Remote Monitoring And Control Market Size Was Valued At $25.9 Billion In 2021

The global remote monitoring and control market witnessed a huge demand in Asia-Pacific followed by North America & Europe. Remote monitoring and control have evolved over the years. Remote monitoring and control, originally designed for dispersed manufacturing units, has evolved into a mainstream process owing to shortage of resources as well as a cost rationalization measure. The emergence of wireless technology has enabled easier and faster implementation of remote monitoring and control solutions.

In addition, lower costs for implementing remote monitoring and control solutions mobilize the market. A shortage of competent resources also contributes to the adoption of remote monitoring and control solutions as a single resource can monitor multiple machines or production lines, resulting in lower costs.

Early solutions were wired solutions that were connected to the PC. With the evolution of web technology, browser-based solutions gained prominence and enabled monitoring from remote locations. The emergence of high-speed mobile data technologies has enabled the implementation of solutions that can be accessed on smartphones and tablets through browsers or applications. Present solutions offer control through a Human Machine Interface (HMI) that is securely accessed through a virtual private network (VPN).

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Whether accessed through a web browser or an application, the user is able to monitor the working of the machine or the production line. Two-way communications between the machine and the user through the HMI also enables control of the machines from remote locations, thereby enabling smooth functioning of the equipment. There is a growth in popularity of app access as smart phone access is increase. App based access is easier compared to browser access through smartphones. App based access, for this reason, increase at a faster pace in the remote control and monitoring market.

According to a new report published by Allied Market Research, titled, "Remote Monitoring and Control Market," The remote monitoring and control market size was valued at $25.9 billion in 2021, and is estimated to reach $43.6 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031. Remote monitoring and control systems help in controlling activities of large and complex facilities such ad spacecraft, airports and factories with the help of automation. These systems require the use of sensors, user inputs and preprogrammed procedures in order to receive data and provide suitable actions.

Increase in industrial automation demand coupled with requirement of industrial mobility and asset excellence in the process industry is expected to propel the remote monitoring and control market during the forecast period. The sources used for power generation are limited and thus the optimum utilization of these non-renewable resources is of utmost importance. Emphasis on industrial safety and their health is anticipated to drive the emergency shutdown systems in the power industrial applications which in turn is expected to drive the growth of the market.

The SCADA(Supervisory Control and Data Acquisition) system is a type of remote monitoring and control system which is ideal for controlling and monitoring remote assets, such as pump stations, well pumps, automatic valves, water towers, or reservoirs. The adoption of SCADA systems is growing majorly for power industry as it is provides effective monitoring and control of field devices from the remote sites. In addition, each process in power sector requires temperature measurement for various controlled operations. Thus, this is controlled effectively through SCADA system. Thus, such benefits are growing the adoption of SCADA systems which further drives the remote monitoring and control market growth.

However, downfall in petroleum prices is one of the key restraining factors for remote monitoring and control market as it is adversely affecting the bottom lines of the major participants involved in the value chain of the oil and gas industry. These factors, therefore, are expected to halt the investments in oil and gas industry which shall further impact the remote monitoring and control systems market globally.

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Power monitoring and connectivity, on the contrary, unite in fight against downtime as reducing downtime involves the remote control and monitoring. Most of the electrical components such as trip units, and meters can be connected by increasing their ability to provide alerts via email or on smartphones for efficiently handling the operations. The operators can access the historical and real-time information to find the alarm causes and eliminating it. Systems coupled with automatic control capabilities can immediately take responsive steps to restore the power and preserve the loads while analyzing the problems. Technological advancements of these systems are thus expected to offer lucrative remote monitoring and control market opportunities.

The remote monitoring and control market growth analysis is segmented into action, type, end user, and region. On the basis of action, the market is categorized into monitoring and control. On the basis of type, the market is fragmented into solutions and field instruments. On the basis of end user it is fragmented into oil & gas, power generation, food & beverage, water & wastewater and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2021.

The key players profiled in the remote monitoring and control market revenue analysis include ABB Ltd., Cummins, Danfoss A/S, Emerson Electric Co., Endress+Hauser AG, Fuji Electric Co., Ltd., General Electric Co., Hitachi Ltd, Honeywell International Inc., ICONICS, Inc, ITarian LLC, KRONE Messtechnik GmbH, Larsen & Toubro Limited, Leo Tech, Rockwell Automation, Inc., Schneider Electric SE and Yokogawa Electric Corporation

The global remote monitoring and control market witnessed significant growth in the past decade, owing to rise in demand for compact and lightweight packaging in various sectors such as foods & beverages and pharmaceuticals. There is an expansion of business by number of players globally, owing to increased customer base, enhanced effective operations, and developed product portfolios. This is anticipated to fuel growth of the global remote monitoring and control industry.

Key findings of the study

The report provides an extensive analysis of the current and emerging global remote monitoring and control market trends and dynamics.
By action, the monitoring printing segment was the largest revenue generator in 2021.
By type, the solutions segment generated the highest revenue in 2021.
By end user, the others segment dominated the market in 2021.
Region-wise, Asia-Pacific is anticipated to dominate the global remote monitoring and control market share during the forecast period.
The report provides an extensive analysis of the global remote monitoring and control market factor analysis.
The global remote monitoring and control market forecast analysis from 2022 to 2031 is included in the report.

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