Manufacturing Execution System Market worth $17.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 28, 2021 /PRNewswire/ -- According to the new market research report "Manufacturing Execution System Market with COVID-19 Impact by Offering (Software, Services), Deployment, Organization Size, Process Industry (Food & Beverages, Pharmaceuticals & Life Sciences), Discrete Industry, Geography - Global Forecast to 2026", published by MarketsandMarkets™, the Manufacturing Execution System Market is expected to grow from USD 11.5 billion in 2021 to USD 17.1 billion by 2026 at a CAGR of 8.3% from 2021 to 2026. A few key factors driving the growth of this market include the need for mass production and connected supply chain to cater to the growing population, increasing use of industrial automation in process and discrete industries, the growing importance of regulatory compliance and fiscal policies formulated by regional financial institutions to keep manufacturing facilities floating amidst COVID-19 crisis, and increasing IT and OT convergence in manufacturing industries.
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Manufacturing execution system market for services to grow at highest CAGR during the forecast period
The demand for manufacturing execution system services is expected to grow at the highest CAGR during the forecast period. The manufacturers provide services such as opportunity assessment, solution migration and enhancement, product evaluation, MES application configuration, business analysis, selection services, customization, and multi-level support services.
For optimizing the output of manufacturing operations, it is imperative to have process selection services in place. All these ancillary services, apart from the main services such as installation, training, maintenance, and software upgrade, are expected to drive the services offering segment amidst the COVID-19 pandemic. However, the growth rate would not be close to the estimation of the pre-COVID-19 market scenario.
On-premise deployment of MES is expected to hold the largest share of the manufacturing execution system market during the forecast period
The process industry comprises sectors such as oil & gas, pharmaceuticals & life sciences, chemicals, food & beverages, pulp & paper, energy & power, and water & wastewater management. On-premises manufacturing execution systems are being increasingly deployed in these sectors as they allow manufacturers to manage the system within the premises, which reduces the time and cost. It also helped in increased security and enhanced the productivity of processes. Therefore, the market is expected to grow in the next five years.
The on-premises deployment segment has witnessed a slowdown in 2020 due to the fact many countries have ordered enterprises to work with bare minimum staff strength and is expected to grow significantly during the forecasted period. The maintenance of on-premises manufacturing execution systems would require trained staff to be present on the shop floor, which is something every manufacturer is trying to avoid. With the least human intervention, the hybrid model offers the best solution for deployment that would help manufacturers to get the most out of the manufacturing execution system during the post-COVID-19 scenario.
Browse in-depth TOC on "Manufacturing Execution System Market"
144 – Tables
52 – Figures
217 – Pages
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North America to dominate manufacturing execution system market during the forecast period
North America has been a significant contributor to the growth of the overall manufacturing execution system market owing to the increasing use of manufacturing execution systems in process and discrete industries in the region, and the presence of players developing MES solutions are some of the driving factors for the growth of the MES market in North America.
The North American market for manufacturing execution systems has slowed down in growth, but it still is expected to hold the largest market share in 2021. There has been a significant drop in the market size from 2019 to 2020 due to the region-wide lockdown. To fight the COVID-19-induced economic pandemic, the US government has recently passed a USD 2 trillion stimulus bill named the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Therefore, the North American market is expected to grow significantly during 2021 and 2026
The report profiles the most promising players in the market. The MES market is highly dynamic because of the presence of a significant number of big and small players operating in it. Key players in the market are ABB Ltd. (Switzerland), AVEVA plc (UK), Dassault Systèmes (France), Honeywell International, Inc. (US), Rockwell Automation, Inc. (US), Siemens AG (Germany), SAP SE (Germany), General Electric Company (US), Oracle Corporation (US), Emerson Electric Co. (US), and Werum IT Solutions GmbH (Germany)
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