New products and investments to accelerate factory automation
The adoption of factory automation is increasing across the globe due to several benefits such as improved productivity, enhanced safety, increased agility, and predictive maintenance. Through implementation of various tools and software for enabling real-time monitoring and automated decision making, factory automation is becoming a commonplace practice in the new-age factories. By analyzing data generated from tools, devices, and machines, it has become possible to determine errors, time for maintenance, and services. Equipment degradation can be detected in real time and reported to workers or management. Then quick repair or replacement can be carried out. This enables the safety of workers.
The era of Industry 4.0 has arrived and the transformation is taking place. Automation is at the forefront of the transformation. The implementation of industrial internet of things (IIoT) and the 5G revolution are expected to accelerate factory automation worldwide. Market players are launching new products to offer automation solutions for factories. Difficult tasks such as data transmission and power supply over the long distances are possible for factories in which automation is implemented. In addition, market players are raising funding to enable improvement in tools and help factories in improving output, reducing errors, and gather more data to offer important insights. The trend of factory automation is gaining traction, and will continue in the coming years. According to the report published by Allied Market Research, the global factory automation market is estimated to reach $368.37 billion in 2025. Following are some of the activities taking place across the world.
Market players have been offering innovative solutions to enable factory automation for manufacturers. Nortech Systems, Inc. launched an active optical technology platform called as Active Optical Xtreme (AOX). This hybrid solution offers the data transmission capabilities over a long distance. In addition, it provides power and control abilities of copper cable can be availed on a single cable. In factory automation application, the AOX technology is developed for connecting smart devices across long distance, and is highly customizable. The company designed this solution for optimizing power supply and data transmission over long distances. The solution has
flexible and resilient spectrum. It will be helpful for demanding scenarios such as automated factories. The launch of such innovative systems will continue as the trend of automation in factories accelerates.
Along with the new product launches, raising investments is another trend taking place across the world. Pico MES, a manufacturing execution system (MES) software development company, raised a funding of $6.75 million. The funding will be utilized to improve its tools and capabilities in factory automation. The systems developed by Pico collects the data from different equipment and individuals working on the floor. The company develops software for small companies. Through the improvement in tools and software, the company aims to reduce errors, collect more data and offer insights, and raise the output. The IoT network and no-code devices enable factories to connect devices and automate processes. Such funding will pour in coming years as the adoption of factory automation increases.
Author Bio - Pratik Kirve is writer, blogger, and sport enthusiast. He holds a bachelor degree in Electronics and Telecommunication Engineering, and is currently working as a Team Lead - Content Writing at Allied Market Research. He has an avid interest in writing across different verticals. When he is not following the updates and trends, he spends his time reading, writing poetry, and playing football. He can be reached at pratik.kirve@alliedanalytics.com
LinkedIn - https://www.linkedin.com/in/pratik-kirve-8213b284/