Industry 4.0, also called smart manufacturing, has gone from ideal to real in the manufacturing industry, largely thanks to the evolution of a few key technologies. By exchanging information in real time, machines work better, fail less often, and output higher quality products. However, investing in the right underlying technologies is key to successfully implementing smart factory capabilities.
The global smart manufacturing market size will reach $395.2 billion by 2025, according to predictions by ResearchAndMarkets.com. Growth is being driven by the need for efficiency and visibility across the value chain. The report added:
The positive impact of government initiatives and investments to promote smart manufacturing adoption has been one of the most influential factors driving market growth. The fact that both industrialized countries and developing economies are aggressively pursuing this avenue is expected to further drive growth.
In industrial manufacturing, smart manufacturing has the potential to reduce direct labor costs and indirect costs by as much as five to ten percent, according to Altizon’s Smart Manufacturing Report 2017 . Although those are the most significant impacts, the approach also yields savings in terms of reducing the cost of logistics, materials, energy, and tooling. Further, smart technologies pave the way for both condition-based and predictive maintenance as well as improved warehouse management.
This infographic, from Vero Solutions, looks at the top innovative technologies driving and enabling the adoption of smart manufacturing. Click on the image below to start a slideshow exploring each of the top six technologies in detail. Let us know in the comments section below where your company is putting its resources to make its supply chain, manufacturing plant, or warehouse a little bit more intelligent.
— Hailey Lynne McKeefry, Editor in Chief, EBN