Industry Convergence to Accelerate Adoption of Smart Solutions in the Global Industrial Equipment Industry

Industry Convergence to Accelerate Adoption of Smart Solutions in the Global Industrial Equipment Industry

  • March 2021 •
  • 94 pages •
  • Report ID: 6037569 •
  • Format: PDF
Industry 4.0 revolves around integrating information technology (IT) and operational technology (OT) with near-real-time connectivity to provide actionable intelligence to decision makers.This research focuses on the adoption of digital technologies and smart devices in the industrial equipment industry. Industrial tools are the leading industry in commercial manufacturing. Such tools can produce metal machine parts for various industries, such as automotive, astronautics, national defense, machinery, modeling, electronics, and power generation. Just-evolved high technologies, such as semiconductors and panels, also require machine tools.This research service provides an overview of digital technologies and smart devices in the industrial equipment industry and highlights major industry trends, technological advancements, new business models, and economic factors that drive the industry growth, not to mention the setbacks. The study dives deep into the key drivers and restraints that influence short-, medium-, and long-term growth, and major growth opportunities. The study also identifies and assesses key market participants in the ecosystem, case studies that use key solutions available in the market, their performance, and offers a glimpse into their strengths, weaknesses, opportunities, and threats.Four types of digital solutions are analyzed in this research service.Connected Component: Technology is primarily used to gather basic operational data from the critical components of a machine, such as seals which are critical components in pumping systems and motors in rotating equipment. Connected component solutions collate data and offer simple insights on the health of a component by using green, amber, and red, as visual indicators of the severity of the problem.Connected Machines: By employing a variety of sensors across the machine, connected machine systems help ascertain the health of the machine and predict its remaining operating life. They also aim to prescribe corrective actions to ensure optimal operations. For example, these systems provide insights on underlying problems, such as a closed valve in the upstream process that may be causing a pump to run dry and damaging the casing and impellers.Connected Plant: A connected plant is one that implements IoT technology on a large scale to provide a host of solutions that transform critical operational data into actionable intelligence for operations, management, and maintenance. Connected plant solutions ensure top quartile performance of the entire plant and use various technologies to measure and monitor the performance and health of all critical and non-critical assets within a plant.Connected Enterprise: Unlike a connected plant, a connected Enterprise solution focuses on managing people, processes, and operating assets across the entire organization. A connected enterprise solution enables companies to lower their operating cost, improve time to market, optimize asset utilization, and reduce enterprise risk.
Author: Anand Mugundhu Gnanamoorthy