Report : Manufacturing Execution System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software and Services), Deployment (Cloud and On-Premise), and Industry Type (Process Industry and Discrete Industry), and Geography
According to the new research report titled “Manufacturing Execution System Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 26090.7 million by 2028, registering a CAGR of 10.9% from 2021 to 2028.
At present, enterprises worldwide are giving equal importance to manufacturing execution system projects as enterprise resource planning (ERP) and product lifecycle management (PLM). Since enterprises are now recognizing the manufacturing competency as a key competitor differentiator, they have started adopting MES at a greater priority. Further, a number of enterprises consider quality as an essential factor in the manufacturing systems strategy. Thus, they are looking for the advantages of integrating quality compared to keeping quality as a distinct system and process. Such factors are expected to boost the adoption of manufacturing execution system.
In the present scenario, the players in the manufacturing execution system market are focused on offering more industry-specific solutions. This signifies the availability of ideal solutions as per specific need of an enterprise. Further, it also eliminates the requirement for costly tailored extensions to commercial products. The availability of off the shelf functionality in manufacturing execution system is creating ample opportunities for the growth of manufacturing execution system market.
Key Findings of Study:
Geographically, the North American region is estimated to hold the largest market share in 2020. The dominance of North American market is attributed to the rise in demand for manufacturing execution system in industries, including food & beverage, water & wasterwater treatment, and power & utility. Another important factor is the presence of technologically advanced industries in countries, such as the US and Canada. The increased adoption of Industry 4.0 together with rising advancements in manufacturing and machinery tools is propelling the growth of the manufacturing execution system market. Further, the willingness to invest in advanced technologies by the manufacturing industries in these countries is adding to the growth of the market. Further, adoption of the Industrial Internet of Things (IIoT) is significantly high in the country. Several industry verticals are adopting digital transformation strategies and implementing IIoT in their business operations. Such factors are expected to propel the growth of manufacturing execution system market in the region.
The ongoing COVID-19 pandemic continues to bring long term disruptions among several major process as well as discrete industries. However, among process industries the impact has been varying across different vertical such as impacting heavily on aviation, oil & gas, and numerous materials sectors attracting heavy reduction in their ongoing production volume. Whereas industries such as food & beverages, pharmaceuticals, power generation, and chemicals have noticed limited disruption during the pandemic across different economies. As a result, prevalence of nation-wide lockdown to minimize the transmission of virus has significantly disrupted the supply chain activities along with production volume across several manufacturers especially the small & medium enterprise owners. Moreover, the limited production activities along with disappearing demand for numerous control products and components contracted significantly during the 2020 resulting in stark decline in the market.