Remote Monitoring and Control Market Research Report- Forecast till 2023
Market Highlights
The global remote monitoring and control market is predicted to touch USD 23 billion at a 5% CAGR between 2017- 2023 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.
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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.
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.
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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Global Remote Monitoring and Control Market, By Component (Solution, Instruments), By End-users (Mining & Metals, Chemical, Oil & Gas) – Forecast 2023
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