Dublin, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global remote monitoring and control market is projected to grow from USD 24.6 billion in 2022 to USD 32.3 billion by 2027, at a CAGR of 5.6% during 2022 and 2027.
The significant growth in demand for industrial mobility solutions and the rising deployment of AI and IoT across several manufacturing industries are some of the notable factors supporting the growth of the remote monitoring and control market.
Field instruments to account for largest share of remote monitoring and control market in 2022
Monitoring and maintaining process variables are critical for automating industries and operations of various process control solutions deployed in them. These process variables are measured with the help of field instruments to control different automation processes. Field instruments are used to track several parameters such as temperature, flow, pressure, and level, among others, to control them whenever required and further enhance plant's productivity, efficiency, and flexibility in terms of output.
Semiconductor & electronics industry to grow at highest CAGR during the forecast period
The diverse products provided by the semiconductor & electronics industry include electric motors and machines, household appliances, electronic measuring systems, and medical and optical equipment. Semiconductor manufacturers have hundreds of tools in each fabrication, with each tool generating terabytes of data on its own. With AI-based systems and solutions, it becomes possible for manufacturers to analyze this data, which enables the identification of the smallest functional anomalies. Remote monitoring solutions such as SCADA enable manufacturers to systematically analyze processes at every production stage and assist manufacturers in optimizing operations.
Asia-Pacific expected to grow at highest CAGR in remote monitoring and control market during 2022-2027
Ongoing technological innovations and the increasing adoption of automation technologies in various industries are leading to the market growth in Asia-Pacific. The major industries adopting remote monitoring and control solutions are chemical, oil & gas, semiconductor & electronics, and automotive.
Asia-Pacific has emerged as a global automotive manufacturing hub. Hence, motor vehicle suppliers such as Volkswagen, Toyota Motor Corporation, Renault-Nissan Alliance, Daimler, and local manufacturers such as Tata Motors and Mahindra and Mahindra have invested in automating their automobile production sites which in turn is expected to support the market growth.
Report Metrics
| Report Attribute | Details |
| No. of Pages | 232 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $24.6 Billion |
| Forecasted Market Value (USD) by 2027 | $32.3 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Surging Adoption of Industry 4.0 Across Process and Manufacturing Industries
- Rising Demand for Mobility Solutions for Remote Handling of Industrial or Business Processes
- Progressive Deployment of AI and IoT Across Manufacturing Industries
Restraints
- Fluctuation in Oil Prices
- High Costs Associated with Installation and Maintenance of SCADA Systems
Opportunities
- Industrial Requirement to Integrate Field Instruments with SCADA Systems
- Growing Trend of Augmented Reality (AR)
Challenges
- Vulnerability of SCADA Systems to Cyberattacks
- Increasing Complexity of Safety Applications
Companies Mentioned
- ABB
- Advantech
- Antares Technology
- ARB Midstream
- Brooks Instrument
- Detechtion Technologies
- Emerson Electric
- Endress+Hauser
- Flowtech Measuring Instruments
- Fuji Electric
- General Electric
- Globalogix
- Honeywell International
- Itarian
- Leotech
- M B Control & Systems
- Proserv
- Rockwell Automation
- Rubicon Water
- Schneider Electric
- Siemens
- Sierra Instruments
- Teracom
- Vega Grieshaber KG
- Willowglen Systems
- Yokogawa Electric
For more information about this report visit https://www.researchandmarkets.com/r/lp1liu-remote?w=12
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
