Remote Monitoring and Control Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Remote Monitoring and Control Market Analysis
The global remote monitoring and control market is expected to register a CAGR of 4.6% over the forecast period (2022-2027). The growth of the market is attributed to the factors such as increasing demand for industrial automation and the growing need for industrial mobility in process industry applications.
- Remote monitoring is important in predictive maintenance practices to avoid unplanned downtime and equipment failures. Various instruments such as IoT sensors, control valves, and speed drives are used to track, analyze and control the status and performance of critical assets like motors, pumps, conveyors, and others. It also enables a proactive quality control approach to identify and prevent defects much earlier in the process for peak production rates and repeatability alongside reduced costs and waste.
- The demand for process control applications is growing rapidly with the integration of SCADA using field instruments and mobility solutions such as smartphones, tablets, and other solutions leading to the growth of the remote monitoring and control market in the industries such as oil & gas, power generation, chemical, and others.
- Furthermore, the optimum utilization of assets with the use of remote monitoring and control systems in the industrial process control may propel the market over the forecast period. However, the difficulty in implementing the solutions is restraining the Remote Monitoring and Control Market.
- The Covid-19 pandemic has increased the concern for efficiency, productivity, and safety of industrial processes due to the restrictions implied by the government. It forced companies to innovate solutions to stay resilient during a challenging time, which helps in achieving better control over production processes and gaining better process efficiency with the use of remote monitoring and control systems.
Remote Monitoring and Control Market Trends
This section covers the major market trends shaping the Remote Monitoring & Control Market according to our research experts:
Water and Wastewater Industry to Grow Rapidly
- The process control solutions of water and wastewater industry provides comprehensive view of the plant by integrating data from all plant areas and systems, including remote SCADA systems. With such solutions plant operators get response to the changing conditions and improve plant safety and uptime.
- The vendors in the market, such as ABB Ltd., provide remote process control solutions for the water processes like desalination, water pumping, distribution irrigation, industrial water treatment, wastewater treatment, waterways, and coastal protection. Further, the existing water systems are strained with the rapidly growing population and urbanization. Thus, the government in several countries is working on restructuring existing water systems and investing heavily in new projects.
- For instance, in December 2021, the Intergovernmental Affairs, Infrastructure, and Communities Ministers of Canada and British Columbia announced more than USD 19.2 million in joint funding for four projects in British Columbia to support drinking water and wastewater infrastructure and to upgrade the existing wastewater treatment facilities or constructs new drinking water facilities to enhance water capacity, comply with provincial standards, improve surface water quality, and protect the surrounding environment.
- Furthermore, in July 2021, the United States Department of Agriculture (USDA) announced that it is investing USD 307 million to modernize rural drinking water and wastewater infrastructure in 34 states and Puerto Rico. Such investments in the water and wastewater treatment infrastructure by the governments are providing thrust for the growth of remote monitoring and control market.
Asia Pacific to Register a Significant Growth Rate
- The Remote Monitoring and Control market in Asia-Pacific region is expected to grow significantly owing to the rising investments in power generation, chemical, water and wastewater management industries. For instance, in November 2021, The Asian Development Bank (ADB) approved a USD 161 million loan to help develop an integrated wastewater management system in Tashkent Province in Uzbekistan that will improve access to reliable water supply and sanitation services.
- The energy concern in the region is also boosting the adoption of the remote monitoring and control across many industries, hence further driving the market growth. According to the International Energy Agency (IEA) report 2022, the electricity demand in 2021 is increased by 8% from a low of 2% in 2020 in the Asia Pacific region and mostly driven by China and India, both up around 10%.
- The control systems in China have emerged across various fields, like the power generation, oil and gas, water and wastewater management and municipal sectors. Due to the deep integration of information technology and industry and the rapid development of the Internet of Things, the networked control system is becoming the development trend of industrial automation in China.
- Moreover, the growing industrialization in the region across developing countries such as China, India, and Japan and the inclination of these industries towards automation for their processes to reduce energy consumption and increase process efficiency with the implementation of advanced monitoring and control systems are further propelling the market growth.
Remote Monitoring and Control Industry Overview
The Remote Monitoring and Control Market is competitive and is fragmented by nature. The market vendors are focusing on expanding their customer base across globally. The companies are leveraging strategic collaborative initiatives to increase market share and profitability. Key players are Emerson Electric Co., Honeywell International Inc., Schneider Electric SE, and others. Key developments in the market are -
- December 2021 - Yokogawa Electric Corporation released OpreX Managed Service - Cloud edition, solution that supports remote monitoring and maintenance of OT/IT field assets using a cloud platform provided by Yokogawa. By visualizing information on each device's performance, reliability, and security for the entire plant system.
