Jun 10, 2020 1:53 AM ET
iCrowd Newswire – Jun 10, 2020
With the increasing adoption of digital technologies organizations worldwide, the demand for manufacturing execution system and services is growing at a good pace. The manufacturing execution system is quite popular in developed regions such as North America and Europe and their demand in developing regions such as the Asia Pacific is growing at an impressive rate. The demand for manufacturing execution system from the industries such as process industries and discrete industries, high adoption of cost-efficient automation technologies, increasing need for tracking real-time data are some of the factors that are impacting the global manufacturing execution system market.
Manufacturing execution system market on a global scenario was valued at US$ 10.08 Bn in 2018 and is expected to reach US$ 32.93 Bn by 2027 with a CAGR growth rate of 14.3% in the forecast period from 2019 to 2027.
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With the increasing demand for enhancing productivity and executing complex production processes efficiently, companies across the region are inclined toward adopting manufacturing execution systems. Also, the growth of manufacturing execution systems is attributed to increasing investments in the manufacturing sector and developments in industrial automation. Further, demand for manufacturing execution system software and services are predicted to grow in the coming years, owing to an increase in demand for automated operations from manufacturing industries in various developing countries of Asia Pacific. The major benefits of manufacturing execution systems comprise reduced work in process inventory, labor tracking, and the ability to review efficiency by work centers. Manufacturers from all over the world can benefit from the integration of manufacturing execution system with enterprise resource planning, product lifecycle management, and others to transform the manufacturing processes in terms of control and synchronization.
The manufacturing execution system market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. The Asia Pacific is projected to be the fastest-growing region in the global manufacturing execution system market. Whereas, North America, followed by Europe, holds the highest market share in the manufacturing execution system market in 2018. Rest of the developing regions like South America and Middle East & Africa are also expected to grow significantly throughout the forecast period.
The players operating in the manufacturing execution system market are highly focused on product development to offer enhanced solutions and services to their customers. Few of the recent developments are listed below:
2019: GE announce the introduction of Predix Manufacturing Data Cloud (MDC) used in concert with a traditional Manufacturing Execution System (MES). This cloud solution is built to consolidate as well as transform manufacturing data across plants for enterprise cloud storage and analysis.
2018: ABB in collaboration with Werum IT Solutions launched hop Floor Integration Version 2.0. The solution reduces validation, engineering, and testing time and decreases the plant’s downtime.
2017: Rockwell announce the further expansion and enhancement of MES applications. The new suite has capability to expand the functionality across its portfolio of scalable MES applications based on the FactoryTalk Production Centre platform from Rockwell Automation.
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Keywords: Manufacturing Execution System Market, Manufacturing Execution System, Manufacturing Execution System Market 2020, Manufacturing Execution System Market 2027, Manufacturing Execution System