The global industrial process recorders market is currently valued at USD 1,174 million and is expected to reach USD 1,336 million by 2021, says Technavio.
Technavio has announced its latest market research report on the global industrial process recorders market, under its automation portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like ABB, Fuji Electric, Honeywell International, Siemens, and Yokogawa.
According to Bharath Kanniappan, a lead analyst for automation research at Technavio, “Most of the process complexities are noted during designing and operation of a product. These stages need to be optimized by means of simulations. Therefore, it is imperative for industrial manufacturers to capture past trends to derive an optimal pattern for the future.”
Manufacturing industries have numerous systems synchronized to produce millions of products. Also, the growing number of machines and products in various industries propels the volume of data to be recorded, making the overall process more complex.
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Development of cloud-based systems
The rising number of IIoT-enabled devices have increased the flexibility for field managers to monitor and control industrial recorders through smart devices from remote locations. All the generated data are stored in the cloud instead of low-capacity local memory devices. The cost efficiency brought about by the adoption of cloud-based systems is anticipated to fuel their adoption during the forecast period.
Emergence of wireless data acquisition systems
Wireless data acquisition systems make the process much simpler for monitoring, operating, and controlling field instruments at remote locations. In the current market scenario, very few vendors have introduced wireless process recorders while the majority are focusing on Ethernet communication-based systems.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Industrial Process Recorders Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive Event Data Recorder Market 2017-2021
- Global Electronic Health Records Market 2016-2020
- Global High-Integrity Pressure Protection System Market 2017-2021
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