Remote Monitoring and Control Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Field Instruments); By Industry; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 117
- Format: PDF
- Report ID: PM4029
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global remote monitoring and control market was valued at USD 27.09 billion in 2023 and is expected to grow at a CAGR of 6.30% during the forecast period.
The research report offers a quantitative and qualitative analysis of the remote monitoring and control market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
Remote monitoring is a capability that enables the observation of a machine's performance, status, and behavior from a distant location. Utilizing IoT (Internet of Things) technology and cloud computing, the operation of devices can be monitored, allowing responsible individuals to prevent downtime or, in case of unforeseen interruptions, ensure prompt and effective service.
To Understand More About this Research: Request a Free Sample Report
- For instance, In September 2020, Siemens AG and Atos, a prominent player in the digital transformation sector, unveiled the expansion of their longstanding Customer Relationship Agreement, originally established in 2011. This agreement is designed to further propel Siemens' digital initiatives across domains such as service modernization, digitalization, data-driven technologies, cloud transformation, and cybersecurity.
Remote monitoring and control systems serve as the foundation for automating extensive and intricate operations. These systems typically incorporate sophisticated digital and mechanical elements that collaborate to handle efficiently, document, and respond to substantial data volumes far more rapidly and reliably than a human operator could.
The market is expected to grow substantially, propelled by advancements in IoT, cloud computing, artificial intelligence, and related technologies. The surge in automation adoption and the imperative for instantaneous data analysis are key factors fueling the increased demand for Remote Monitoring and control solutions. This trend is particularly evident in diverse sectors, including manufacturing, energy, healthcare, transportation, and smart cities.
The COVID-19 pandemic significantly impacted the market for remote monitoring and control, with a surge in demand across various sectors. Remote monitoring played a crucial role in monitoring and managing COVID-19 patients in healthcare and in maintaining operations in manufacturing and industrial settings. Remote monitoring also helped energy companies ensure the continuous and efficient operation of power generation and distribution systems. The increased adoption of these technologies is likely to persist as businesses recognize the long-term benefits. The market for remote monitoring and control solutions is anticipated to continue to grow and emerge.
Remote Monitoring and control are being seamlessly integrated with other technologies, such as big data analytics and machine learning. This integration facilitates predictive maintenance and more effective operational management. Furthermore, the impending implementation of 5G technology is composed to transform the Remote Monitoring and control market by delivering improved connectivity, faster data transfer rates, and reduced latency.
Industry Dynamics
Growth Drivers
- Increasing implementation of Industry 4.0 will boost the Market Growth
Industry 4.0 is revolutionizing the operational landscape of businesses, with a growing number of enterprises across diverse industries embracing this paradigm shift to maintain competitiveness in the market. The rise of smart factories offers an exceptional opportunity for the manufacturing sector to engage in the fourth industrial revolution fully. As the adoption of Industry 4.0 continues to gain momentum, the utilization of SCADA systems is also audacious to increase, thereby bolstering market expansion.
Industry 4.0 is transforming remote monitoring and control by integrating advanced technologies such as IoT, AI, big data analytics, and automation. This allows companies to manage their assets, processes, and systems with exceptional efficiency and precision from afar. The use of IoT sensors and AI algorithms enables predictive maintenance and optimization. Remote control functionalities minimize the need for physical presence on-site, improving operational efficiency, reducing costs, and enhancing safety measures.
As the remote monitoring and control market continues to adopt Industry 4.0, we can anticipate an abundance of smart, interconnected systems that redefine the way businesses operate and compete in a rapidly evolving global landscape.
Report Segmentation
The market is primarily segmented based on component, industry and region.
|
By Component |
By Industry |
By Region |
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Component Analysis
- The Solution Segment held the largest revenue share in 2022
In 2022, the solution segment held the largest revenue share. SCADA and emergency shutdown systems are innovative approaches to control systems design. SCADA combines computer technology, networked data communication, and user-friendly interfaces for advanced process management. It also includes devices like PLCs and PID controllers. The emergency shutdown system minimizes the consequences of emergencies.
