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The Global Remote Monitoring and Control Market size is expected to reach $33.3 billion by 2028, rising at a market growth of 5.2% CAGR during the forecast period

ReportLinker
ReportLinker

Remote monitoring is the facility that helps to see the performance, status, and behavior of the machine from a distance. IoT (Internet of Things) technology and cloud computing are employed to track the working of devices.

New York, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Remote Monitoring and Control Market Size, Share & Industry Trends Analysis Report By Industry, By Component, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06412079/?utm_source=GNW
This permits an asset to be seen by people in charge of stopping downtime or, in the event of unintended downtime, increase in proper service, whether it is in a hospital, on-site at a factory, out in the field, or on the road.

Remote monitoring and control systems are used to create and automate big & complicated activities. They often consist of compound digital and mechanical components that work together to process, record, and act on a greater volume of data quicker than a person could do so safely or successfully. Smart locker is an example of a remote monitoring and control system.

These systems are significant for fulfilling various industry standards, like ISO 9001. They are utilized in many industries for multiple tasks, such as physical asset management & distribution, patient monitoring in hospitals, public transportation controls, network securities in IT companies, and industrial automation.

COVID-19 Impact Analysis

Restrictions implied by the government in consideration to COVID-19 outbreak has raised the concerns regarding productivity, efficiency and safety of industrial processes. But, the factories are steadily recommencing their manufacturing activities and other services. This is predicted to lead to restart of remote monitoring and control systems use at their upmost capacity. Also, the pandemic period has enforced businesses to use advanced solutions to tackle the obstacles occurred due to COVID-19. This has resulted in rising the adoption of remote monitoring and control systems across the various industries. Thus, the market steadily recovered from the effects of pandemic period within few months after the loosening of restrictions.

Market Growth Factors

Surging Implementation Of Industry 4.0

Industry 4.0 is transforming the way businesses operate. Most of the businesses from different industry verticals as widely accepting the concept of Industry 4.0 in order to stay competent in the market. Emerging of smart plants provides an incredible chance for the manufacturing business to get into the fourth industrial revolution. As the adoption of Industry 4.0 has been surged the usage of SCADA systems would also accelerate, thereby supporting the market growth.

Allow Detailed Data Gathering

Not only is data administered more proficiently in monitoring and control systems, but one can also get a higher capacity of valuable data. This enable users able to make quicker and more efficient decisions. Sensors are constructed adequately into the infrastructure, that serve with the capability to gather information correctly from the source. Information gathering can occur continuously and simultaneously in real time. As the use of remote monitoring and control systems enables the collection of more accurate and detailed data, the adoption of these systems would increase significantly.

Market Restraining Factors

High Cost Required For Installing Scada Systems

SCADA system combines software and hardware containing sensors, PLCs, RTUs, and HMIs. Systems in a plant are maintained and controlled from remote areas by the assistance of the data collected by the SCADA system. Collecting data is one of the significant responsibilities in operational business to attain the best use of resources and high quality of the finished product. The initial capital and maintenance to be spent on these systems is generally high. This could be a major concern of SMEs who can’t afford high expenses. Owing to this, the market growth may impede in the upcoming years.

Component Outlook

Based on component, the remote monitoring & control market is segmented into solutions and field instruments. In 2021, the solutions segment dominated the remote monitoring & control market with maximum revenue share. Previously available solutions were wired solutions which were linked to the computers. The development of technology increased the popularity of browser-based solutions and allowed monitoring remotely. The rise in high-speed mobile data technologies has permitted the application of solutions that can be used on tablets or smartphones on applications or browsers.

Industry Outlook

On the basis of industry, the remote monitoring and control market is categorized into oil & gas, chemical, water & wastewater treatment, metals & mining, food & beverage, power, automotive, pharmaceutical, semiconductor & electronics and others. In 2021, the food & beverages segment registered a considerable growth rate in the remote monitoring and control market. The food service business is an evolving and highly dynamic industry. IoT helps businesses in this industry to attain high levels of food safety, cut down wastage, enhance traceability, and reduce costs & risks in the various phases of food processing and packaging.

Regional Outlook

Region-wise, the remote monitoring and control market is analysed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region dominated the remote monitoring and control market with maximum revenue share. The increasing demand for the SCADA system for industrial automation has significantly contributed to the region’s market growth. Further, the growth is being supported by the presence of major market players in the North American nations.

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Honeywell International, Inc. and Siemens AG are the forerunners in the Remote Monitoring and Control Market. Companies such as Rockwell Automation, Inc., Yokogawa Electric Corporation, and Fuji Electric Co., Ltd. are some of the key innovators in the Remote Monitoring and Control Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Emerson Electric Co., Honeywell International, Inc., Siemens AG, Schneider Electric SE, ABB Group, General Electric (GE) Co., Rockwell Automation, Inc., Yokogawa Electric Corporation, Fuji Electric Co., Ltd., and Endress+Hauser AG.

