Global Production Monitoring Market is valued at approximately USD xx billion in 2022 and is anticipated to grow with a healthy growth rate of more than xx% over the forecast period 2023-2030. Production monitoring refers to the practice of tracking and overseeing various aspects of the manufacturing process to ensure efficiency, quality, and compliance with set standards. It involves the real-time or near-real-time collection, analysis, and visualization of data related to production activities, equipment performance, resource utilization, and product quality. The Production Monitoring market is expanding because of factors such as the rising adoption of industrial automation and the growing number of SMEs. The goal of production monitoring is to provide insights that help optimize production processes, reduce downtime, improve product quality, and enhance overall operational efficiency. As a result, the demand for Production Monitoring has progressively increased in the international market during the forecast period 2023-2030.
Automation allows for the continuous collection of real-time data from various sensors, machines, and equipment on the factory floor. This data is crucial for understanding the current state of production, identifying bottlenecks, and detecting any deviations from desired performance levels. According to Statista, in 2020, the global industrial automation market achieved a valuation of approximately USD 175 billion. Projections indicate that this market is poised for a steady expansion, with an anticipated compound annual growth rate of roughly 9% through 2025 and forecasted to scale up to approximately USD 265 billion by 2025. Furthermore, global Cloud-based industrial automation software accounts for roughly USD 21.24 billion in 2023. Another important factor that drives the Production Monitoring market is the increasing number of SMEs. SMEs often constitute a significant portion of the manufacturing sector. Their presence contributes to a diverse manufacturing landscape, which can involve a wide range of industries, products, and processes. This diversity influences the complexity and variety of production monitoring needs. In addition, as per Statista, the global count of Small and Medium-sized Enterprises (SMEs) accounts for 332.99 million in 2021. Among the continents, Asia stood out as the region with the highest concentration of SMEs. Moreover, rising government expenditure on manufacturing and information technology infrastructure and comprehensive transformation of an economy, are anticipated to create lucrative growth opportunities for the market over the forecast period. However, higher cost associated with Production Monitoring and a lack of skilled workforce is going to impede overall market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Production Monitoring Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the adoption of digitalization in manufacturing and the adoption of trending technologies, such as IoT, big data, DevOps, and mobility, manufacturers are keen to adopt new advanced technologies for their production process in the region. The region’s dominant performance is anticipated to propel the overall demand for Production Monitoring. Furthermore, Asia Pacific is expected to grow fastest during the forecast period, owing to factors such as growing government expenditure on manufacturing and IT infrastructure and increasing manufacturing facilities due to the inexpensive workforce in the region.
Major market player included in this report are:
Emerson Electric Co
ORDINAL Software – Groupe CODRA
Rockwell Automation Inc
Recent Developments in the Market:
Ø In August 2022, Hitachi Energy India’s third facility has launched in Bengaluru, Karnataka. The 5,000-square-meter plant service customers in the power utilities, industries, renewable energy, and rail segments. Through its latest factory in Bengaluru, it plans to increase the capacity of its existing power quality products from 10,000 to 22,000 MVAR. The new factory more than doubles the existing capacity to manufacture innovative capacitor units, banks, and power electronic compensators for low, medium, and high voltage systems used in power utilities, industries, renewables, and transportation. The company anticipates hiring 300-400 people directly at its facilities and additionally offering indirect jobs to local suppliers along the industrial value chain.
Global Production Monitoring Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Component, Deployment Mode, Application, Organization Size, Industry Vertical, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment Mode
Business Process Optimization
Logistics and Supply Chain Management
Emergency and Incident Management
Automation and Control Management
By Organization Size
Small & Medium Organization
By Industry Vertical
Oil & Gas
Energy & Power
Middle East & Africa
Rest of Middle East & Africa