In the past, solutions were primarily wired and connected directly to computers. However, with advancements in technology, browser-based solutions have gained popularity, enabling remote monitoring. The emergence of high-speed mobile data technologies has further expanded the possibilities, allowing these solutions to be applied not only on computers but also on tablets and smartphones through dedicated applications or web browsers.
By Industry Analysis
- The oil and gas segment accounted for the highest market share in the 2022
The oil and gas segment accounted for the highest market share in the 2022. In the oil and gas industry, a remote monitoring and control system is employed to oversee and manage distant oil and gas equipment. This system ensures immediate access to real-time data on flow meter readings, pressure, and temperature. Furthermore, it monitors production wellhead compressors to prevent downtime, ensuring optimal efficiency. The system also keeps tabs on the bearing temperature of pumps to guarantee their proper operation. Ultimately, these functionalities contribute to market expansion.
On the other hand, food and beverages segment is anticipated to experience fast growth in 2022. The food service sector is a continuously evolving and incredibly dynamic industry. The integration of IoT technology in this field empowers businesses to achieve elevated standards of food safety, minimize waste, improve traceability, and mitigate costs and risks across the multiple stages of food processing and packaging.
Regional Insights
- North America dominated the largest market in 2022
In 2022, North America dominated the largest market contributor in the remote monitoring and control market, with the United States foremost in revenue. The increasing need for Supervisory Control and Data Acquisition (SCADA) systems in the realm of industrial automation has played a pivotal role in driving substantial expansion in the regional market. This growth trajectory is further bolstered by the robust presence of key industry stakeholders and market leaders within the North American nations, who have actively contributed to the market's development and expansion in the region.
The Asia-Pacific (APAC) region is accounted for the fastest growth in 2022. The market is expected to grow due to the increasing adoption of remote monitoring and control systems in countries like China, India, Japan, and South Korea. The rise in demand for oil in emerging economies such as China and India, along with the growing need for more effective wastewater treatment in these regions, has led to increased government investments on a global scale.
Key Market Players & Competitive Insights
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include:
- ABB
- Dwyer Instruments
- Emerson Electric
- Endress+Hauser
- Fuji Electric
- General Electric
- Honeywell International
- Krohne Messtechnik
- Rockwell Automation
- Schneider Electric
- Siemens
- Yokogawa Electric
Recent Developments
- In December 2022, Honeywell completed the acquisition of Sparta Systems, a leading provider of enterprise quality management software (QMS) and a state-of-the-art SaaS platform catering to the life science industry. This strategic move is set to enhance Honeywell's presence in enterprise performance management software, industrial automation, and digital transformation solutions.
- In October 2022, Emerson unveiled DeltaV version 15, its latest distributed control system. This release is designed to drive production optimization and reduce the reliance on IT support, featuring expanded analytics capabilities to accelerate market responsiveness and improve operator performance.
- In In February 2022, Endress+Hauser unveiled the introduction of Netilion Water Networks Insights (NWNI), a solution designed to provide comprehensive visibility into water networks. NWNI enables real-time monitoring of various parameters, including temperature, pressure, flow, water quality, level, and more. This software empowers water associations and service providers by streamlining the management of diverse data sources and control functions through a unified platform.
Remote Monitoring and Control Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 28.64 billion |
|
Revenue forecast in 2032 |
USD 46.67 billion |
|
CAGR |
6.30% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Segments Covered |
By Component, By Industry, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
Delve into the intricacies of remote monitoring and control in 2024 through the meticulously compiled market share, size, and revenue growth rate statistics by Polaris Market Research Industry Reports. Uncover a comprehensive analysis that not only projects market trends up to 2032 but also provides valuable insights into the historical landscape. Immerse yourself in the depth of this industry analysis by acquiring a complimentary PDF download of the sample report.
Browse Our Top Selling Reports
Viscosupplementation Market Size, Share 2024 Research Report
Biotechnology Market Size, Share 2024 Research Report
Kitchen Appliances Market Size, Share 2024 Research Report
Intelligent Transportation System Market Size, Share 2024 Research Report
Durable Medical Equipment Market Size, Share 2024 Research Report
