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The global remote monitoring and control market is projected to grow from USD 24.6 billion in 2022 to USD 32.3 billion by 2027, at a CAGR of 5.6% during 2022 and 2027
The significant growth in demand for industrial mobility solutions and the rising deployment of AI and IoT across several manufacturing industries are some of the notable factors supporting the growth of the remote monitoring and control market.
New York, Jan. 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Remote Monitoring and Control Market by Type, Industry and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05012870/?utm_source=GNW
Field instruments to account for largest share of remote monitoring and control market in 2022
Monitoring and maintaining process variables are critical for automating industries and operations of various process control solutions deployed in them.These process variables are measured with the help of field instruments to control different automation processes.
Field instruments are used to track several parameters such as temperature, flow, pressure, and level, among others, to control them whenever required and further enhance plant’s productivity, efficiency, and flexibility in terms of output.
Semiconductor & electronics industry to grow at highest CAGR during the forecast period
The diverse products provided by the semiconductor & electronics industry include electric motors and machines, household appliances, electronic measuring systems, and medical and optical equipment.Semiconductor manufacturers have hundreds of tools in each fabrication, with each tool generating terabytes of data on its own.
With AI-based systems and solutions, it becomes possible for manufacturers to analyze this data, which enables the identification of the smallest functional anomalies. Remote monitoring solutions such as SCADA enable manufacturers to systematically analyze processes at every production stage and assist manufacturers in optimizing operations.
Asia Pacific expected to grow at highest CAGR in remote monitoring and control market during 2022?2027
Ongoing technological innovations and the increasing adoption of automation technologies in various industries are leading to the market growth in Asia Pacific.The major industries adopting remote monitoring and control solutions are chemical, oil & gas, semiconductor & electronics, and automotive.
Asia Pacific has emerged as a global automotive manufacturing hub. Hence, motor vehicle suppliers such as Volkswagen, Toyota Motor Corporation, Renault-Nissan Alliance, Daimler, and local manufacturers such as Tata Motors and Mahindra and Mahindra have invested in automating their automobile production sites which in turn is expected to support the market growth.
Break-up of the profiles of primary participants:
• By Company Type – Tier 1 – 45%, Tier 2 – 35%, and Tier 3 – 20%
• By Designation – C-level Executives – 30%, Directors – 45%, and Others – 25%
• By Region – North America - 25%, Europe – 20%, Asia Pacific – 45%, and RoW – 10%
Research Coverage:
The remote monitoring and control market was segmented into type, industry, and region. The remote monitoring and control market was studied for North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Reasons to buy the report:
• Illustrative segmentation, analysis, and forecast of the market based on type, industry, and region were conducted to give an overall view of the market.
• A value chain analysis was performed to provide in-depth insights into the remote monitoring and control market.
• The key drivers, restraints, opportunities, and challenges pertaining to the remote monitoring and control market were detailed in this report.
• The report includes a detailed competitive landscape of the market, along with key players, as well as an in-depth analysis of their revenues
Read the full report: https://www.reportlinker.com/p05012870/?utm_source=GNW
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