Production Monitoring Market Research, Consumption, Companies, Industry Report, Analysis and Future Demand By 2025

The production monitoring market is expected to register a CAGR of 8.2 % during the forecast period of 2020-2025. Due to a number of economic, radical, and market factors across the globe, 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 digital/cyber/virtual and 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 will help in design, usability, and product lifecycle management. Further implemented by other players will 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, an aircraft engine, etc. Overall, the predictive maintenance framework 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, 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 dollars and further estimated to worth more than the current market value. 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. IoT (Internet of Things).
- Further, the 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.

- Further, the COVID-19 pandemic raises the demand for production monitoring solutions integrated with the cloud deployment for many end-users such as automotive, healthcare, aerospace, etc. The demand for medical equipment raises significantly during this pandemic. In April 2020, India and Russia have 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 towards 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, 14% were from the manufacturing sector in 2019.

Key Market Trends

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

- According to Forbes, the dependency of the oil and gas industry on automation has increased in the last decade, and this is expected further to double by 2020 with the increasing demand for crude oil. Initiatives to digitize oil fields are being implemented, and this has led to investing in instrumentation in order to increase productivity and complete projects within defined budgets and timelines.
- The automation sector has evolved from supplying hardware equipment with aftermarket services to becoming more service-based and offering software tools that can translate huge volumes of data into meaningful, intelligent information that can be leveraged to make important business decisions. In April 2019, AeonX Limited (Nigeria) had signed the oil and gas partnership agreement with WFS Technologies to promote and deliver the full range of state-of-the-art Seatooth products for asset integrity and flow assurance monitoring to existing and new clients in Nigeria.
- Further, one of the largest expenses for oil and gas companies comes through the process of drilling. Not only is drilling costly, but it is also highly technical and involves considerable safety risks for workers. Automating manual portions of that process, like pipe handling and pressure drilling, can significantly reduce safety risks, and speed up the overall drilling process.
- In April 2020, Brazilian offshore drilling services provider Ocyan has launched Ocyan Waves program, where the offshore drilling platforms, provides several supervisory systems that connect different equipment by sensors using automation. The systems are able to emit alarms when some equipment exceeds its minimum or maximum index, warning the operator that something is wrong.
- Further, some companies have begun using automated weather sensors to detect changes in seismic activity, as well as ocean and atmospheric levels. This can help predict when conditions are right for major natural weather events, such as earthquakes and hurricanes, thereby enabling oil and gas companies to take the proper safety precautions in real-time. Due to a high degree of automation, the developed technology can be implemented as a geoinformation web service for all-weather up-to-the-date monitoring of oil extraction areas. This web service can be used to determine the area of fields, control production activity, and estimate oil production, supervise development and production activities, and assess anthropogenic load in oil production areas.
- Further, the measurement of pressure and flow of oil is a task that can easily be improved through automation. Installing smart sensors which connect to centralized monitoring software, allow pressure, flow, and level of oil to be reported remotely from the field, without the need for on-site crew. Upon receiving this information, rig crews can monitor and adjust settings as needed.
- In April 2020, a player such as Yokogawa introduced AI-enabled Versions of SMARTDAC+ Paperless Recorders and Data Logging Software, and Environmentally Robust AI-enabled e-RT3 Plus Edge Computing Platform for Industry Applications including oil and gas. Recorders used in manufacturing and R & D to acquire, display, and record data on voltage, current, temperature, flow rate, pressure, and other process variables in the oil and gas industry.
- Further, due to the COVID-19 pandemic, the strategy to implement automation monitoring is increasing. In April 2020, Finnish-Russian industrial digital solutions provider Zyfra has said that companies in the field of machinery, mining, and oil and gas from Russia and India should focus on speeding up their digital transformation. Zyfra also called upon the companies to jointly develop industrial digitalization technologies and share best practices to minimize the negative consequences of the COVID-19 pandemic on their businesses and the supply chain. Hence the demand for automation production monitoring significantly tends to rise in the pandemic situation.

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