Remote Monitoring and Control Market expected to reach $32.3 billion by 2027
Remote Monitoring and Control Market
The report "Remote Monitoring and Control Market by Type(Solutions (SCADA, Vibration Monitoring), Field Instruments (Level Transmitters, Pressure Transmitters, Temperature Transmitters, Intelligent Flow Meters)), Industry and Region - Global Forecast to 2027" The global remote monitoring and control market is foreseen to grow from USD 24.6 billion in 2022 to USD 32.3 billion by 2027, at a CAGR of 5.6% during 2022−2027. The surging demand for Industry 4.0 technologies in the process and manufacturing industries and the growing adoption of industrial mobility solutions across manufacturing industries are some major factors that are driving the growth of the remote monitoring and control market.
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Oil & gas segment is expected to account for the largest share remote monitoring and control market in 2022
Remote monitoring and control of data in the oil & gas industry include tracking parameters such as temperature, pressure, flow rate, tank level, voltage, amperage, and motor torque. The industry players have been implementing new automation and digital technologies to achieve high productivity, reduce waste, address labor shortages, and replace unhealthy, dangerous, and repetitive tasks. Field instruments such as intelligent flow meters, pressure transmitters, and temperature transmitters are used for remote monitoring and controlling oil and gas exploration and production. These instruments help maintain the near-real-time visibility of the pressure, temperature readings, and other relevant parameters.
SCADA solution segment is projected to register the highest CAGR in the remote monitoring and control market during the forecast period
SCADA systems are used by various manufacturers across numerous industries and applications to remotely monitor and automate the control of industrial processes and machines. SCADA software is the backbone of a SCADA system. The software system provides trending, diagnostic data and information and performs the task of monitoring and analyzing the data that is further useful to the system for communicating the system issues to the operator to lower the downtime. The main advantages of software offering are real-time data storage, continuous system monitoring, alarm checking, and management of confidential data. SCADA software helps the operator enhance the workflow, assist in faster decision-making, reduce errors, identify the cause of a problem, and improve plant operations.
US is expected to account for a significant share of North American market from 2022 to 2027
The US is projected to account for the major share of the North American remote monitoring and control market from 2022 to 2027. The rising demand for the SCADA system for industrial automation has revolutionized the US remote monitoring and control market. Major players in the remote monitoring and control market, such as Emerson Electric, Rockwell Automation, and Honeywell International, are based in the US and are constantly focused on improving their offerings to cater to the increasing demand from end-user industries.
Emerson Electric (US), Honeywell International (US), Siemens (Germany), Schneider Electric (France), and ABB (Switzerland) are the top five players in the remote monitoring and control market.