Press release
Plant Production Tracking System Market Size(Volume & Value), Share - Industry Trends and Forecast 2018-2026
A plant production tracking system determines the current and past locations of a unique item or property in the distribution and logistics of many types of products. The system is a cumulative serialization solution for companies that prints a distinctive recognizing code onto a product after it is packed. This helps in the tracing or tracking of various products throughout the supply chain, from the manufacturer to the end-consumer. It also helps manufacturer in reducing piracy by ensuring easy recognition of original products. The plant production tracking system market is anticipated to expand at a rapid pace from 2018 to 2026. This is due to increase in focus of biopharmaceutical & pharmaceutical companies on brand protection. Medical device manufacturers and pharmaceutical companies face a major threat from pirated products and theft. The implementation of a plant production tracking system helps manufacturers enhance efficiency of their distribution channel and reduces counterfeiting.
In the long run, the expansion of the plant production tracking system market is anticipated to be fuelled by an increase in the adoption of these systems by mining and energy companies. Implementation of advanced technology such as Radio-Frequency Identification (RFID) provides quick reading and high levels of security. However, the high implementation cost of aggregation and serialization solutions and lack of common standards and regulations are expected to restrain the market. Software solutions was a prominent segment of the plant production tracking system market in 2017.
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The plant production tracking system market can be segmented based on application, end-user, product, technology, and region. Based on product, the plant production tracking system market can be classified into hardware and software. The software segment can be further divided into bundle tracking, line controller, case tracking, plant manager, and shipment and warehouse manager solutions. The hardware segment can be further classified into marking and printing solutions, barcode scanners, checkweighers, monitoring and verification solutions, labeling solutions, and RFID readers. In terms of technology, the market can be split into RFID, 2D barcodes, and linear barcodes. The RFID segment is anticipated to expand at a robust rate during the forecast period. The key factors responsible for the growth of this segment are advantages of the RFID technology such as high data storage capacity, high durability and reusability, and no requirement of line of sight. The marking and printing solutions sub-segment constituted a significant share of the hardware systems segment. The 2D barcodes sub-segment is projected to hold a prominent share of the technology segment throughout the forecast period.
In terms of region, the global plant production tracking system market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to hold a prominent share of the global plant production tracking system market. This is primarily due to the presence of many global players in the region, especially in the U.S. and Canada. Europe is also projected to constitute a significant market share in the coming years. This trend can be attributed to increase in focus on innovations through research and development and IT technologies in developed countries. Furthermore, the market in Asia Pacific is expected to expand at a rapid pace between 2018 and 2026. High adoption of exploration and production solutions and growing regulatory compliance are some of the factors driving the plant production tracking system market in Asia Pacific. Expansion in the economies of countries such as India and China is prompting global players to expand their footprint in the region.
Key players operating in the plant production tracking system market are Optel Vision, Mettler-Toledo International Inc., Seidenader Maschinenbau GmbH, ACG Worldwide, Systech Inc., Axway Inc., Adents International, TraceLink Inc., Antares Vision, Xyntek Inc., Sea Vision Srl, and Siemens AG. Leading companies have primarily focused on collaborations, partnerships, new product launches, and expansion for growth in the plant production tracking system market.
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