Report Ocean is a comprehensive analysis of the “Production Monitoring Market” that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.
Global Production Monitoring Market Surges to USD 4.11 Billion in 2022, Forecasts a Robust 23.5% CAGR Growth Through 2030
Production monitoring, the practice of overseeing and tracking various aspects of the manufacturing process, is witnessing significant expansion with a valuation of approximately USD 4.11 billion in 2022. The market is poised for remarkable growth with a projected CAGR of over 23.5% during the forecast period from 2023 to 2030. Key drivers for this expansion include the increasing adoption of industrial automation and a growing number of Small and Medium Enterprises (SMEs). The primary objective of production monitoring is to offer insights that optimize production processes, minimize downtime, enhance product quality, and improve overall operational efficiency. Consequently, the demand for production monitoring is on the rise in the international market.
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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.
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North America dominated the market in 2022, driven by the adoption of digitalization in manufacturing and the incorporation of trending technologies such as IoT, big data, DevOps, and mobility. The region’s performance is expected to propel the overall demand for production monitoring. In contrast, Asia Pacific is anticipated to exhibit the fastest growth during the forecast period due to growing government expenditure on manufacturing and IT infrastructure, coupled with the increasing number of manufacturing facilities attracted by the region’s cost-effective workforce.
Major Market Players:
Key players in this market include Hitachi Ltd, Infosys Limited, Tesar S.r.l, Schlumberger Limited, Emerson Electric Co, ORDINAL Software – Groupe CODRA, Capgemini SE, Rockwell Automation Inc, Oracle Corporation, and Siemens AG.
Recent Developments News:
- In August 2022, Hitachi Energy India inaugurated its third facility in Bengaluru, Karnataka. The plant, spanning 5,000 square meters, is set to serve customers in power utilities, industries, renewable energy, and rail segments. With plans to increase the capacity of existing power quality products, Hitachi aims to contribute to the region’s industrial growth, providing innovative solutions for power utilities, industries, renewables, and transportation.
Objective of the Study:
The study aims to define market sizes of different segments & countries in recent years and forecast 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 provides detailed information about crucial aspects such as driving factors, challenges, potential opportunities in micro markets, competitive landscape analysis, and product offerings of key players. The detailed segments and sub-segments of the market are explained below:
By Deployment Mode:
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- Business Process Optimization
- Logistics and Supply Chain Management
- Emergency and Incident Management
- Automation and Control Management
By Organization Size:
- Large Organization
- Small & Medium Organization
By Industry Vertical:
- Oil & Gas
- Energy & Power
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Historical Data: 2020 – 2021
- Base Year for Estimation: 2022
- Forecast Period: 2023-2030
- Report Coverage: Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
- Segments Covered: Component, Deployment Mode, Application, Organization Size, Industry Vertical, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
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Key Questions Answered by the Report:
- What are the driving factors for market growth?
- What challenges and limitations does the market face?
- What emerging opportunities exist in the market?
- What potential threats and risks could impact the market?
- What is the current market size and growth rate?
- What are the market segments and their sizes?
- Which regions are projected to experience the highest growth and market share?
- What variables affect different geographical areas?
- Who are the major players in the market and their rankings?
- What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
- What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
- What is the present market outlook, considering recent changes and growth possibilities?
- What are the drivers, obstacles, and restrictions in both developing and emerging regions?
- How does the market analysis utilize Porter’s five forces analysis?
- How does the Value Chain provide insights into market dynamics?
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