The Worldwide Remote Monitoring and Control Industry is Projected to Reach $32.3 Billion by 2027: Surging Adoption of Industry 4.0 Across Process and Manufacturing Industries Drives Growth


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 AttributeDetails
No. of Pages232
Forecast Period2022 - 2027
Estimated Market Value (USD) in 2022$24.6 Billion
Forecasted Market Value (USD) by 2027$32.3 Billion
Compound Annual Growth Rate5.6%
Regions CoveredGlobal

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

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Global Remote Monitoring and Control Market

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