Production Monitoring Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Production Monitoring Market Analysis

The production monitoring market is expected to register a CAGR of 8.2% during the forecast period, 2021-2026. Due to a number of economic, radical, and market factors across the world, a significant revolution has been happening within the manufacturing industry. Both augmented reality (AR) and virtual reality (VR) in Industry 4.0 bridge the gap between the digital/cyber/virtual world and the physical world. VR and AR technology, when integrated into a factory environment and equipment via devices and sensors, can help keep track of the manufacturing processes and production. This helps optimize and enhance machine productivity (quantity, quality, speed, and flexibility), improving the overall ROI of the enterprise. In April 2020, Flex decided to enhance its global manufacturing processes and delivering customer solutions through augmented/virtual reality, which may help in design, usability, and product lifecycle management. Further implementations by other players may provide a future trend in the production monitoring market.

• Demand for a centralized monitoring system with predictive maintenance of assets drives the market. Predictive maintenance has been adopted recently in the heavy manufacturing industry, such as predictive maintenance of a gas turbine, a vacuum pump, and an aircraft engine. Overall, the predictive maintenance framework is able to perform real-time detection, visualization, alert creation, as well as recommendations for fixes on different stages of the manufacturing process through the centralized system.
• Players are focused on implementing a solution that can be integrated with predictive maintenance. In April 2020, Kistler introduced a flexible, new amplifier for industrial applications and a miniature charge amplifier with IO-Link suitable for use in robotics, the packaging industry, the food and the beverage sector, and for OEMs. IO-Link technology supplies users with real-time data to monitor the condition of their plants and measurement chains through predictive maintenance.
• The adoption of IoT-based solution for control and monitoring of additive manufacturing processes drives the market. According to AMFG, as of 2019, the additive manufacturing industry was estimated to be worth over USD 9 billion, and it is further estimated to be worth more than the current market value in future. Additive manufacturing enables the fast, flexible, and cost-efficient production of parts directly from 3D CAD data. For the management of additive manufacturing machines, the application of beacon technology in the factory environment allows the communication of production indexes extracted from the machines via mobile devices and IoT (Internet of Things).
• Furthermore, two types of beacons can be used where some beacons can broadcast an entire URL, such as the beacons that follow the Eddystone-URL or Ephemeral URL standards. These beacons can directly send the machine HMI Internet Address. With the integration of IoT, the market for production monitoring signifies a potential growth in the coming future.
• The COVID-19 pandemic is growing the demand for production monitoring solutions integrated with cloud deployment for many end users, such as automotive, healthcare, and aerospace. The demand for medical equipment is growing significantly during this pandemic. In April 2020, India and Russia discussed facilitating the emergent needs of equipment on both sides as part of their efforts to contain COVID-19. Both sides decided to be in touch with monitoring and facilitating the emergent needs of the equipment. This inhibits the demand for software solutions mostly deployed through a cloud solution.
• Moreover, in April 2020, RecycleGO collaborated with Mask Force NYC to bring fast-track relief to healthcare providers due to the COVID-19 outbreak in the United States. In less than 14 days, RecycleGO built a fast-track global supply chain and distribution network for Mask Force NYC. Once the masks arrived in New York in April, RecycleGO worked with Mask Force NYC to organize mask distribution logistics using its dual-system logistics operations software. This logistics software is used for dispatchers, mission control, and its route optimization application.
• However, data security concerns and privacy issues are challenging the market growth. Metals, capital goods, and electronics industries are fast becoming inclined to cybersecurity risks, as investments in manufacturing systems are incorporated with connected devices. Manufacturers have become more unsafe for cyber-attacks after shifting toward cloud infrastructure and services.
• The threat has now become very striking to the manufacturing sector, which faces risks from the hacking of the IoT investments to the intellectual IP theft from China and other countries. According to a recent study by Wipro, out of the total critical resources or assets offered on the Dark Web in 2019, 14% were from the manufacturing sector.

Production Monitoring Market Trends

This section covers the major market trends shaping the Production Monitoring Market according to our research experts:

Automation and Control Management to Witness Significant Growth in Oil and Gas

Production Monitoring Industry Segmentation

The production monitoring records the overall performance of the production line in real-time through software and service offerings deployed through the cloud or on-premise, providing the monitoring of production to end users, such as oil and gas, chemical, and automotive.