Remote Monitoring and Control Market

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.

The remote monitoring and control market was hampered during the outbreak of COVID-19 owing to restrictions on manufacturing and production facilities. The market recovered by the end of 2021.

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