The remote monitoring and control market is expected to reach USD 27.11 Billion by 2023, at a CAGR of 4.47% between 2017 and 2023. The growth of this market is propelled by various factors such as increasing demand for industrial automation, asset excellence, and requirement for industrial mobility in the process industry.
According to the new market research report "Remote Monitoring and Control Market By Solutions (SCADA and Emergency Shutdown System), Field Instruments (Pressure Transmitter, Temperature Transmitter, Humidity Transmitter, Level Transmitter, Flowmeter), Industry and Region–Global Forecast to 2023", the remote monitoring and control market is expected to be valued at USD 27.11 Billion by 2023, at a CAGR of 4.47% between 2017 and 2023.
Browse 66 Market Data Tables and 45 Figures spread through 155 Pages and in-depth TOC on "Remote Monitoring and Control Market - Global Forecast to 2023"
The key driving factors for the growth of the remote monitoring and control market are increasing demand for industrial automation and optimum utilization of assetsand rising demand for industrial mobility for remotely managing the industrial process.
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“Field instruments to hold the largest market share in the remote monitoring and control market during the forecast period”
Field instruments are basic building blocks for remote process parameters measurement such as mass flow, continuous level detection, point level detection, temperature, and pressure.
Thus, their wide acceptance across different processes in industries such as power, chemicals, food & beverages, pulp & paper, and oil & gas amassed huge installation base for them globally.
“Power industry is expected to drive the growth for SCADA and emergency shutdown system between 2017 and 2023 in remote monitoring and control market”
Resources used for power generation are limited, and hence the optimum utilization of those resources is of prime importance. Emphasis on industrial safety and health is expected to drive the growth of emergency shutdown system in the power industry.
Safety switches, safety valves, and safety sensors are widely used in the power industry. The application of SCADA systems in the power industry improves the productivity of the whole system by providing supervision and control.
Every process in the power industry requires temperature measurement for controlled operation of the process. Pressure transmitters are usually used inside coal processing unit to monitor pressure inside dryer units.
“Market in APAC is expected to drive the growth of remote monitoring and controls between 2017 and 2023”
APAC is an emerging market for remote monitoring and controls. Power, chemicals, and water and wastewater industry are expected to drive the growth of the market in APAC lead by China and India.
Growing energy demand, emphasis to conserve water, and firm regulation pertaining to industrial wastewater disposal are some key factors to foster the growth of the market in APAC.
The major players involved in this market include Emerson Electric Co. (US), Honeywell International Inc.
(US), Schneider Electric SE (France), ABB Ltd. (Switzerland), Rockwell Automation, Inc.
(US), Yokogawa Electric Corporation (Japan), Endress+Hauser AG (Switzerland), General Electric Co. (US), and Fuji Electric Co., Ltd.
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