The fourth
industrial revolution (Industry 4.0) refers to a combination of several
important innovations in digital technology that are expected to transform the
manufacturing sector. The Industry 4.0 concept encompasses the digitalization
of the horizontal and vertical value chain, innovations in products and
services, and the creation of new business models. The key business drivers for
this transformation include the need to improve customer experience, increase
manufacturing speed to market, and reduce operational costs. Industry 4.0
focuses on the end-to-end digitalization of all physical assets and their
integration with digital ecosystems of value chain partners. The industry 4.0 market
is projected to grow from USD 64.9 billion in 2021 to USD 165.5 billion by
2026.
General
Electric (US), Siemens (Germany), Honeywell International (US), ABB
(Switzerland), Emerson Electric (US) is the key players in the waterjet cutting
machine market.
General Electric (US)
General
Electric (GE) is a technology and financial services company involved in the
development and manufacture of products used in the generation, transmission,
distribution, control, and utilization of electricity. The company is a pioneer
in the development of digital twin, 3D printing, IoT and AI solutions. In June
2020, GE Digital launched the latest version of its Asset Performance
Management (APM) software suite to allow companies in the asset and
process-intensive industries, such as oil & gas, chemical, and power, to
bring together data from all equipment across the plant and quantify risk
reduction.
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Siemens (Germany)
Siemens is a
global technology provider with core activities in the fields of
electrification, automation, and digitalization. A global pioneer in the field
of digital technology, the company offers state-of-the-art digital twin
software and solutions. In July 2020, Siemens launched the Simatic Real-time
Locating Systems (RTLS) plus SieTrace software that offers real-time location
information, which customers can use to control their manufacturing processes
during the COVID-19 crisis and design their operating procedures accordingly.
In the event of an employee contracting COVID-19, the solution will enable companies
to quickly and efficiently control how employees interact with one another,
with the production line, and with the plant setup.
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