Manufacturing Analytics Market to see huge growth by 2030
Valuing at US$2.5b...
Valuing at US$2.5bn in 2019, the US manufacturing market is expected to reach a revenue value of US$14.1bn by 2030, a compound annual growth rate (CAGR) of 17.6% during the period of 2020-2030). Due to the likes of prominent industry players such as Salesforce, IBM , SAP, Oracle, SAS Institute and General Electric Company, the US manufacturing analytics market has become highly competitive market.
Image source: Prescient and Strategic Intelligence
Prescient and Strategic Intelligence attributes this growth to the wide-scale adoption of analytics software within the manufacturing industry, which is being harnessed for quality management, inventory management, asset management and predictive maintenance. As a result, the industry is seeing a reduction in equipment downtime and improved operational efficiency.
To gain competitive advantage within the industry and improve business operations, manufacturers in the US have increased their adoption of virtualisation software which separates applications from physical software, allowing multiple virtual workloads to be handled simultaneously.
In addition to this, the technology allows for ease when it comes to the initial set up, and reduces the expenditure of physical hardware, as well as addressing lifecycle management issues.
This adoption comes as part of the industries increased awareness of the role supply chain management plays in reducing operational costs, improving customer satisfaction, increasing visibility and increasing control over inventories.
Supply chain management also plays an important role in addressing the requirements of sales and operations planning, product lifecycle management, manufacturing and logistics optimization, business intelligence, radio-frequency identification (RFID), business intelligence, raw material procurement, and network and inventory optimisation.
Ultimately the connectivity provided by analytics enables manufacturing organisations to improve and enhance communications across the supply chain.
For more information on manufacturing topics - please take a look at the latest edition of Manufacturing Global.
First Solar to Invest US$684mn in Indian Energy Sector
First Solar is about to set up a new photovoltaic (PV) thin-film solar manufacturing facility in Tamil Nadu, India. The 3.3GW factory will create 1,000 skilled jobs and is expected to launch its operations in Q3 of 2023. According to the company, India needs 25+ gigawatts of solar energy to be deployed each year for the next nine years. This means that many of First Solar’s Indian clients will jump at the chance to have access to the company’s advanced PV.
Said Mark Widmar, First Solar’s CEO: ‘India is an attractive market for First Solar not simply because our module technology is advantageous in its hot, humid climate. It’s an inherently sustainable market, underpinned by a growing economy and appetite for energy’.
A Bit of Background
First Solar is a leading global provider of photovoltaic systems. It uses advanced technology to generate clear, reliable energy around the world. And even though it’s headquartered in the US, the company has invested in storage facilities around the world. It displaced energy requirements for a desalination plant in Australia, launched a source of reliable energy in the Middle East (Dubai, UAE), and deployed over 4.5GW of energy across Europe with its First Solar modules.
The company is also known for its solar innovation, reporting that it sees gains in efficiency three times faster than multi-crystalline silicon technology. First Solar holds world records in thin-film cell conversion efficiency (22.1%) and module conversion efficiency (18.2%). Finally, it helps its partners develop, finance, design, construct, and operate PV power plants—which is exactly what we’re talking about.
How Will The Tamil Nadu Plant Work?
Tamil Nadu will use the same manufacturing template as First Solar’s new Ohio factory. According to the Times of India, the factory will combine skilled workers, artificial intelligence, machine-to-machine communication, and IoT connectivity. In addition, its operations will adhere to First Solar’s Responsible Sourcing Solar Principles, produce modules with a 2.5x lower carbon footprint, and help India become energy-independent. Said Widmar: ‘Our advanced PV module will be made in India, for India’.
After all, we must mention that part of First Solar’s motivation in Tamil Nadu is to ensure that India doesn’t rely on Chinese solar. ‘India stands apart in the decisiveness of its response to China’s strategy of state-subsidised global dominance of the crystalline silicon supply chain’, Widmar explained. ‘That’s precisely the kind of level playing field needed for non-Chinese solar manufacturers to compete on their own merits’.
According to First Solar, India’s model should be a template for like-minded nations. Widmar added: ‘We’re pleased to support the sustainable energy ambitions of a major US ally in the Asia-Pacific region—with American-designed solar technology’. To sum up: Indian solar power is yet the next development in the China-US trade war. Let the PV manufacturing begin.