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Market Research Report

Information Technology and Operations Technology (IT-OT) Convergence Powers the Global Industry 4.0 Market for Mechanical Test Applications

Published by Frost & Sullivan Product code 1003641
Published Content info 96 Pages
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Information Technology and Operations Technology (IT-OT) Convergence Powers the Global Industry 4.0 Market for Mechanical Test Applications
Published: April 16, 2021 Content info: 96 Pages
Description

Customer Experience, Driven by Digitally Led Business Models, Creates New Growth Opportunities

The impact of the convergence of Information Technology (IT) and Operational Technology (OT) has been tremendous in recent times. Benefits of this convergence can be seen even in traditional markets (e.g., mechanical testing). The world is staring at an economic mess propelled by the catastrophic outbreak of COVID-19. In 2020, the demand for digitalization plummeted. Several technological advancements (e.g., 3D printing) are helping manufacturers create complex products like never before. These products are so complex and intricate that it is no longer possible to inspect and test these objects using traditional inspection and test mechanisms such as Coordinate-measuring Machines (CMMs) or optical measurement systems. Predictive and proactive maintenance of machines is the need of the hour. All these development have led to emerging applications of Industry 4.0 in the field of mechanical testing. Industry 4.0 is still in a nascent stage of adoption in the mechanical test market, yet its potential has been tremendous.

The high initial costs and a lack of supportive infrastructure are expected to impede market growth during the forecast period. However, access to inexpensive wireless sensors, cloud-based data storage, and Artificial Intelligence (AI)-based analytics are all expected to drive the case for Industry 4.0 in the mechanical test market.

Key Features:

The objective of this research service is to give a detailed account of the mechanical test market comprising subsegments such as Non-destructive Testing (NDT), Condition Monitoring (CM), dimensional metrology, and material testing and how the 4 key Industry 4.0 technology themes- sensorization, cloud, analytics, and visualization-will have a profound impact on these subsegments. This research service would also look into how the 4 tech themes would be the next step in the evolution of smart mechanical testing, and how this would benefit companies from making smarter decisions on the factory floor. The study also aims at throwing light on what the market participants are currently doing in this space and how the market is likely to transform the manufacturing arena in the coming years.

Key Issues Addressed:

  • What is the potential for Industry 4.0 in the mechanical test market?
  • What has been the impact of COVID-19 on Industry 4.0 investments in the mechanical test market?
  • Which countries are expected to adopt Industry 4.0 on a large scale, and what are the regional factors driving growth?
  • How attractive is IT-OT convergence in the mechanical test market, and what are the key enabling technology developments?
  • What are some of the key opportunities arising out of Industry 4.0 in the mechanical test landscape? What are the strategies that these manufacturers can adopt to accelerate growth?
  • What are the key trends that will shape the future of Industry 4.0 in mechanical testing?
Table of Contents
Product Code: K58F-30

Table of Contents

Strategic Imperatives

  • Why is it Increasingly Difficult to Grow?
  • The Strategic Imperative 8™
  • The Impact of the Top Three Strategic Imperatives on the Adoption of Industry 4.0 in the Mechanical Test Market
  • Growth Opportunities Fuel the Growth Pipeline Engine™

Growth Opportunity Analysis

  • Industry 4.0 in Mechanical Test Market Overview
  • Impact of Industry 4.0 in Mechanical Test Market-Research Scope
  • Definitions
  • Key Growth Metrics
  • Key Players in the Mechanical Test Market
  • Growth Drivers for Industry 4.0 in Mechanical Test Market
  • Growth Restraints for Industry 4.0 in Mechanical Test Market
  • Industry 4.0 Tech Theme 1-Sensorization
  • Industry 4.0 Tech Theme 2-Cloud
  • Industry 4.0 Tech Theme 3-Artificial Intelligence-based Analytics
  • Industry 4.0 Tech Theme 4-Simulation and Immersive Visualization
  • Where Can Industry 4.0 Add Value in the Mechanical Testing Process?
  • Why will Industry 4.0 Be a Natural Progression for Mechanical Testing?
  • Industry 4.0 Tech Themes-Mechanical Test Segment Propensity
  • Winning Strategy for Digital-Six Principles of Digital Transformation Across Mechanical Test Markets
  • Forecast Assumptions
  • Revenue Forecast
  • Revenue Forecast by Region
  • Revenue Forecast Analysis
  • Revenue Forecast by Region

Impact of Industry 4.0 on NDT-An Analysis

  • Key Growth Metrics
  • Key Findings
  • Revenue Forecast
  • Revenue Forecast by Region
  • Revenue Forecast Analysis
  • What Issues will Industry 4.0 Help Resolve in the NDT Market?
  • Industry 4.0 in the NDT Market-Value Addition
  • Future Vision for NDT
  • Industry 4.0 in NDT-Impact Meter
  • Competitive Landscape
  • Proof of Concept 1-Baker Hughes Uses Analytics for Predictive Corrosion Management (PCM)
  • Proof of Concept 2-Fujitsu Develops an AI Solution to Revolutionize NDT Inspection

Impact of Industry 4.0 on Dimensional Metrology-An Analysis

  • Key Growth Metrics
  • Key Findings
  • Key Findings (continued)
  • Revenue Forecast
  • Revenue Forecast by Region
  • Revenue Forecast Analysis
  • What Issues will Industry 4.0 Help Resolve in Dimensional Metrology?
  • Industry 4.0 in the Dimensional Metrology Market-Value Addition
  • Where will Dimensional Metrology Be in the Next 5 Years?
  • Industry 4.0 in Dimensional Metrology-Impact Meter
  • Competitive Landscape
  • Proof of Concept-Zeno Tech, Japan: When Industry 4.0 Meets Hi-Precision

Impact of Industry 4.0 on Condition Monitoring-An Analysis

  • Key Growth Metrics
  • Key Findings
  • Revenue Forecast
  • Revenue Forecast by Region
  • Revenue Forecast Analysis
  • What Issues will Industry 4.0 Help Resolve in Condition Monitoring?
  • Industry 4.0 on Condition Monitoring Market-Value Addition
  • Where will Condition Monitoring Be in the Next 5 Years?
  • Industry 4.0 in Condition Monitoring-Impact Meter
  • Competitive Landscape
  • Proof of Concept-Wireless Condition Monitoring for Pumps and Motors in Petrochemicals

Impact of Industry 4.0 on Material Testing-An Analysis

  • Key Growth Metrics
  • Key Findings
  • Revenue Forecast
  • Revenue Forecast by Region
  • Revenue Forecast Analysis
  • What Issues will Industry 4.0 Help Resolve in Material Testing?
  • Role of Industry 4.0 on Material Testing Market-Value Addition
  • Where will Material Testing Be in the Next 5 Years?
  • Industry 4.0 in Material Testing-Impact Meter
  • Competitive Landscape
  • Proof of Concept-Shimadzu Improves Productivity Through AIOT Technology for Analytical Laboratories

Growth Opportunities

  • Growth Opportunity 1: Industry 4.0 for Process and Data Sharing
  • Growth Opportunity 1: Industry 4.0 for Process and Data Sharing (continued)
  • Growth Opportunity 2: Machine Learning Based Condition Monitoring
  • Growth Opportunity 2: Machine Learning Based Condition Monitoring (continued)
  • Growth Opportunity 3: Immersive Visualization
  • Growth Opportunity 3: Immersive Visualization (continued)

Next Steps

  • Your Next Steps
  • Why Frost, Why Now?
  • List of Exhibits
  • List of Exhibits (continued)
  • Legal Disclaimer
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