According to a new report published by Allied Market Research, titled, “Remote Monitoring and Control Market,” The remote monitoring and control market size was valued at $25.9 billion in 2021, and is estimated to reach $43.6 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031. Remote monitoring and control systems help in controlling activities of large and complex facilities such ad spacecraft, airports and factories with the help of automation. These systems require the use of sensors, user inputs and preprogrammed procedures in order to receive data and provide suitable actions.
Increase in industrial automation demand coupled with requirement of industrial mobility and asset excellence in the process industry is expected to propel the remote monitoring and control market during the forecast period. The sources used for power generation are limited and thus the optimum utilization of these non-renewable resources is of utmost importance. Emphasis on industrial safety and their health is anticipated to drive the emergency shutdown systems in the power industrial applications which in turn is expected to drive the growth of the market.
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The SCADA(Supervisory Control and Data Acquisition) system is a type of remote monitoring and control system which is ideal for controlling and monitoring remote assets, such as pump stations, well pumps, automatic valves, water towers, or reservoirs. The adoption of SCADA systems is growing majorly for power industry as it is provides effective monitoring and control of field devices from the remote sites. In addition, each process in power sector requires temperature measurement for various controlled operations. Thus, this is controlled effectively through SCADA system. Thus, such benefits are growing the adoption of SCADA systems which further drives the remote monitoring and control market growth.
However, downfall in petroleum prices is one of the key restraining factors for remote monitoring and control market as it is adversely affecting the bottom lines of the major participants involved in the value chain of the oil and gas industry. These factors, therefore, are expected to halt the investments in oil and gas industry which shall further impact the remote monitoring and control systems market globally.
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Power monitoring and connectivity, on the contrary, unite in fight against downtime as reducing downtime involves the remote control and monitoring. Most of the electrical components such as trip units, and meters can be connected by increasing their ability to provide alerts via email or on smartphones for efficiently handling the operations. The operators can access the historical and real-time information to find the alarm causes and eliminating it. Systems coupled with automatic control capabilities can immediately take responsive steps to restore the power and preserve the loads while analyzing the problems. Technological advancements of these systems are thus expected to offer lucrative remote monitoring and control market opportunities.
The remote monitoring and control market growth analysis is segmented into action, type, end user, and region. On the basis of action, the market is categorized into monitoring and control. On the basis of type, the market is fragmented into solutions and field instruments. On the basis of end user it is fragmented into oil & gas, power generation, food & beverage, water & wastewater and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2021.
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The key players profiled in the remote monitoring and control market revenue analysis include 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, KRONE Messtechnik GmbH, Larsen & Toubro Limited, Leo Tech, Rockwell Automation, Inc., Schneider Electric SE and Yokogawa Electric Corporation
The global remote monitoring and control market witnessed significant growth in the past decade, owing to rise in demand for compact and lightweight packaging in various sectors such as foods & beverages and pharmaceuticals. There is an expansion of business by number of players globally, owing to increased customer base, enhanced effective operations, and developed product portfolios. This is anticipated to fuel growth of the global remote monitoring and control industry.
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