Global Production Monitoring Market to Reach $8.9 Billion by 2030
The global market for Production Monitoring estimated at US$5.6 Billion in the year 2023, is expected to reach US$8.9 Billion by 2030, growing at a CAGR of 6.9% over the period 2023-2030. Production Monitoring Solutions, one of the segments analyzed in the report, is expected to record 6.6% CAGR and reach US$5.5 Billion by the end of the analysis period. Growth in the Production Monitoring Services segment is estimated at 7.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.5 Billion, While China is Forecast to Grow at 11.1% CAGR
The Production Monitoring market in the U.S. is estimated at US$1.5 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2030 trailing a CAGR of 11.1% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 7.2% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.
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