Remote Monitoring can be explained as a type of specification that facilitates the observation of network operational activities through various remote devices known as monitors or probes. Also, remote monitoring assists network administrators to work efficiently with network infrastructure control and management. Monitoring and control can be explained as control of any system or network through automated procedures and which is generally controlled with a unit.
The factors contributing to the growth of the remote monitoring and control market are the growing demand for industrial automation, asset excellence, and the rising demand industrial mobility in the process industry. Also, initially remote monitoring and control market was developed to address various issues such as issues related to remote site and local area network. The system specifies a group of functions and statistics.
However, factor which is hindering the growth of the market is the downfall in raw material prices. Easy availability of alternatives also acts a barrier in the growth of the remote monitoring and control market. The market is expected to grow over the forecast period.
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Major Key Players
- Honeywell International Inc. (US),
- Emerson Electric Co. (US),
- Rockwell Automation, Inc. (US),
- Schneider Electric SE (France),
- ABB Ltd. (Switzerland),
- Yokogawa Electric Corporation (Japan),
- General Electric Co. (US),
- Fuji Electric Co., Ltd. (Japan),
- Endress+Hauser AG (Switzerland),
- Johnson Controls Inc. (US),
- Sierra Instruments Inc. (US),
- Mitsubishi Electric Corporation (Japan),
- Omron Corporation (Japan)
Mitsubishi Electric Corporation launched MelEye, a monitoring and control system which is a supervisory system that enhances elevators and escalators operations management with the help of latest network technologies. The MelEye observes operational status of elevators and escalators that handles changing passenger traffic.
According to Market Research Future Analysis, Remote Monitoring and Control Market has been valued at USD 23 billion by 2023 growing with 5% of CAGR during forecast period 2017 to 2023.
August 2018: Thermon announces TraceNet Genesis Control & Monitoring System: Thermon announced TraceNet Genesis control and monitoring system which is used for managing heat trace circuit performance on tanks & instrumentation, and process lines. TraceNet Genesis control system provides on panel access to heat trace circuit performance and records up to 6 months for up to 72 heat trace circuits.
August 2018: New LAPSYS Desktop Software from Fuji Machine Allows Remote Monitoring: The Lapsys Desktop Software provides predictive maintenance and part traceability for improving machining automation and efficiency. This software reads scanned laser etchings for tracing the origin.
The regional segmentation of the global remote monitoring and control market segments the market into regional markets namely North America, Europe, Asia Pacific and rest of the world (RoW). North America holds the largest market share due to increasing adoption of remote monitoring and control by the pharmaceuticals industry, increasing automation, and many key players in this market are based in this continent. The United States of America (USA) is where the majority of key players are based in. In Europe, technological advancement is the key reason for the existence of remote monitoring and control market with some key players being based in France and Switzerland. During the forecast period, Asia Pacific region is expected to witness the greatest boost in the market due to the determination to achieve excellence in various industries and the rising demand for utilization of resources. The technologically advanced countries like Japan and Singapore have the maximum potential to be the ideal market for remote monitoring and control.
Based on component, the market is segmented into solutions and instruments.
Based on end-users, the market is segmented into chemicals, oil & gas, metals, mining, power, food & beverages, water and wastewater, pharmaceuticals, and others.
Based on region, the market is segmented into North America, Europe, Asia-Pacific, and rest of the World
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