Manufacturing execution systems (MES) refer to controlled and computerized systems that are used extensively in the manufacturing processes to track and document the complete procedure from raw materials to finished goods. As the manufacturing industries across the globe are witnessing an increase in the material and overhead costs, the demand for manufacturing executive systems is expected to rise in the next few years.
In this blog, Transparency Market Research (TMR) offers answers to some of the vital questions related to the manufacturing execution system market, emphasizing on its key dynamics that are expected to influence the growth of the market in the next few years.
What are the primary factors that are encouraging the growth of the global manufacturing execution system market?
A manufacturing execution system aids in managing the complete manufacturing processes on a production floor and offers automation, thus improving the performance of several business processes. The growing need of manufacturing units to reduce cost is one of the key factors driving the overall market. In addition, the product lifecycle traceability and reduction in labor cost are the other factors augmenting the growth of the global manufacturing execution system market.
Thanks to these factors, the global manufacturing execution system market, which had a valuation of US$7.86 bn in 2014, is projected to reach a value of US$19.36 bn by the end of 2023. The market is estimated to register a strong 11.10% CAGR between 2015 and 2023.
What are the chief application areas of manufacturing execution systems?
The implementation of manufacturing execution system in diverse industries has helped in tracking minute by minute record of maintenance, quality, production, distribution, and labor operations irrespective of the physical location of the production units. As a result, several discrete and process industries are extensively adopting the manufacturing execution system for their operations.
Some of the application segments in the discrete industry are furniture and wood products, medical devices, printing and publishing, electronics and electrical, aerospace and defense, automotive, FMCG, and semiconductors. On the other hand, some of the application segment in the process industry are energy and power, food and beverages, water and wastewater treatment, oil and gas, pharmaceutical, pulp and paper, chemical, and others.
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What are the current trends and opportunities in the global manufacturing execution system market?
The rising scope of manufacturing execution system in setting up energy efficient and sustainable production processes is estimated to generate potential opportunities for the key players operating in the market. In addition, the application of manufacturing execution system in life science vertical, the rising demand for paperless operations, and the increasing acceptance of software-based alternatives are anticipated to bolster the manufacturing execution system market across the globe.
The leading players operating in the market are making notable efforts to develop innovative technologies to expand their application base. For instance, ABB’s next generation manufacturing execution system (MES) emphasize on production flexibility for leaner supply chains, along with transparency of operations. On the other hand, Oracle Corp. is offering innovative MES software solutions for discrete manufacturing industries.