Press release
Manufacturing Execution System (MES) Market Racing towards USD 19,364.7 Million in 2023
According to a new market report published by Transparency Market Research “Manufacturing Execution System (MES) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” manufacturing execution system market was valued at USD 7,860.5 Million in 2014; and is expected to reach USD 19,364.7 Million in 2023, growing at a CAGR of 11.1% from 2015 to 2023.
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Manufacturing Execution Systems (MES) are integrated software application aimed to provide manufacturing industries with the means to schedule and plan, direct and operate, and track and analyze their operations. Presently, manufacturing industries are experiencing increasing overhead and material costs. In addition, intense economic conditions are compelling manufacturers to surge production in a cost effective way. This in turn is leading to rising need for implementation of industrial control systems aimed to optimize processes and provide better visibility of the shop floor. Need for quicker turnarounds and efficient utilization of resources or inventories is further driving the need for automation in industries. MES solutions offers real-time information of the shop floor, allowing end user industries to quickly response to any challenge that could negatively impact efficiency, productivity and quality. In addition, MES solutions offer uninterrupted visibility into production operations, gaining an overall view of the shop floor. Demand for industrial automation, better visibility of the shop floor and need for real-time control and adjustments to operations is driving the demand for manufacturing execution system (MES).
However, requirement of high initial investment upfront, end user industries are often reluctant to install MES, which in turn is posing as a major factor restraining the market growth. Moreover, rising complexities in manufacturing industries is leading to complexities in installation of MES, further limiting the growth of the MES market. Growth opportunities for key players in the MES market lies in increasing penetration of industrial internet of things (IoT), which in turn is leading to rising demand for next-generation advanced MES solutions across the globe.
The global manufacturing execution system (MES) market is categorized based on process and discrete industry. Process industry includes oil and gas, chemical, food and beverages, pulp and paper, pharmaceutical, energy and power, water and wastewater treatment and others. Other process industry segment includes textiles, and steel and aluminum. In 2014, oil and gas segment contributed the majority of the global MES market share by process industry in terms of revenue. Based on discrete industry, the global manufacturing execution system (MES) market is segmented into automotive, aerospace and defense, electronics and electrical, medical devices, FMCG, and others. Others segment includes semiconductors, furniture & wood products, and printing and publishing. Amongst discrete industry, automotive segment held the majority of the market share in terms of revenue in 2014. Surge in installation of MES in automotive industry to meet increasing demand for faster time to market is driving the growth of the segment.
Report can be viewed at http://www.transparencymarketresearch.com/manufacturing-execution-systems.html
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