July 01, 2020
According to recent study titled ‘Global IoT in Process Manufacturing Market Size study with COVID-19 impact, by Type (Software and Services), by Application (Predictive maintenance, Asset Tracking & Inventory management, Remote monitoring & control, process optimization and supply chain management & logistics), by Technologies (Wi-fi, 3G, 4G, Bluetooth & BLE and Ethernet) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global IoT in process manufacturing market attained a valuation of USD 1242.94 million in 2019 and is projected to record a y-o-y growth rate of 3.31% through 2026.
Increasing product offerings, in tandem with continuous advancements in IoT technologies are fueling the growth of global IoT in process manufacturing market, cites the report.
For the uninitiated, IoT in manufacturing involves connected devices and equipment which collect and share real time data between machines and humans to improve the manufacturing operations within the organization. The system comprises of mechanical & electrical components, network connectivity architecture, advanced sensors, controls, smart devices, and software application.
In the manufacturing sector, IoT based industrial components provide real time information to the authorized user with the help of installed sensors. These sensors keep log of current operational status of the machines and send out alerts in case of a possible failure or an unintentional downtime.
According to a study by Aruba Organization in 2018, over 68% of the business leaders in industrial sector utilized IoT for monitoring & maintenance and more than 54% industrialists preferred IoT for remote operations. Also, as per statistics by General Electronics in 2018, power & energy sector showed the highest dependency on industrial IoT applications at 64%, followed by aviation & aerospace at 62% and utilities at 58%. Hence, increasing adoption of IoT technology across various industry verticals is likely to augment the industry growth over the analysis period.
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Besides, shifting focus towards cloud computing and incorporation of advanced communication technologies in the manufacturing sector are expected to create new growth opportunities for IoT in process manufacturing market in the forthcoming years.
On the contrary, absence of a standardized framework for interconnectivity and interoperability of IoT devices is impeding the industry growth. In addition, economic burden created by COVID-19 pandemic has negatively impacted the business outlook due to inactivity of manufacturing facilities across the globe on account of strict lockdown measures.
From a regional standpoint, North America presently leads the growth of global IoT in process manufacturing industry, owing to supportive government initiatives and sustaining investment in R&D activities for application of IoT in manufacturing solutions & services.
Meanwhile, Asia Pacific IoT in process manufacturing market is expected to show robust growth over the study period, fueled by increasing adoption of cloud services and growing demand for predictive maintenance & centralized monitoring of the manufacturing infrastructure among the industries across the region.
Major players operating in global IoT in process manufacturing market are Schneider Electric, Huawei Technologies Co., Ltd., Siemens AG, Zebra Technologies, Microsoft Corporation, Intel Corporation, SAP SE, General Electric Company, IBM Corporation, Cisco Systems Inc., and PTC Inc.