Remote Monitoring and Control Market Analysis
The global remote monitoring
and control market is expected to reach approximately USD 6.7 Billion by the end of 2030
with a 20.20% CAGR during the forecast period 2022-2030. states the recent
Market Research Future (MRFR) analysis. Remote monitoring and control, simply
put, are systems that have been specially designed for controlling large
facilities such as network operation centers with automation, airports,
factories, and plants. These systems may receive information from user inputs,
sensors, and others, and likewise, this will send instructions to PCs and other
devices. This can help to monitor the pressure, temperature, and humidity
through the data that is received and thus helps in the efficient working of
network administrators. Instruments and solutions are its different components
that are widely used in pharmaceuticals, water and wastewater, food and
beverages, power, mining, metals, oil and gas, chemicals, and other
industries.
Various
factors are propelling the global remote monitoring and control market growth.
According to the latest MRFR report, such factors include growing industrial
automation demand, need for industrial mobility, burgeoning demand from
different industries like space crafts, network operation centers, factories,
& airports, optimum use and efficiency of assets, and growing awareness
regarding energy efficiency.
On the
contrary, high implementation cost, challenges in the implementation of
services, and the downfall of petroleum prices, and the ongoing COVID-19 impact
are factors that may limit the global remote monitoring and control market
growth over the forecast period.
Key Players
Notable
players profiled in the global remote monitoring and control market report
include Endress+Hauser AG (Switzerland), Fuji Electric Co., Ltd. (Japan),
General Electric Co. (US), Yokogawa Electric Corporation (Japan), ABB Ltd.
(Switzerland), Schneider Electric SE (France), Rockwell Automation, Inc. (US),
Emerson Electric Co. (US), and Honeywell International Inc (US), among others.
Industry players have encompassed various strategies to stay ahead in the
competition, such as R&D, mergers and acquisitions, product launches, to
name a few.
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Remote Monitoring and Control Market Segmentation
The MRFR
provides an inclusive segmental analysis of the global remote monitoring and control
market based on component and end user.
By
component, the global remote monitoring and control market is segmented into
instruments and solutions. Of these, the instruments segment will lead the
market over the forecast period as field instruments are the fundamental building
blocks for remote process parameters measurement like pressure, temperature,
point level detection, continuous level detection, and mass flow.
By end
users, the global remote monitoring and control market is segmented into
pharmaceuticals, water and wastewater, food and beverages, power, mining,
metals, oil and gas, chemicals, and others. Of these, the power segment will
dominate the market over the forecast period.
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Remote Monitoring and Control Market Regional Analysis
By region,
the global remote monitoring and control market report covers the growth
opportunities and recent trends across North America, Europe, the Asia Pacific
(APAC), & the Rest of the World (RoW). Of these, North America is predicted
to spearhead the market over the forecast period. Increasing automation, rising
adoption by pharmaceutical industries, growing primary energy consumption, and
investments in wastewater treatment are adding to the global remote monitoring and
control market growth in the region.
The global
remote monitoring and control market in the APAC region is predicted to grow at
a fast pace over the forecast period. Burgeoning demand from the wastewater,
water, chemicals, and power industry in India & China, rising energy
demand, focus on conserving water, firm regulation related to industrial
wastewater disposal, and growing demand for resource utilization and to attain
excellence in different industries are adding to the global remote monitoring and
control market growth in the region.
The global
remote monitoring and control market in Europe is predicted to have healthy
growth over the forecast period while that in the RoW is predicted to have
sound growth over the forecast period.
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