Dublin, July 20, 2022 (GLOBE NEWSWIRE) -- The "Remote Monitoring and Control - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Remote Monitoring and Control Market to Reach $31.7 Billion by 2026
Amid the COVID-19 crisis, the global market for Remote Monitoring and Control estimated at US$23 Billion in the year 2020, is projected to reach a revised size of US$31.7 Billion by 2026, growing at a CAGR of 5.4% over the analysis period.
The emergence of wireless technology has enabled easier and faster implementation of remote monitoring and control solutions. In addition, lower costs for implementing remote monitoring and control solutions are mobilizing the market. A shortage of competent resources is also contributing to the adoption of remote monitoring and control solutions as a single resource can monitor multiple machines or production lines, resulting in lower costs.
The advent of sensors has enabled better monitoring of equipment and in preventing unscheduled stoppages as well as in enabling longer life of the equipment. From a technological aspect, remote monitoring and control solutions have emerged rapidly in line with the evolution of communication technologies.
Early solutions were wired solutions that were connected to the PC. With the evolution of web technology, browser based solutions gained prominence and enabled monitoring from remote locations. The emergence of high speed mobile data technologies has enabled the implementation of solutions that can be accessed on smartphones and tablets through browsers or applications.
Present solutions offer control through a Human Machine Interface (HMI) that is securely accessed through a virtual private network (VPN). Whether accessed through a web browser or an application, the user is able to monitor the working of the machine or the production line.
Two way communications between the machine and the user through the HMI also enables control of the machines from remote locations, thereby enabling smooth functioning of the equipment. App access is gaining more popularity as smart phone access is increasing. App based access is easier compared to browser access through smartphones. As a result, app based access is increasing at a faster pace in the remote control and monitoring market.
Field Instruments, one of the segments analyzed in the report, is projected to record 5% CAGR and reach US$21 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Solutions segment is readjusted to a revised 6.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $7.9 Billion in 2021, While China is Forecast to Reach $6.8 Billion by 2026
The Remote Monitoring and Control market in the U.S. is estimated at US$7.9 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.8 Billion by the year 2026 trailing a CAGR of 7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR.
The market is heading for a substantial growth on account of increasing focus on industrial automation and optimal utilization of resources coupled with rising awareness on energy efficiency and need for remote management of industrial processes. The market for these systems is propelled by rising adoption of industrial automation and the requirement to remotely manage assets for optimal resource utilization.
These systems offer time efficiency, insights for remote management of monitoring systems and enhanced productivity and security. Overall growth of the global market is augmented by increasing focus on energy efficiency, regulations for environmental protection, and adoption of industrial mobility. Companies rely on these systems to get data related to energy usage, power output, material consumption, running time and operating temperature of equipment deployed in facilities.
Implementation of automation across industries like oil & gas, manufacturing and automation along with changes in regulations require strict control and monitoring for ensuring worker safety and environmental protection, creating strong demand for remote monitoring and control solutions. In addition, the COVID-19 pandemic has prompted users across several industries to adopt these systems for remote monitoring.
Remote monitoring and control systems are finding increasing adoption across various industries to improve security, boost productivity, reduce downtime and cut maintenance costs. Power monitoring along with connectivity and remote monitoring systems allows users to considerably reduce the downtime for better efficiency.
Connected electrical components like meters and trip units are connected for offering alerts on smart phones or email for efficient operations. These systems allow companies to access real-time and historical information for finding gaps for proactive action. Systems with automatic control can take desirable steps for restoring power and preserving loads for reducing downtime.
The global market for remote monitoring and control is anticipated to also gain from increasing attention on industrial mobility for remotely managing industrial processes coupled with adoption of SCADA systems. Advanced SCADA applications within the power industry ensure efficient supervision and control to boost productivity.
The increasing penetration of Industrial Internet of Things (IIoT), also termed as Industry 4.0, is expected to play a pivotal role in driving the market growth. The trend is facilitated by advances in the field of edge computing along with rising deployment of sophisticated sensors.
