Europe 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 Man

Europe 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)

The Europe real time production monitoring market was valued at US$ 1,212.89 million in 2022 and is expected to reach US$ 2,830.93 million by 2030; it is estimated to grow at a CAGR of 11.2% from 2022 to 2030.

Need for Energy Efficiency Fuel the Europe Real Time Production Monitoring Market

Various organizations globally are planning for energy efficiency. Energy efficiency improvement and the usage of renewable energy receive the most attention in the International Energy Agency's (IEA) Sustainability Development Scenario (SDS), which focuses on reducing CO2 and methane emissions. By 2050, the goal is to use energy efficiency and renewable energy to meet 80% of the Paris Agreement's C02 emission reduction targets, with the remaining 10% coming from other sources, such as lowering upstream oil and gas activities, methane, nuclear power, carbon capture, fuel switching, and the least efficient coal power. Various enterprises might be inefficient in energy utilization as it has scalable operations. When it comes to cost-effective production, energy costs have become a deciding factor. Thus, several players across the globe are providing flexible energy management and production monitoring systems for enterprises. For instance, ABB Ltd. provides a software system solution called the Energy Monitor app, which was created for commercial use in energy-intensive sectors and manufacturing operations. Thus, the increasing need for energy efficiency is expected to provide an opportunity for the Europe real-time production monitoring market, as it streamlines several other business procedures.

Europe Real Time Production Monitoring Market Overview

The Europe real time production monitoring market in Europe is segmented into Germany, France, Italy, the UK, Spain, and the Rest of Europe. Technologies such as cloud computing, IoT, edge computing, AI, and others contribute to achieve sustainability goals in areas such as manufacturing and others. In addition, the region is focused on launching smart factories that adopt smart manufacturing solutions to maximize their production output with the real time insight gained from the information by the machineries and operations. In October 2021, Boehringer Ingelheim International GmbH opened a high-tech tablet production facility in Ingelheim with an investment of US$ 104.41 million (EUR 90 million) to modernize the production. Moreover, the market players in Europe are expanding their businesses across the world, which has helped them gain more customers of smart factory solutions, which fuels their revenue. In June 2019, Schneider Electric launched the first smart factory in the US to provide solutions to the end users, machine builders, and partners and implement IIoT integration strategies resulting in increased operational efficiency. The company stated that the factory helps its customers automate their manufacturing facilities. Thus, modernizing and digitalizing the factories helps network all the machines and equipment with the help of IoT devices. The real time insights from continuous data generation during the production process help the manufacturers have a competitive advantage in the market over the other market players, which fuels the adoption of real time production monitoring solutions. Therefore, the launch of smart factories and business expansion by market players fosters the Europe real time production monitoring market growth in Europe.

The European Union supports the development of several technological solutions in Europe with research and innovation actions under the Horizon 2020 program, Digital Europe Programme (DIGITAL). European Union-funded projects accelerate the adoption of digital solutions among businesses to foster their business growth. Thus, favorable government initiatives and increasing digitization are among the key factors enhancing the implementation of real time production monitoring solutions in Europe.

Europe homes major real time production monitoring market players, which fuels the Europe real time production monitoring market growth in the region. Capgemini SE, Siemens AG, Dassault Systemes SE, intouch monitoring Limited, and Matics Manufacturing Analytics Ltd are a few market players operating across Europe.

Europe Real Time Production Monitoring Market Revenue and Forecast to 2030 (US$ Million)

Europe Real Time Production Monitoring Market Segmentation

The Europe real time production monitoring market is segmented based on component, deployment, enterprise size, industry, and country.

Based on component, the Europe real time production monitoring market is bifurcated into solution and services. The solution segment held a larger share in 2022.

By deployment, the Europe real time production monitoring market is bifurcated into on-premise and cloud. The on-premise segment held a larger share in 2022.

By enterprise size, the Europe real time production monitoring market is bifurcated into large enterprise and SMEs. The large enterprise segment held a larger share in 2022.

By industry, the Europe real time production monitoring market is bifurcated into process manufacturing and discrete manufacturing. The discrete manufacturing segment held a larger share in 2022.

Based on country, the Europe real time production monitoring market is segmented into Germany, France, Italy, the UK, Spain, and the Rest of Europe. The Germany dominated the Europe real time production monitoring market in 2022.

Aspen Technology Inc, Capgemini SE, Dassault Systemes SE, General Electric Co, Hitachi Ltd, Infosys Ltd, Oracle Corp, Rockwell Automation Inc, sedApta Srl, and Siemens AG are some of the leading companies operating in the Europe real time production monitoring market.
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