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Market Share and Forecast Analysis of the Intelligent Remote Terminal Unit Market
Intelligent Remote Terminal Unit Global Market Report 2024
According to The Business Research Company's, The intelligent remote terminal unit market size has grown strongly in recent years. It will grow from $2.48 billion in 2023 to $2.64 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increasing adoption of automation solutions, growth in infrastructure projects, stringent regulations and standards, and rising concerns about energy consumption.
The intelligent remote terminal unit market size is expected to see strong growth in the next few years. It will grow to $3.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to growing investments in smart city projects, digital transformation and industry 4.0 initiatives, increasing focus on cybersecurity and resilience, and the integration of renewable energy sources. Major trends in the forecast period include integration with IoT and cloud platforms, advanced analytics and predictive maintenance, cybersecurity enhancements, edge computing capabilities, and remote monitoring and control.
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Market Drivers and Trends:
The increase in electricity consumption is expected to propel the intelligent remote terminal unit market going forward. Electricity consumption refers to the amount of electrical energy used by individuals, households, businesses, industries, and other entities within a specified period. Electricity consumption is increasing due to several factors, including weather, seasons, sunshine, wind, humidity, the number of people in a household, and technological advancements driving higher energy demands. Intelligent RTUs enhance electricity systems by efficiently monitoring and controlling remote equipment, ensuring reliability and swift response to faults. For instance, in December 2023, according to the Energy Information Administration, a US-based government agency, total U.S. electricity consumption in 2022 increased by 3.2% compared to 2021, with residential electricity sales up 2.6% and commercial sales up 4.7%. Therefore, the increase in electricity consumption is driving the growth of the intelligent remote terminal unit market.
Major companies operating in the intelligent remote terminal unit market are focused on developing innovative solutions, such as smart RTU controllers, to optimize energy efficiency and improve interoperability with other industrial systems. Smart RTU controllers are advanced devices used in industrial automation and control systems. These controllers integrate various functionalities to enable efficient monitoring, control, and management of remote equipment and processes. For instance, in August 2023, Schneider Electric, a France-based automation and energy management company, launched the 471i and 474i models, two new SCADAPack Smart RTU controllers. These controllers integrate an edge computing platform with a Linux open-source operating system, providing flexibility and efficiency for remote operations. They are designed to address common challenges in remote operations, comply with cybersecurity standards, and offer secure communication protocols. The SCADAPack controllers are built to withstand harsh environments and can operate in extreme temperatures.
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Major Key Players of the Market:
Siemens AG, General Electric Company, Cisco Systems Inc., Mitsubishi Electric Corporation, Schneider Electric, Honeywell International Inc., ABB Group, Toshiba Corporation, Eaton Corporation plc, Larsen & Toubro Electrical & Automation, Emerson Electric Co., Rockwell Automation Inc., Omron Corporation, TechnipFMC plc, Teledyne Technologies Incorporated, Yokogawa Electric Corporation, Phoenix Contact GmbH & Co. KG, Belden Inc., Advantech Co. Ltd., WAGO Kontakttechnik GmbH & Co. KG, National Instruments Corporation, Schweitzer Engineering Laboratories Inc., Krohne Group, Moxa Inc., Campbell Scientific Inc.
Intelligent Remote Terminal Unit Market 2024 Key Insights:
• The intelligent remote terminal unit market size is expected to see strong growth in the next few years. It will grow to $3.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Impact Of Rising Electricity Consumption On The Intelligent Remote Terminal Unit Market
• Innovative Solutions In The Intelligent Remote Terminal Unit Market
• North America was the largest region in the intelligent remote terminal unit market in 2023
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