Report : Asia Pacific Real Time Production Monitoring Market Forecast to 2030 - Regional Analysis - By Component (Solution and Services), Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprise and SMEs), and Industry (Process Manufacturing and Discrete Manufacturing)
At 12.5% CAGR, the Asia Pacific Real Time Production Monitoring Market is Projected to be Worth US$ 4,067.91 Million by 2030, Says Business Market Insights
According to Business Market Insights research, the Asia Pacific real time production monitoring market was valued at US$ 1,583.33 million in 2022 and is expected to reach US$ 4,067.91 million by 2030, registering a CAGR of 12.5% from 2022 to 2030. Advent of industry 4.0 and increase in use of predictive maintenance across industries are among the critical factors attributed to the Asia Pacific real time production monitoring market expansion.
With the increase in digital technologies, several manufacturing industries are leveraging predictive maintenance. These smart industries use real-time data of manufacturing assets and analyze the massive volumes of big data that sensors on the factory floor acquire. This analysis requires predictive maintenance to cut down on equipment downtime. The real-time production monitoring system can track equipment and send out alerts so that work is only done when it is actually essential. Also, these systems are frequently provided as modules to supplement enterprise resource planning (ERP) systems with preventative maintenance capabilities similar to those of a standard computerized maintenance management system (CMMS). According to Plant Engineering 2020, 41% of the manufacturing industry uses maintenance through strategies such as predictive maintenance using analytical tools. Several manufacturers are installing several tools for predictive maintenance. For instance, in March 2023, Volvo Group deployed a private LoRaWAN network for predictive maintenance. In another instance, in October 2022, ANDRITZ installed a Metris predictive maintenance system at Welspun Advanced Material. The Metris platform uses smart sensors as an energy-self-sufficient and seamless support solution to continuously check machine conditions, even in hard-to-reach places. Thus, the growing use of predictive maintenance drives the real-time production monitoring market, as predictive maintenance needs real-time data to provide analysis.
On the contrary, cost constraints in deploying solutions in SMEs hampers the growth of Asia Pacific real time production monitoring market.
Based on component, the Asia Pacific real time production monitoring market is bifurcated into solution and services. The solution segment held 78.9% share of the Asia Pacific real time production monitoring market in 2022, amassing US$ 1,249.68 million. It is projected to garner US$ 3,278.43 million by 2030 to expand at 12.8% CAGR during 2022-2030.
By deployment, the Asia Pacific real time production monitoring market is bifurcated into on-premise and cloud. The on-premise segment held 61.0% share of the Asia Pacific real time production monitoring market in 2022, amassing US$ 965.87 million. It is projected to garner US$ 1,835.26 million by 2030 to expand at 8.4% CAGR during 2022-2030.
By enterprise size, the Asia Pacific real time production monitoring market is bifurcated into large enterprise and SMEs. The large enterprise segment held 83.3% share of the Asia Pacific real time production monitoring market in 2022, amassing US$ 1,319.56 million. It is projected to garner US$ 3,329.21 million by 2030 to expand at 12.3% CAGR during 2022-2030.
By industry, the Asia Pacific real time production monitoring market is bifurcated into process manufacturing and discrete manufacturing. The process manufacturing segment held 52.3% share of the Asia Pacific real time production monitoring market in 2022, amassing US$ 827.57 million. It is projected to garner US$ 2,254.70 million by 2030 to expand at 13.3% CAGR during 2022-2030.
Based on country, the Asia Pacific real time production monitoring market is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. China held 32.7% share of Asia Pacific real time production monitoring market in 2022, amassing US$ 518.06 million. It is projected to garner US$ 1,474.19 million by 2030 to expand at 14.0% CAGR during 2022-2030.
Key players operating in the Asia Pacific real time production monitoring market are Aspen Technology Inc, Capgemini SE, Dassault Systemes SE, General Electric Co, Hitachi Ltd, Infosys Ltd, Oracle Corp, Rockwell Automation Inc, and Siemens AG, among others.
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