The global smart manufacturing platform market size is expected to grow from USD 5.8 billion in 2021 to USD 13.2 billion by 2026, at a CAGR of 18.0%. Growth in industrial automation, growing adoption of smart manufacturing platforms in automotive industry, increasing support from governments for industrial automation, and growing need for streamlined and automated data to boost productivity are the key factors driving the growth of the smart manufacturing platform market.
Key players operating in the smart manufacturing platform market include major players operating in different stages in the entire value chain of smart manufacturing platform; these players are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Emerson Electric Co. (US), and GENERAL ELECTRIC (US). Many major companies focus on implementing organic growth strategies, such as product launches, and inorganic strategies, such as partnerships and expansions, to increase their revenue.
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Top 5 Players in Smart Manufacturing Platform Market:
ABB is one of the leading technology companies that provides a wide range of products, including control room solutions, metallurgy products, electric vehicle charging infrastructure, motors and generators, measurement type, and mechanical power transmission solutions. The company operates through four business divisions: Electrification, Industrial Automation, Motion, and Robotics & Discrete Automation. Its ABB Ability platform is a unified, cross-industry digital portfolio. The platform encompasses all digital components ranging from device, plant, and enterprise-level software, automation system to the cloud. The platform allows customers to securely integrate and aggregate data, combine it with wider industry data, apply big data and predictive analytics, and generate insights that can enhance performance and increase productivity. ABB provides various services, such as engineering and consulting services; maintenance, replacement, installation, and commissioning services; advanced services; life cycle management services; and technical support and repairs, extension, and retrofit services. The company serves various industries, such as automotive, mining, oil & gas, metal, marine, power generation, pulp & paper, chemical, cement, aluminum, building & infrastructure, ports, mining, and printing.
Schneider Electric is a European multinational company that specializes in energy management and automation solutions. Schneider Electric operates through the Energy Management (and Industrial Automation segments in four principal markets: buildings, utilities and infrastructure, industry and machines, and data centers. The company provides EcoSturxure software through the Industrial Automation segment. EcoStruxure is Schneider Electric’s IoT-enabled, plug-and-play, open, interoperable architecture and platform used in individual homes, buildings, data centers, and various industries. EcoStruxure delivers innovation at every level from connected products to edge control, apps, analytics, and services, with six domains of expertise—Power, IT, Building, Machine, Plant, and Grid.
Siemens is a leading conglomerate in the electrical engineering ecosystem. It operates through four reportable segments: Digital Industries, Smart Infrastructure, Mobility, and Siemens Healthineers. The Digital Industries segment offers a comprehensive product portfolio and system solutions for automation technologies used in manufacturing industries, such as automation systems and software for factory automation; numerical control systems; machine tools and production machines includes motors, drives & inverters, and integrated automation systems. MindSphere is the cloud-based, open IoT operating system from Siemens that connects products, plants, systems, and machines, enabling users to harness the wealth of data generated by the Internet of Things (IoT) with advanced analytics.
Emerson Electric Co.
Emerson Electric Co. is a manufacturer of electric motors and fans. The company was founded by John Wesley Emerson and was established as The Emerson Electric Manufacturing Company in St. Louis, Missouri, US. Emerson is primarily engaged in the manufacturing and development of process control systems, valves, and analytical instruments. It delivers products and services to industrial, commercial, and consumer markets. The company operates through two business segments: Automation Solutions and Commercial & Residential Solutions. The Automation Solutions is further segregated into Measurement & Analytical Instrumentation, Valves, Actuators & Regulators, Industrial Solutions, and Process Control Systems & Solutions. Emerson offers Plantweb digital ecosystem, a scalable portfolio of technologies, software, and services through the Process Control Systems & Solutions segment. Plantweb enables measurable performance improvement in the areas of production, reliability, safety, and energy management by empowering personnel with new insights and actionable information.
GENERAL ELECTRIC is a technology and financial services company that develops and manufactures products for the generation, transmission, distribution, control, and utilization of electricity. It operates through the Power, Renewable Energy, Aviation, Healthcare, and Capital business segments. The company provides GE Predix under GE Digital, a part of GE. GE Predix is a software platform developed by GE used for the collection and analysis of data from industrial machines. Predix Platform is purpose-built for deriving specific industrial insights and outcomes across diverse and highly regulated industrial markets. Companies can use the Predix platform to build applications on its sophisticated infrastructure. Predix platform equips industrial organizations with everything they need to rapidly build, securely deploy, and effectively run IIoT applications from edge to cloud, turning asset data into actionable insights.
Smart Manufacturing Platform Market with COVID-19 Impact, by type (Device Management, Connectivity Management, Application Enablement Platform), Application (Performance, Optimization, Asset & Condition Monitoring), Industry, Region - Global Forecast to 2026
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