COVID-19 Impact on Smart Manufacturing Market

Emerson Electric Co. and ABB Ltd. are Leading Players in the COVID-19 Impact on Smart Manufacturing Market

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 the pre-COVID-19 estimate.

Factors that drive the growth of the smart manufacturing market post-COVID-19 include the growing demand for smart manufacturing products and solutions propelled by social distancing, the increasing adoption of the digital twin technology in the manufacturing ecosystem, and the deployment of collaborative robots in healthcare and manufacturing sectors.

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Emerson Electric (US), ABB Ltd. (Europe), and Rockwell Automation (US) are a few of the dominating players in the global smart manufacturing market. 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).

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 and operates through two business segments—Automation Solutions and Commercial & Residential Solutions. The company has 220 manufacturing locations across 150 countries, primarily located in Europe and Asia.

Emerson Electric provides PAM solutions under its Automation Solutions segment. It caters to 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 instance, 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.

Emerson has developed some standard assemblies to manufacture masks, gowns, and other related products for frontline health workers. These will be distributed to new customers who can start producing the items required by healthcare workers.

ABB Ltd.

The ABB Group was founded in 1988 after the merger of Asea AB (Sweden) and BBC Brown Boveri AG (Switzerland). The company has a presence in Europe, the Americas, Asia, Africa, and the Middle East and operates mainly in areas such as robotics, power, heavy electrical equipment, and automation technology. ABB operates through three 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 business, 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.

ABB’s Robotics and Discrete Automation business will make key software services available free of charge to customers until the end of 2020. The software that will be available free of charge includes ABB Ability™ Connected Services, RobotStudio®, and Virtual Technical Support.

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 two major business segments, namely, Architecture & Software and Control Products & Solutions. The Architecture & Software segment includes hardware, software, and communication components of the companys 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 provided by the company provide benefits such as reduced unplanned downtime, increased equipment output, and improved manufacturing flexibility. Rockwell, in partnership with PTC, is offering free access to FactoryTalk InnovationSuite Vuforia Chalk. This is a remote assistant with augmented reality software.

Related Reports:

COVID-19-Impact on 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

Mr. Sanjay Gupta
MarketsandMarkets™ INC.
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[email protected]

Report Code
SE 7600
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