Press release
18.78% CAGR growth by 2023 in Smart Manufacturing Market | Key Vendors - BB LTD., HONEYWELL INTERNATIONAL INC., FANUC CORPORATION, MITSUBISHI ELECTRIC, EMERSON ELECTRIC COMPANY, ROCKWELL AUTOMATION INC., SCHNEIDER ELECTRIC, GENERAL ELECTRIC COMPANY, among
Market Analysis:High Growth in Canada Market and Factors for the Growth
Canadian manufacturers rely on innovation and investment in technologies, in order to be competitive. In an environment of increasing input, labor costs and competition from the large global manufacturers, it is necessary to invest in technologies, to remain competitive and maintain the operating margins.
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The continuous growth in the adoption of analytical solutions, and the growing concentration on cost reduction and business process proficiency, is expected to boost the smart manufacturing market. The market also has lucrative prospects, as leading players are offering a technologically advanced solution to small and medium-sized businesses. The next industrial evolution is Industrial Internet of Things, which connects everything within the industrial environment, and provides complete operational visibility, besides allowing real-time decisions.
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Market Segments:
Smart Manufacturing Market is segmented by:
1. Technology: Programmable Logic Controller, Supervisory Controller and Data Acquisition, Enterprise Resource and Planning, Distributed Control System, Human Machine Interface, Product Lifecycle Management, Manufacturing Execution System, Others
2. Components: Control Device, Robotics, Communication Segment, Sensor, Others
3. End-users: Automotive, Semiconductor, Oil & Gas, Chemical & Petrochemical, Pharmaceutical, Aerospace & Defense, Food & Beverage, Mining, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa
Key Developments in the Market
• November 2017 - Yokogawa Electric Corporation announced the release of an enhanced version of the STARDOM network-based control system, in the first quarter of fiscal year 2018.
• November 2017 - Schneider Electric launched a new service designed to help industrial manufacturers modernize their programmable logic control (PLC) systems safely.
• September 2017 - Siemens and Fair Friend Enterprise Co entered into a partnership.
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