There has been much discussion about the exploding growth of the Internet of Things (IoT) over the past few years. But what about the growth of the Industrial Internet of Things (the use of IoT technologies in manufacturing)? Here’s an overview of what some of the experts are saying.
According to Business Insider, two new developments indicate continued maturation of the IIoT Sector:
- Honeywell and Aereon will launch a collaborative effort around IoT oil and gas solutions. The partnership will leverage Honeywell’s IIoT ecosystem within its Connected Plant initiative to enhance safety and efficiency in facilities that use Aereon’s oil and gas solutions. Aereon primarily specializes in air emissions solutions, offering products such as gas recovery units and enclosed combustion systems.
- In January, 2017, National Instruments (NI) announced an IIoT lab where companies can work together and experiment with solutions. Located in Austin, Texas, the lab’s focus will be microgrid control, advanced manufacturing control, and heavy equipment asset monitoring. Corporate partners for the lab include Hewlett Packard and Intel. Forty-six percent of IoT providers stated that system integration was a major challenge, according to the Global IoT Executive survey conducted by BI Intelligence. This lab is the type of venture that will help companies to overcome this challenge and continue to expand the IIoT.
General Electric predicts investment in the IIoT is expected to top $60 trillion during the next 15 years (a $225 billion market by 2020). GE also predicts the benefits to the global economy through the IIoT will be:
- 46% of global economy can benefit from the Industrial Internet
- 100% Industrial Internet potential impact on energy production
- 44% Industrial Internet potential impact on global energy consumption
An IHS Markit report forecasts that the IoT market will grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion devices in 2020 and 75.4 billion in 2025. The Industrial Sector will account for nearly one-half of the new connected devices deployed between 2015 and 2025.
Manufacturers everywhere are jumping on the IIoT bandwagon and developing smart connected products. No matter what the specific predictions are, the market will only continue to grow as new technologies are developed.
To keep up with the latest developments related to the IIoT and the latest technologies impacting global manufacturers, sign up to be a LiveWorx Insider, and register for LiveWorx 2018, June 17-20 in Boston!