BANGALORE, India, Sept. 10, 2020 /PRNewswire/ -- The major factors driving the growth of MES market size are the need for mass production and a linked supply chain to cater for the increasing population, low deployment costs, increased use of industrial automation in processes and distinct industries, increased regulatory enforcement, and fiscal policies formulated by regional financial institutions to keep manufacturing facilities afloat during the COVID-19 crisis.
This report offers MES suppliers and users with a comprehensive assessment of the marketplace. It provides a strategic insight into the market trends, market size, and key players in the MES market.
The Global MES Market size is expected to grow from USD 10,802.78 Million in 2019 to USD 24,344.35 Million by 2025 at a CAGR of 14.50%.
The COVID-19 lockdown affected the use of manufacturing execution systems. Most of the revenue produced in the industry for the implementation of manufacturing systems comes from services rendered on the industry. As the services are directly linked to manufacturing activities, COVID-19 is significantly affecting the manufacturing execution system market. This has contributed to a lower projected growth rate for 2020 as opposed to 2019.
TRENDS INFLUENCING THE MES MARKET SIZE
Factors like reducing scrap and waste time, increasing uptime, and lower inventory costs make the process more cost-effective and are expected to drive the growth of the MES market size.
The benefits and value of regulatory enforcement, coupled with optimized production facilities and the implementation of advanced technological systems, also fuel the growth of the MES market size.
Regional financial institutions' fiscal policies to maintain manufacturing facilities amid the COVID-19 crisis is expected to drive the MES market size during the forecast period. These fiscal policies guarantee loans for both large and small enterprises, which would improve manufacturing activities across different sectors where production manufacturing execution systems will play a key role in maximizing manufacturing operations.
The manufacturing execution system's market size experienced steady growth due to the high demand from the water and wastewater treatment, food, and beverage, power industries. In addition, the need to track real-time data, enhance data visibility, and control off-site development operation has a significant impact on the growth of the MES market size.
North America is expected to hold the largest MES market share during the forecast period. This dominance is attributed to the increasing use of manufacturing execution systems in process and discrete industries in the region, and the presence of players developing MES solutions.
The Asia Pacific is projected to witness the highest growth among all other regions, with some of the major countries being China, India, and Japan. Automation, saving inventory time along with timely delivery of cost-management goods, have been a few main factors in promoting growth in the Asia Pacific region.
The global Industrial Controls and Factory Automation market size is projected to reach USD 194170 Million by 2026, from USD 128090 Million in 2020.
The major players in the market include ABB, Emerson, GE, Honeywell, Mitsubishi, Omron, Rockwell, Schneider Electric, Siemens, Yokogawa Electric, Kuka, Keyence, Fanuc, Bosch Rexroth, Fuji Electric, Endress+Hauser, Hitachi, etc.
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