According to the National Institute of Standards and Technology (NIST), Smart Manufacturing are systems that are “fully-integrated, collaborative manufacturing systems that respond in real time to meet changing demands and conditions in the factory, in the supply network, and in customer needs.” Smart Manufacturing, also known as Industry 4.0 or Industrial Internet of Things (IIoT), is being labeled as the 4th industrial revolution.
The IIoT is revolutionizing manufacturing by enabling the acquisition and accessibility of big data at greater speeds than ever before. The IIoT can greatly improve connectivity, efficiency, scalability, time savings, and cost savings for industrial organizations. McKinsey estimates that the value of the IoT will be $11.1 trillion per year in 2025, and the potential value of IoT applications in factory settings of between $1.2 trillion to $3.7 trillion per year in 2025. This 4th industrial revolution, however, is just emerging and most organizations are change- and risk-averse and often are not able to see the full potential and monetary value of the IIoT. Therefore, there is a significant need for techno-economic and market analysis for the application of IIoT technologies in the industrial sector.
Global Efficiency Intelligence, LLC. provides analysis of the market potential and application of smart manufacturing techniques and IoT technologies in industrial and commercial sectors in various energy systems and manufacturing subsectors around the world. We build on our extensive knowledge of energy systems and manufacturing subsector processes to conduct detailed analyses of IIoT application, market size, energy savings potential and forecasts.