Remote Monitoring And Control Market Research, 2031
The global remote monitoring and control market size was valued at $25,852.3 million in 2021, and is projected to reach $43,609.6 million by 2031, registering a CAGR of 5.3% from 2022 to 2031. The remote monitoring and control systems helps in easy facilitating, controlling and monitoring the activities and processes across as water & wastewater, oil & gas, chemical and power generation industries.
Growing industrial automation along with the growing need for industrial mobility and asset excellence in process industry is a major factor that drives the growth of the market. In addition, the remote monitoring and control systems helps in improving the productivity at workplace through efficient control and supervision. This in turn is expected to drive the remote monitoring and control market growth.
However, downfall in petroleum prices along with the lack of adoption of the remote monitoring and control devices along with the softwares in low and middle-income countries are the factors limiting the growth of the market Moreover, during the outbreak of the COVID-19 pandemic, construction, manufacturing, aviation, and construction industries were majorly affected. Manufacturing activities were halted or restricted. This led to decline in manufacturing of various equipment used for manufacturing of remote monitoring and control systems as well as their demand in the market, thereby restraining the growth of the remote monitoring and control market. Industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of remote monitoring and control systems companies at their full-scale capacities, that helped the remote monitoring and control industry to recover by end of 2021.
Technological advancements and launch of new monitoring and control systems, on the contrary, are expected to offer lucrative opportunities for the growth of remote monitoring and control market share.
The remote monitoring and control market 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 analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
On the basis of action, in 2021 the monitoring segment dominated the remote monitoring and control market, in terms of revenue, and the remote segment is expected to witness growth at the highest CAGR during the forecast period. On the basis of type, in 2021, the solutions segment led the market, and the field instruments segment is expected to exhibit highest CAGR in the near future. On the basis of end user, the others segment led the market in 2021, in terms of revenue and water & wastewater is anticipated to register highest CAGR during the forecast period. On the basis of region, Asia-Pacific garnered the highest revenue in 2021; however, LAMEA is anticipated to register highest CAGR during the forecast period.
COMPETITION ANALYSIS
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 & Toubrom, Leo Tech, Rockwell Automation, Inc., Schneider Electric SE and Yokogawa Electric Corporation. Major companies in the market have adopted product launch and business expansion as their key developmental strategies to offer better products and services to customers in the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the remote monitoring and control market factor analysis from 2021 to 2031 to identify the prevailing remote monitoring and control market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the remote monitoring and control market growth analysis.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global remote monitoring and control market trends, key players, market segments, application areas, and market growth strategies.
Remote Monitoring and Control Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 43.6 billion |
 Growth Rate | CAGR of 5.3% |
 Forecast period | 2021 - 2031 |
 Report Pages | 240 |
 By Action |
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 By Type |
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 By End user |
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 By Region |
|
 Key Market Players | Emerson Electric Co., KROHNE Messtechnik GmbH, Leo tech, Cummins, Inc., Endress+Hauser AG, Larsen & Toubro Ltd, Fuji Electric Co., Ltd., Hitachi,Ltd, Rockwell Automation, Inc., Yokogawa Electric Corporation, ABB Ltd, General Electric Co. (GE), ITarian LLC, DANFOSS A/S, Schneider Electric SE, ICONICS, Inc., Honeywell International Inc. |
Analyst Review
The global remote monitoring and control market witnessed a huge demand in Asia-Pacific followed by North America & Europe. Remote monitoring and control have evolved over the years. Remote monitoring and control, originally designed for dispersed manufacturing units, has evolved into a mainstream process owing to shortage of resources as well as a cost rationalization measure. The emergence of wireless technology has enabled easier and faster implementation of remote monitoring and control solutions. In addition, lower costs for implementing remote monitoring and control solutions mobilize the market. A shortage of competent resources also contributes to the adoption of remote monitoring and control solutions as a single resource can monitor multiple machines or production lines, resulting in lower costs.
Early solutions were wired solutions that were connected to the PC. With the evolution of web technology, browser-based solutions gained prominence and enabled monitoring from remote locations. The emergence of high-speed mobile data technologies has enabled the implementation of solutions that can be accessed on smartphones and tablets through browsers or applications. Present solutions offer control through a Human Machine Interface (HMI) that is securely accessed through a virtual private network (VPN). Whether accessed through a web browser or an application, the user is able to monitor the working of the machine or the production line. Two-way communications between the machine and the user through the HMI also enables control of the machines from remote locations, thereby enabling smooth functioning of the equipment. There is a growth in popularity of app access as smart phone access is increase. App based access is easier compared to browser access through smartphones. App based access, for this reason, increase at a faster pace in the remote control and monitoring market.
The global remote monitoring and control market was valued at $25,852.3 million in 2021, and is projected to reach $43,609.6 million by 2031, registering a CAGR of 5.3% from 2022 to 2031.
The forecast period considered for the global remote monitoring and control market is 2022 to 2031, wherein, 2021 is the base year, 2022 is the estimated year, and 2031 is the forecast year.
The latest version of global remote monitoring and control market report can be obtained on demand from the website.
The base year considered in the global remote monitoring and control market report is 2021.
The top companies holding the market share in the global remote monitoring and control market report 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 top seventeen market players are selected based on two key attributes - competitive strength and market positioning.
The report contains an exclusive company profile section, where leading companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
By type, the solutions segment is the highest share holder of remote monitoring and control market.
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