Edge computing assists operators in collecting data from smart sensors for data analytics and gain useful insights to improve productivity and lower latency time. IIoT facilitates seamless communication along machines and workers for better efficiency.
The market growth is likely to be also propelled by availability of advanced remote networking solutions for enhanced machine-to-machine and machine-to-human communication.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 and a Looming Global Recession
- An Introduction to Remote Monitoring and Control
- Advantages of Remote Monitoring
- Global Market Outlook & Prospects
- Solutions Emerge as the Largest Segment
- Regional Markets
- Competition
- World Brands
- Recent Market Activity
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS (Total 72 Featured)
- ABB Ltd
- Cummins
- Danfoss A/S
- Emerson Electric Co
- Endress+Hauser AG
- Fuji Electric Co., Ltd
- General Electric Co
- Hitachi Ltd
- Honeywell International Inc
- ICONICS, Inc
- ITarian LLC
- KROHNE Messtechnik GmbH
- Larsen & Toubro
- Leo Tech
- M.B. Control & Systems Pvt. Ltd
- Omega Engineering, Inc.
- OMRON Corporation
- Rockwell Automation, Inc
- Rubicon Water
- Schneider Electric SE
- Teracom Ltd
- Yokogawa Electric Corporation
3. MARKET TRENDS & DRIVERS
- Industrial Automation Trend in Multiple Industries & the Need for Remote Monitoring of Industrial Processes Support Growth
- Spending on Industrial Automation Spurs Interest in Remote Monitoring and Control Systems and Solutions
- Increasing Role of SCADA in Data, Energy and Diagnostic Management
- Industry 4.0 or IIoT Improves Remote Control and Monitoring
- IIoT-Powered Remote Monitoring Systems Deliver Compelling Advantages
- COVID-19 Prompts Organizations to Bet on IIoT and Edge Computing to Adjust to New Normal
- Industrial Mobility Enhances Need for Remote Monitoring and Control
- Smartphone Usage in the Industrial Era of Interconnectivity & Open Communication Presents Opportunities for Remote Monitoring & Control
- Mobile SCADA Comes into the Spotlight as a Promising Technology
- Convergence of Emerging Technologies Brings Intelligent Connectivity & Enables Remote Monitoring
- 5G to Help SCADA Emerge as Major Building Block for Smart Factories
- Protection of Critical Infrastructure Drives Adoption of Remote Monitoring in Energy & Utilities Industry
- Projected Infrastructure Investments in the Energy Sector Sets the Business Climate for Remote Monitoring & Control in Utilities
- SCADA Gains Traction in Renewable Energy Plants
- SCADA Vital for Smart Grid Decision Making
- Oil & Gas Industry: Remote Monitoring and Control Helps Real-Time Surveillance of Hazardous & Remote Sites
- As Digital Technologies Penetrate the Oil & Gas Industry to Relieve Cost & Efficiency Pressures, Remote Monitoring and Control Systems Poised to Benefit
- Remote Monitoring's Growing Role in Proactive Maintenance of Water & Wastewater Networks
- Smart Water Networks Drives SCADA Demand
- Cloud Implementation Gains Prominence in Remote Monitoring and Control
- Cloud-based SCADA Continues to Make Strong Gains
- Growing Adoption of Cloud SCADA-as-a-Service
- SCADA Systems Find Increased Application in the Agriculture Sector
- Remote Monitoring and Management of SCADA Systems Fuels Development of SCADA-HMI Applications
- RTUs: The Fundamental Building Block for SCADA Systems
- Advanced PLCs Emerge as Replacements for RTUs
- Edge Controllers Drive Advancements in Remote Monitoring Capabilities
- Primary Benefits of Edge Processing
- Equipment Makers Exploit Remote Machine Monitoring to Improve Service Levels
- Emergency Shutdown Systems: Vital Part of Remote Monitoring and Control
- Risk of Cybersecurity Breaches in SCADA Systems
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/17rg38
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