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The Internet of Things (IoT) enables connectivity of devices, systems, and services that generate, exchange and consume data with other connected devices, systems and services over the internet. IoT in manufacturing helps optimize plant operations, enhance quality control and production planning and scheduling, and enables predictive maintenance. IoT solutions enable remote monitoring of manufacturing equipment to analyze machine performance, detect anomalies, and predict failures. IoT also helps develop personalized products based on customer insights gained from data analysis. By leveraging IoT platforms, manufacturing companies can develop innovative, customized products faster and reduce product development cycle time.
The global IoT in manufacturing Market is estimated to be valued at US$ 235.38 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the drivers for the growth of IoT in manufacturing market is new product development and customization. IoT enables manufacturers to gain valuable customer insights from equipment data and analytics which helps develop personalized, customized products faster as highlighted in the heading. IoT connected devices provide real-time monitoring of manufacturing operations which helps detect process deviations and optimizes quality control. Data gathered from connected machines and products also helps predict maintenance needs, downtime and reliability which improves plant utilization rates and reduces unexpected breakdown costs. IoT connectivity further aids remote monitoring of distributed manufacturing units to centralized locations for real-time decision making.
Segment Analysis
IoT in Manufacturing market is expected to be dominated by the Process industry sub segment. Process industry connects data from many points such as sensors across plants and factories. It helps optimize production floor operations with real-time data insights. This sub segment accounts for over 40% of the total IoT in Manufacturing market share due to increasing adoption of IoT solutions by process manufacturing companies to improve productivity and reduce operational costs.
PEST Analysis
Political: Governments across regions are supporting initiatives to promote adoption of latest technologies like IoT. They are implementing regulations to increase visibility across supply chains to enhance transparency.
Economic: IoT solutions help spur economic growth by improving resource efficiency of manufacturing operations. It allows optimizing production processes leading to higher output with minimal wastage.
Social: Rising awareness about benefits of connected products is propelling manufacturers to embrace IoT. Customers also expect personalized products developed using technologies like IoT.
Technological: Advancements in technologies like edge computing, 5G, and cloud are enabling seamless connectivity of devices. This facilitates constant data exchange between machines and systems to gain actionable insights.
Key Takeaways
Global Iot In Manufacturing Market Demand is expected to witness high growth at an estimated CAGR of 18% during the forecast period of 2023 to 2030.
Regional analysis:
Asia Pacific region dominates with over 35% market share due to rapid industrialization and presence of manufacturing hubs in countries like China and India. The region is expected to maintain its dominance in the coming years as well led by increasing smart factory initiatives and rising adoption of industrial automation.
Key players operating in the IoT in Manufacturing market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S. Key players are focusing on development of innovative IoT solutions and establishing partnerships with technology providers to strengthen their presence in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
