ISMR June 2022 - Page 13

Smart manufacturing forecast

INDUSTRY NEWS

According to a new study on ResearchandMarkets , the smart manufacturing market by enabling technologies for digital twins is expected to grow at a CAGR of 68.9 % from 2022 to 2027 , reaching US $ 43,614.8 million by 2027 ( from US $ 2,124.7 million in 2021 ). Digital twins are being increasingly used as a means of connecting information about a physical product and its behaviour in the real world with a 3D digital representation , which is commonly employed during engineering and other areas of business .
For instance , Dassault Systems ( France ) introduced a virtual twin concept that enables design and engineering teams to visualise and analyse products or systems virtually and provide insights similar to physical behaviours , including stress and vibration , as well as behaviours associated with software and control systems .
The automotive industry dominates the smart manufacturing market with the highest market share and is expected to grow at a rate of 29.1 % during the forecast period , owing to “ changing consumer preferences and the inefficiency of traditional processes .”
“ Changing consumer preferences , technological advances and the introduction of regulations associated with the automotive

CT metrology partnership

industry are responsible for the high complexity of automobile products ,” said the forecast .
“ The latest machines and equipment replace the need for human operators for most of the crucial processes in the automotive industry , resulting in the adoption of smart manufacturing technologies ,” it added .
According to the report , major factors driving the growth of the smart manufacturing market in APAC ( Asia Pacific region ) are : -
■ The rising demand for smart tools due to increasing automation in industries .
■ The growing adoption of technologies such as Industry 4.0 , smart factory , IoT and IIoT .
■ The increasing need to optimise productivity and reduce operational and maintenance costs .
“ Government support in various APAC countries to drive industrialisation is one of the important factors that will boost the demand for smart manufacturing in the coming years . Various initiatives have been taken by the governments in the region ,” added the report .
Lennart Schulenburg , VisiConsult , and Dr . Heike Wenzel , WENZEL , sign the cooperation agreement at Control in Stuttgart , Germany .
The WENZEL Group and VisiConsult signed a cooperation agreement for a development and sales partnership at the recent Control exhibition in Stuttgart . This is intended to jointly expand successes achieved to date in computed tomography ( CT ) -based metrology solutions .
“ The key aspects of our partnership lie in joint development towards a product range tailored for industrial metrology based on CT technology ,” explained Lennart Schulenburg , Managing Partner , VisiConsult . “ We see enormous advantages for users by bundling the expertise of both companies for the development , production and realisation of this joint product portfolio .”
“ By using existing synergies in purchasing , development and production and concentrating on the respective core competencies of VisiConsult and WENZEL , the attractiveness of the CT solutions we offer to customers will be significantly increased ,“ added Dr . Heike Wenzel , MD , WENZEL Group . She hopes that this will result in a significantly higher market share for both partners in the rapidly growing CT metrology market .
The goal of the two medium-sized familyowned companies is long-term cooperation in the design , production and marketing of holistic CT solutions , in which measurement technology plays an essential role in the system solution .
VisiConsult , a family-owned company in Northern Germany , is a specialist in X-ray image processing and automation . The WENZEL Group is a leading supplier of industrial metrology and styling solutions . n
Market drivers also include a growing emphasis on regulatory compliances and surging demand for software systems that reduce time and cost . Market restraints are the high costs involved in implementing smart manufacturing solutions ; a lack of standardisation among equipment manufacturers and in connectivity protocols as well as maintenance requirements due to frequent software upgrades .
Opportunities will come from the increase in adoption of IIoT and Cloud technologies ; the increased integration of different solutions to provide improved performance and the rapid industrial growth in emerging economies . Challenges include threats relating to cybersecurity ; the complexity of implementing smart manufacturing technology systems and the lack of a skilled workforce , according to the report .
For more information on this , visit : www . researchandmarkets . com / r / 8hm0jf n

Nucor acquires ESS

Nucor Corporation has acquired steel racking manufacturer Elite Storage Solutions for US $ 75 million . This acquisition expands Nucor ’ s steel racking capabilities and builds on the company ’ s acquisition of Hannibal Industries last year . Elite Storage Solutions employs 180 full-time team-mates at locations in Monroe , Georgia and Chandler , Arizona ( USA ).
“ Establishing a manufacturing presence in [ southeast USA ] complements our existing steel racking business and allows us to serve our racking customers nationwide more efficiently ,” said Giff Daughtridge , President , Sheet and Tubular Products . “ Elite was founded and operated by the South family since the early 1980s and , in partnership with the Stein family , owners of Triple-S Steel since 2017 . This acquisition provides a growth platform for the Elite team , as well as for Nucor .”
End-use markets for steel racking have experienced strong growth that is forecast to continue . The acquisition gives Nucor access to new customers and will provide logistical advantages in serving existing customers .
Nucor and its affiliates are manufacturers of steel and steel products , with operating facilities in the United States , Canada and Mexico . n
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