The Ever-Emerging Plastics Industry
With leading global markets, including the transportation, packaging and healthcare markets, increasingly incorporating the use of plastics into their products and services, the plastics industry is currently in a state of growth. While being cost-effective alternatives to many materials in these industries, plastics also present several benefits such as being lightweight solutions in vehicles. Thus, the already great global plastics market has been predicted by the Grand View Research, Inc. to be valued at $654.38 billion by the year 2020.
Becoming Smart – at a cost?
Given these trends, the plastics industry can serve as a playing ground for companies chasing after the Industry 4.0-inspired smart factories trend. Modern technologies that promote such factories allow companies to maintain their competitive edge as they try to keep up with key players in the market. However, these technologies do, quite literally, come at a price. Companies manufacturing low-cost plastics cannot afford to invest in high-cost tools to take on the smart factory identity.
Smart Condition Monitoring
Smart condition monitoring, achieved through sensors measuring metrics critical to the health and running of factory machines, can prolong the life of these machines while decreasing overall downtime and preventing unscheduled interruptions to operations. These benefits have knock-on effects to ultimately result in reduced costs and optimised production.
However, condition monitoring can either be quite costly, and thus out of reach for many manufacturers, or several limitations may present as a challenge during its application. These challenges include difficulties in analysing and interpreting the vast amounts of collected data and identifying thresholds for determining anomalies.
The ThingTrax Solution
Current market leaders in Smart Condition Monitoring offer high-cost solutions for big companies and industries with deep pockets. ThingTrax offers an integrated solution at a lower cost while confidently overcoming the aforementioned obstacles. Fine-tuned sensors record and send the information to our Smart Cloud, which is equipped with machine learning and artificial intelligence, to smartly interpret the immense amounts of raw data. This interpreted-data can then be presented to the manufacturers in a form tailored to the users’ needs and specifications through their personalised dashboard.
Realising the great need in the plastics industry, ThingTrax has taken its first steps in this space to offer the opportunity to keep players wanting to keep up with their competitors in a cost-effective manner.