Market Trends of Remote Monitoring and Control Industry
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.
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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.
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