Global Remote Monitoring and Control Market Size Set to Cross USD 35 Billion by 2029

Published | 11 April 2023

Global remote monitoring and control market is flourishing because of increasing demand for industrial automation and Rising adoption of Industry 4.0 across process and manufacturing industries.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global remote monitoring and control market size at USD 24.25 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global remote monitoring and control market size to grow at a significant CAGR of 5.78% reaching a value of USD 35.53 billion by 2029. Major growth factors of global remote monitoring and control market include an increasing need for automation in different industries and the growing demand for mobility in industrial applications associated with the process industry. The use of field instruments for SCADA implementation and the adoption of mobility solutions, such as smartphones and tablets, have led to a rapid increase in demand for process control applications. This has resulted in the growth of the remote monitoring and control market in industries like oil & gas, power generation, chemical, and others. Also, the market for industrial process control is expected to experience significant growth during the forecast period due to the efficient use of assets with the help of remote monitoring and control systems. However, the high cost associated with installation and maintenance is anticipated to hinder the overall market during the forecast period.

Global Remote Monitoring and Control Market – Overview

The remote monitoring and control market refers to the industry involved in providing technologies and services for remote monitoring, management, and control of industrial processes and systems. This includes hardware and software solutions for the monitoring and control of industrial equipment, such as sensors, actuators, and controllers, as well as communication technologies and platforms for remote data transmission and analysis. The market serves a wide range of industries, including manufacturing, energy & utilities, healthcare, and transportation, to improve efficiency, safety, and cost-effectiveness of their operations.

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Impact of COVID-19 on Global Remote Monitoring and Control Market

COVID-19 pandemic had a detrimental impact on the remote monitoring and control market worldwide, as government-imposed restrictions have raised concerns about the productivity, efficiency, and safety of industrial processes. However, factories have started to resume their manufacturing activities and other services, which is expected to lead to the increased use of remote monitoring and control systems to their fullest capacity. The pandemic period has also forced businesses to use advanced solutions to overcome the obstacles resulting in the adoption of remote monitoring and control systems across various industries. As a result, the market has gradually recovered from the effects of the pandemic period within a few months after the lifting of restrictions.

Global Remote Monitoring and Control Market – By Industry

Based on industry, global remote monitoring and control market is divided into Oil & Gas, Power Generation, Chemical, Metals & Mining, Water & Wastewater, and Food & Beverages. The water & wastewater segment held the highest share in the global remote monitoring and control market. Integrated process control solutions in the water & wastewater industry provide a comprehensive view of the entire plant by integrating data from various areas and systems, including remote SCADA systems. This integration enables plant operators to respond to changing conditions promptly and improve plant safety and uptime. Companies such as ABB Ltd. offer remote process control solutions for a range of water processes, such as desalination, water pumping, distribution irrigation, industrial water treatment, wastewater treatment, waterways, and coastal protection. The existing water systems are under strain due to rapid population growth and urbanization, prompting governments in several countries to restructure existing systems and invest heavily in new projects. The food & beverages segment holds the second highest share. It is a continuously evolving and dynamic industry, and the use of IoT helps business in this industry to achieve high levels of food safety, reduce wastage, improve traceability, and lower costs and risks in various stages of food processing and packaging.

Competitive Landscape

Major players operating in global remote monitoring and control market include ABB, Siemens, Honeywell International Inc., Emerson Electric Co., Yokogawa Electric Corporation, GENERAL ELECTRIC, Schneider Electric, Rockwell Automation Inc., Fuji Electric Co., Ltd., Endress+Hauser Management AG, KROHNE Ltd., Azbil Corporation, Brooks Instrument, Danfoss A/S, HIMA, ICONICS, Inc., and Hitachi Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Remote Monitoring and Control Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Remote Monitoring and Control Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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