Global Remote Monitoring and Control Market to Reach $31.7 Billion by 2026

SAN FRANCISCO, Aug. 10, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Remote Monitoring and Control - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 9; Released: May 2021
Executive Pool: 21193
Companies: 72 - Players covered 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; KROHNE Messtechnik GmbH; Larsen & Toubro; Leo Tech; M.B. Control & Systems Pvt. Ltd; Omega Engineering, Inc.; OMRON Corporation; Rockwell Automation, Inc; Rubicon Water; Schneider Electric SE; Teracom Ltd; Yokogawa Electric Corporation and Others.
Coverage: All major geographies and key segments
Segments: Type (Field Instruments, Solutions); End-Use (Power, Pulp & Paper, Food & Beverage, Oil & Gas, Water & Wastewater, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Middle East; Africa.

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ABSTRACT-

Global Remote Monitoring and Control Market to Reach $31.7 Billion by 2026
Remote monitoring and control has 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 are mobilizing the market. A shortage of competent resources is also contributing to the adoption of remote monitoring and control solutions as a single resource can monitor multiple machines or production lines, resulting in lower costs. The advent of sensors has enabled better monitoring of equipment and in preventing unscheduled stoppages as well as in enabling longer life of the equipment. From a technological aspect, remote monitoring and control solutions have emerged rapidly in line with the evolution of communication technologies.

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. App access is gaining more popularity as smart phone access is increasing. App based access is easier compared to browser access through smartphones. As a result, app based access is increasing at a faster pace in the remote control and monitoring market.

Amid the COVID-19 crisis, the global market for Remote Monitoring and Control estimated at US$23 Billion in the year 2020, is projected to reach a revised size of US$31.7 Billion by 2026, growing at a CAGR of 5.4% over the analysis period. Field Instruments, one of the segments analyzed in the report, is projected to record 5% CAGR and reach US$21 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Solutions segment is readjusted to a revised 6.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at $7.9 Billion in 2021, While China is Forecast to Reach $6.8 Billion by 2026
The Remote Monitoring and Control market in the U.S. is estimated at US$7.9 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.8 Billion by the year 2026 trailing a CAGR of 7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR.

The market is heading for a substantial growth on account of increasing focus on industrial automation and optimal utilization of resources coupled with rising awareness on energy efficiency and need for remote management of industrial processes. The market for these systems is propelled by rising adoption of industrial automation and the requirement to remotely manage assets for optimal resource utilization. These systems offer time efficiency, insights for remote management of monitoring systems and enhanced productivity and security. Overall growth of the global market is augmented by increasing focus on energy efficiency, regulations for environmental protection, and adoption of industrial mobility. Companies rely on these systems to get data related to energy usage, power output, material consumption, running time and operating temperature of equipment deployed in facilities. Implementation of automation across industries like oil & gas, manufacturing and automation along with changes in regulations require strict control and monitoring for ensuring worker safety and environmental protection, creating strong demand for remote monitoring and control solutions. In addition, the COVID-19 pandemic has prompted users across several industries to adopt these systems for remote monitoring.

Remote monitoring and control systems are finding increasing adoption across various industries to improve security, boost productivity, reduce downtime and cut maintenance costs. Power monitoring along with connectivity and remote monitoring systems allows users to considerably reduce the downtime for better efficiency. Connected electrical components like meters and trip units are connected for offering alerts on smart phones or email for efficient operations. These systems allow companies to access real-time and historical information for finding gaps for proactive action. Systems with automatic control can take desirable steps for restoring power and preserving loads for reducing downtime. The global market for remote monitoring and control is anticipated to also gain from increasing attention on industrial mobility for remotely managing industrial processes coupled with adoption of SCADA systems. Advanced SCADA applications within the power industry ensure efficient supervision and control to boost productivity.

The increasing penetration of Industrial Internet of Things (IIoT), also termed as Industry 4.0, is expected to play a pivotal role in driving the market growth. The trend is facilitated by advances in the field of edge computing along with rising deployment of sophisticated sensors. Edge computing assists operators in collecting data from smart sensors for data analytics and gain useful insights to improve productivity and lower latency time. IIoT facilitates seamless communication along machines and workers for better efficiency. The market growth is likely to be also propelled by availability of advanced remote networking solutions for enhanced machine-to-machine and machine-to-human communication. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.