DUBLIN--(BUSINESS WIRE)--The "Digital Transformation of the Australian Manufacturing Industry, Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Australia is able to stay competitive in global manufacturing due to its capabilities in manufacturing high value-added products. However, the comparative disadvantage in large-volume production is currently a restraint limiting the global competitiveness of the industry.
The transition to smart manufacturing is being driven by structural changes in the global market, with Australia aiming to move from low-cost, high-volume production to high-margin, low-volume models. This study looks at the digital technologies transforming the Australian manufacturing sector. It provides insights into both global and domestic technology trends, throws light on market innovations, highlights the mainstream applications of these new technologies, and predicts the potential applications in Australia. It also analyses the competitive structure of the market, makes comparisons with traditional manufacturing, and discusses the overall trends and development plans that are shaping the market.
Advanced technologies, such as robotics, Additive Manufacturing (AM), and digital manufacturing are revolutionizing manufacturing, with new abilities to design and manufacture complex, customized products with short lead times, minimal tooling and wastage, and low labour demand. However, data analytics and technologies such as Industrial Internet of Things (IIoT) will have the most impact on the Australian manufacturing sector. Being data-driven allows manufacturers to gain a competitive advantage by analyzing information to improve various processes in production, logistics, and supply-chain management.
The adoption of digitally-enabled manufacturing solutions is most prevalent in the manufacturing verticals that require higher standards of quality assurance and higher production volume such as healthcare, aerospace, and Food and Beverage (F&B). For example, the adoption of digital manufacturing solutions allows more manufacturers to transcend from scheduled repairs and maintenance to being able to predict and prescribe maintenance, repairs, and possibly training to move from reactive to preventive performance capabilities.
As such, digital manufacturing solutions have a natural environment in high-volume production lines, where the need to minimize production downtime from equipment maintenance is a major consideration. More manufacturers are recognizing the benefits of digital transformation in the industry; however, there is some hesitance, as a large number of SMEs in Australia are unable to find the appropriate funding to support the investments required.
Cyber security is an essential component in digital transformation. However, the expansion of a manufacturer's communication network and digital integration of more production processes to be accessed and controlled via the Internet, cloud, and other network servers, could intensify the vulnerability of the organization to security threats. To secure the company's competitive advantage and ensure complete process control, a rigid set of protocols and protection systems should be set in place for end users of ICT solutions to trust the transformation process.
Key Questions this will answer
- Where is digital transformation occurring in the Australian manufacturing industry?
- What is driving the digital transformation in the industry?
- How are technology solutions and service providers responding to the opportunity and the challenge of digital transformation?
Key Topics Covered:
1. Executive Summary
2. Market Overview
3. The Australian Manufacturing Industry-A Snapshot
4. Australian Manufacturing Industry-Market Drivers And Restraints To Digital Transformation
5. Digital Transformation Solutions-Impact On The Manufacturing Industry
6. Growth Opportunities
For more information about this report visit https://www.researchandmarkets.com/research/cp677d/digital?w=4