Remote Monitoring and Control Market Leaders
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Emerson Electric Co.
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Honeywell International Inc.
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Schneider Electric SE
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General Electric Co.
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ABB Ltd.
*Disclaimer: Major Players sorted in no particular order
Remote Monitoring and Control Market News
- November 2021 - Rockwell Automation introduced new remote access solution that includes 'The FactoryTalk Remote Access cloud-based software' which allows OEMs to manage, configure and initiate secure connections to a customer's equipment and 'The Stratix 4300 remote access router' which is installed at the customer's site to provide remote access to the equipment.
- April 2021 - Honeywell has introduced BluTag 360 data-monitoring solution that leverages machine learning and blockchain technology to capture critical shipping-condition data of temperature-sensitive goods ranging from pharmaceuticals and perishables to electronics and can even help address counterfeiting problems that can arise while goods are in transit.
Remote Monitoring and Control Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porters Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Demand for Industrial Automation
5.1.2 Increased Demand for Industrial Mobility for Remotely Managing the Process Industry
5.2 Market Challenges
5.2.1 High Cost and Compliacted in Installation
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Solutions
6.1.2 Field Instruments
6.2 By End-user Industry
6.2.1 Oil and Gas
6.2.2 Power Generation
6.2.3 Chemical
6.2.4 Metals & Mining
6.2.5 Water and Wastewater
6.2.6 Food & Beverages
6.2.7 Pharmaceuticals
6.2.8 Pulp & Paper
6.2.9 Other End-user Industries
6.3 By Geography
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.2 Europe
6.3.2.1 Germany
6.3.2.2 United Kingdom
6.3.2.3 France
6.3.2.4 Rest of Europe
6.3.3 Asia Pacific
6.3.3.1 China
6.3.3.2 India
6.3.3.3 Japan
6.3.3.4 Rest of Asia Pacific
6.3.4 Latin America
6.3.4.1 Brazil
6.3.4.2 Mexico
6.3.4.3 Rest of Latin America
6.3.5 Middle East and Africa
6.3.5.1 United Arab Emirates
6.3.5.2 Saudi Arabia
6.3.5.3 Rest of Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Emerson Electric Co.
7.1.2 Honeywell International Inc.
7.1.3 Schneider Electric SE
7.1.4 General Electric Co.
7.1.5 ABB Ltd.
7.1.6 Rockwell Automation, Inc.
7.1.7 Yokogawa Electric Corporation
7.1.8 Endress+Hauser AG
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Remote Monitoring and Control Industry Segmentation
Remote monitoring tracks a machine's real-time data by allowing operators to track performance metrics such as data, vibrations, pressure, speed, temperature, voltage, etc., without being physically present at the equipment's location. The Remote Monitoring and Control Market is segmented By Type (Solution, Field Instruments), By End-user Industry (Oil and Gas, Power Generation, Chemical, Metals & Mining, Water and Wastewater, Food & Beverages, Pharmaceuticals, Pulp & Paper), and Geography.
| By Type | |
| Solutions | |
| Field Instruments |
| By End-user Industry | |
| Oil and Gas | |
| Power Generation | |
| Chemical | |
| Metals & Mining | |
| Water and Wastewater | |
| Food & Beverages | |
| Pharmaceuticals | |
| Pulp & Paper | |
| Other End-user Industries |
| By Geography | ||||||
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Remote Monitoring and Control Market Research FAQs
What is the current Remote Monitoring and Control Market size?
The Remote Monitoring and Control Market is projected to register a CAGR of 4.60% during the forecast period (2024-2029)
Who are the key players in Remote Monitoring and Control Market?
Emerson Electric Co., Honeywell International Inc., Schneider Electric SE, General Electric Co. and ABB Ltd. are the major companies operating in the Remote Monitoring and Control Market.
Which is the fastest growing region in Remote Monitoring and Control Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Remote Monitoring and Control Market?
In 2024, the North America accounts for the largest market share in Remote Monitoring and Control Market.
What years does this Remote Monitoring and Control Market cover?
The report covers the Remote Monitoring and Control Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Remote Monitoring and Control Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Remote Monitoring and Control Industry Report
Statistics for the 2024 Remote Monitoring and Control market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Remote Monitoring and Control analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
