their manufacturing processes. For example, Siemens has developed an innovative Bruno machine that uses lasers to cut parts quickly and precisely from large sheets of metal. Toyota has also launched a new line of robots called Lexus INNOVIS advanced Manufacturing Systems that automate common tasks such as welding, stitching and capping operations. In addition, many other companies are investing in emerging technologies such as blockchain or artificial intelligence in order to stay ahead of the competition.
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Global Smart Manufacturing Market Report’s Key Findings
- By 2030, nearly two-thirds (63%) of world factory value will come from products that are triple-digit percentage improvements in performance or better over current levels;
- In order to achieve this level of performance in the global smart manufacturing market, current global industrial systems need to be overhauled with new approaches in materials procurement, product design, quality assurance and production;
- Embedding analytics and software into both physical manufacturing systems and business processes will be critical to unlocking these benefits;
- As skills and technology gaps narrow across countries, collaboration between industry players is increasingly important to widen participation and leverage shared resources;
- Strategies targeting specific countries or regions with focus on skills development or infrastructure investments are more likely to achieve results.
Top Players in the Global Smart Manufacturing Market
- HP Development Company, L.P. (US)
- ABB (Switzerland)
- Emerson Electric Co. (US)
- General Electric (US)
- Honeywell International, Inc. (US)
- Mitsubishi Electric Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Rockwell Automation, Inc. (US)
- Schneider Electric (Europe)
- Siemens AG (Germany)
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