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Engineering Industry Reports and Surveys
News Release from: ARC Advisory Group
Edited by the Engineeringtalk Editorial
Team on 20 October 2005
New plant construction boosts CPM demand
The collaborative production management market for process manufacturing is expected to grow at a compound annual growth rate of nearly 12% over the next five years.
The collaborative production management market for process manufacturing (CPM-P) is expected to grow at a compound annual growth rate (CAGR) of nearly 12% over the next five years The market was slightly greater than $1.3 billion in 2005 and is forecasted to reach nearly $2.3 billion in 2010, according to a new study by the ARC Advisory Group
This article was originally published on Engineeringtalk on 10 Nov 2004 at 8.00am (UK)
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The market for CPM-P solutions has been steady for the past couple of years, but this is rapidly changing as demand is on the rise.
"Contributing to growth is increased demand from developing regions that are constructing new plants and purchasing best-in-class solutions to achieve world-class manufacturing capabilities and have their products well accepted around the world", said Tom Fiske, PhD, Senior Analyst and the principal author of "CPM systems for the process industries worldwide outlook".
Fiske continues: "As global competition increases, existing manufacturing facilities are under incredible pressure to improve their return on assets (ROA)".
Further reading
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Top industry visionaries will share their experiences and best practices for optimising manufacturing operations at ARC Advisory Group's Ninth Annual Forum in Orlando Florida.
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"To achieve higher levels of performance, these plants are adopting more CPM solutions that better link manufacturing operations with business objectives, that increases their flexibility and agility, and that synchronises their supply chain operations".
The business performance of process manufacturing companies is directly linked to manufacturing operations and the effective use of assets to generate value.
To help improve performance, organisations are tightly linking manufacturing operations with business objectives.
As such, the users' need for operations performance intelligence that provides real-time visualisation and performance analysis of process information is fueling market growth.
Not only does operations performance intelligence make information about the production process available to everyone, but it associates actionable items to the contextualised information to improve performance.
It is the CPM applications that are responsible for acquiring and transforming data into information about plant performance related to quality, delivery, cost and a host of other business related metrics.
Efforts to synchronise the supply chain are also spurring growth.
The role of a manufacturing plant is becoming the focal point in a supply chain network and is often the determining factor of its overall performance.
While costs remain an important issue of performance in the customer-centric and demand-driven environments, other factors such as time-to-volume, determining the correct product mix, and having the flexibility, adaptability, and responsiveness to exploit market opportunities are increasingly becoming important to success.
Supply chain synchronisation depends on CPM solutions that provide accurate real-time information from operations to enable improved decision-making at all levels of the company and for trading partners in the supply chain.
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