Global Remote Monitoring and Control Market Research Report- Forecast 2023
The growing need for automated assistance for network administrator is supporting the global remote monitoring and control market. As per the latest report published by Market Research Future (MRFR), the global remote monitoring and control market is set increase at a CAGR of 5% between 2017 and 2023. The market is expected to touch USD 23 Bn by the end of the forecast period.
The growing network infrastructure in manufacturing verticals is fuelling the need for cutting-edge remote monitoring and control system. Modern manufacturing facilities are highly dynamic and require intricate technologies for a smoot running. The objective is to make the most of the least. Energy consumption, production capacity, minimum human intervention and downtime are some of the key areas of focus. New technologies such as remote monitoring and control are being leveraged to improve the operational efficiency of facilities. In remote monitoring, applications and server are used simultaneously.
The global remote monitoring and control market is driven by factors such as asset excellence, industrial automation, and inclination towards industrial mobility, especially in the process industry. Remote monitoring is allowing operators to effectively manage facilities that are in remote locations. Remote monitoring and control system also help is gathering real-time data, which allow facility managers to make informed-decisions. Such systems are likely to play an important role in managing future facilities. Nonetheless, fluctuation in raw material prices and arrival of alternatives are some of the factors hampering the market growth.
MRFR’s report includes a detailed segmental analysis of the market based on end-users, component and region.
On the basis of components, the market has been segmented into instruments and solutions. In terms of value, the instrument segment currently accounts for the lion’s share of the market. Field instruments find widespread application in remote process parameter measurements such as continuous level detection, temperature, mass flow, point level detection, and pressure.
Global Remote Monitoring and Control Market: Regional Analysis
Key regions covered in the report include Europe, the Middle East & Africa (MEA), Asia Pacific (APAC), South America and North America. North America currently leads the global remote monitoring and control market in terms of value. The market in North America is driven by the rapid adoption of remote monitoring and control systems by several American enterprises. In North America, the pharmaceutical sector is one of the prime end users of remote monitoring and control. Moreover, the rising trend of industrial automation in countries such as the US and Canada remain a key market driver. North America is followed by Asia Pacific. The market in APAC is expected to witness a strong growth over the next several years. The APAC market is growing manly owing to the increased need for solutions that allow effective utilization of resource and optimisation industrial operations. The APAC market is expected to exhibit a strong growth during the forecast period. In APAC, fast developing countries such as India and China are expected to remain the hotspots in the years to come. Additionally, the rapid growth of end use industries such as chemicals, energy, automotive among others in APAC is reflecting favourably on the region’s market.
Global Remote Monitoring and Control Market: Competition Analysis
Some of the leading companies operating in the global market for remote monitoring and control include Emerson Electric Co. (US), Schneider Electric SE (France), Yokogawa Electric Corporation (Japan), Fuji Electric Co., Ltd. (Japan), Honeywell International Inc. (US), Endress+Hauser AG (Switzerland), ABB Ltd. (Switzerland), Rockwell Automation, Inc. (US) and General Electric Co. (US)
Global Remote Monitoring and Control Market, By Component (Solution, Instruments), By End-users (Mining & Metals, Chemical, Oil & Gas) – Forecast 2023
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