Recent Strategies deployed in Remote Monitoring and Control Market

Partnerships, Collaborations & Agreements

Oct-2020: Schneider Electric came into partnership with Semiotic Labs, a company that focuses on web3 optimization. With this partnership agreement, the managed service portfolio of Schneider would be strengthened by the addition of pumps, compressors, conveyors, and motors. Furthermore, this would also allow condition-based monitoring of rotating equipment.

Oct-2020: ABB collaborated with IBM, an American multinational technology corporation. As a part of the collaboration, ABB would design an OT Security Event Monitoring Service, with the merger of the domain expertise of ABB and the security event monitoring portfolio of IBM with an aim to improve security for industrial operators. The collaboration focuses on operational technology (OT) and connecting cybersecurity.

Mergers & Acquisitions

Dec-2022: Honeywell acquired Sparta Systems, a provider of enterprise quality management software (QMS) and a SaaS platform for the life science industry for next-generation. With this acquisition, Honeywell’s position in enterprise performance management software, industrial automation, and digital transformation solutions would be boosted.

May-2022: Yokogawa Electric Corporation acquired Dublix Technology ApS, a provider of solutions related to waste-to-energy (WTE) and biomass power plants. With this acquisition, boiler performance and combustion control enhancement solutions of Dublix would be added to Yokogawa’s lineup of monitoring, maintenance, and control systems, which would advance the solutions that make both biomass power plants and WTE more profitable and biomass power plants.

Oct-2020: Emerson acquired Open Systems International, Inc., a provider of operations technology software to the power industry. With this acquisition, complementary software would be added to the expertise of Emerson in power generation that would enable the end-to-end ability to control, optimize and monitor operations in actual time throughout the power enterprise.

Product Launches & Product Expansions

Oct-2022: Emerson announces the launch of DeltaV version 15, distributed control system. The new launch is built up to advance production optimization and minimizes the burden of IT support, with enlarged analytics that would grow the speed and flexibility towards the market and enhance operator performance.

Jul-2022: Rockwell Automation launched PowerFlex AC variable frequency drive product offering in Asia Pacific. The models would use ongoing operation monitoring to evaluate the enduring life of drive components. The launch would aim to minimize downtime and get the motor running more quickly.

Feb-2022: ABB announced the expansion of its M1M series with the launches of M1M11, M1MDS, M1M20B, and M1M30B models. The launch would be power monitoring and electrical measuring meters used in the digital panel meter market.

Feb-2022: Endress+Hauser announced the launch of Netilion Water Networks Insights (NWNI) which would allow complete transparency for water networks with the accessibility of monitoring of temperature, pressure, flow, water quality, level, and other measurements. The software would strengthen the water associations and service providers to manage several data and control sources with a single platform.

Jan-2022: Endress+Hauser AG introduced Prosonic Flow W 400, Advanced Clamp-on Flowmeter Unit. The W 400 clamp-on and I 400 insertion units would provide panoramic process monitoring and these sensors when paired with 400 transmitters would deliver total flow metering solutions, including abrasive, toxic, and corrosive fluids.

Feb-2021: Endress+Hauser launched CDP50 water analysis panel portfolio, ready-to-use water analysis panels built to secure water monitoring heightening water safety. The launch would be used in municipal Waste Water Treatment Plants (WWTP), industrial and drinking water plants, state-of-the-art instruments on the panels, foolproof operation as well as benefit from the quick installation.

Sep-2020: Yokogawa Electric Corporation introduced OpreX Managed Service, which would assist in remote maintenance and monitoring of the plant equipment. The service would recognize and rectify issues present in the devices and equipment, with an aim to prevent plant shutdowns and OpreX can be retrieved and used in multiple ways, as per the customer’s concern.

Scope of the Study

Market Segments covered in the Report:

By Industry

• Oil & Gas

• Water & Wastewater Treatment

• Metals & Mining

• Food & Beverage

• Chemical

• Power

• Automotive

• Pharmaceutical

• Semiconductor & Electronics

• Others

By Component

• Solution

o SCADA

o Vibration Monitoring

• Field Instruments

o Pressure Transmitters

o Temperature Transmitters

o Humidity Transmitters

o Level Transmitters

o Intelligent Flow Meters

o Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Emerson Electric Co.

• Honeywell International, Inc.

• Siemens AG

• Schneider Electric SE

• ABB Group

• General Electric (GE) Co.

• Rockwell Automation, Inc.

• Yokogawa Electric Corporation

• Fuji Electric Co., Ltd.

• Endress+Hauser AG

Unique Offerings

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06412079/?utm_source=GNW

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