The global remote monitoring and control market size was US$ 27,222.3 million in 2022. The global market is projected to reach US$ 43,329.4 million by 2031, registering a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2023 to 2031.
Remote monitoring and control offers technologies and services for remote monitoring, management, and control of industrial systems and processes. This covers communication technologies and platforms for remote data transmission and analysis, as well as hardware and software solutions for the monitoring and control of industrial equipment, including sensors, actuators, and controllers. In order to increase the efficacy, safety, and cost-effectiveness of their operations, a wide range of businesses, including manufacturing, energy and utilities, healthcare, and transportation, among others, rely on the market.
Market Driving Factors
The remote monitoring and control market is expanding as a result of several important factors, including the growing need for Industry 4.0 throughout the process and manufacturing sectors and the rapid uptake of AI and IoT in industrial settings. These technologies can be used to improve quality control, decrease downtime, optimize production, and increase safety in the process and manufacturing industries, among other things. Therefore, there is an increasing need for remote monitoring and control solutions that can ease management and integration.
The demand for process control applications is rising significantly as a result of the integration of SCADA with field instrumentation, mobility solutions like smartphones and tablets, and other solutions. The market for remote monitoring and control is expanding in industries including oil and gas, power generation, chemical, and others as a result.
The complexity involved in implementing the solutions could potentially hinder the market's growth rate.
Market Segmentation Insights
By End-User Insights
In 2022, the oil and gas segment led the market and will continue to do so at a CAGR throughout the forecast period. Remote monitoring and control systems are utilized in the oil and gas industry to manage far-flung oil and gas equipment. It maintains real-time visibility of the flow meter, pressure, and temperature readings, opens and closes valves from a control center, remotely monitors the production wellhead compressors to prevent downtime and ensure peak efficiency, and the bearing temperature of pumps to ensure proper operation, all of which contribute to the market's expansion.
Regional Insights
The Asia Pacific region accounted for the highest revenue share in the global remote monitoring and control market and is anticipated to expand significantly as a result of rising investments in the industries of power generation, chemicals, water, and wastewater management. The implementation of remote monitoring and control in numerous industries is being accelerated by the region's expanding energy concerns, which is boosting market expansion. According to the International Energy Agency (IEA) report 2022, the Asia Pacific region's energy demand climbed by 8% in 2021 from a low of 2% in 2020, mostly due to China and India, both of which increased by about 10%.
China has seen the rise of control systems in a number of industries, including municipal, oil and gas, water and wastewater management, and power generating. The networked control system is evolving into a development trend in industrial automation in China as a result of the deep integration of information technology and industry as well as the rapid development of the IoT.
In addition, the region's major economies, including China, India, and Japan, are increasingly industrializing and leaning toward automation in order to save energy and improve process efficiency through sophisticated monitoring and control systems.
List of Key Players
Segmentation Outline
The global remote monitoring and control market segmentation focuses on Action, Type, End-User, and Region.
By Action
By Type
By End-User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL REMOTE MONITORING AND CONTROL MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: REMOTE MONITORING AND CONTROL MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL REMOTE MONITORING AND CONTROL MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL REMOTE MONITORING AND CONTROL MARKET, BY ACTION
5.1 OVERVIEW
5.2 MONITORING
5.3 CONTROL
6 GLOBAL REMOTE MONITORING AND CONTROL MARKET, BY TYPE
6.1 OVERVIEW
6.2 SOLUTIONS
6.3 FIELD INSTRUMENTS
7 GLOBAL REMOTE MONITORING AND CONTROL MARKET, BY END-USER
7.1 OVERVIEW
7.2 OIL AND GAS
7.3 POWER GENERATION
7.4 FOOD AND BEVERAGE
7.5 WATER AND WASTEWATER
7.6 OTHERS
8 GLOBAL REMOTE MONITORING AND CONTROL MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL REMOTE MONITORING AND CONTROL MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 ENDRESS+HAUSER AG
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 SCHNEIDER ELECTRIC SE
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 YOKOGAWA ELECTRIC CORPORATION
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 LEO TECH
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 ROCKWELL AUTOMATION, INC.
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 EMERSON ELECTRIC CO.
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 HITACHI, LTD,
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 ICONICS, INC.
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 ABB LTD
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 ITARIAN LLC
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 CUMMINS, INC.
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 KROHNE MESSTECHNIK GMBH
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 HONEYWELL INTERNATIONAL INC.
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 DANFOSS A/S
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 FUJI ELECTRIC CO., LTD.
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 LARSEN & TOUBRO LTD
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 GENERAL ELECTRIC CO. (GE)
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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