How Has the Remote Monitoring And Control Market Size Evolved in Recent Years?
The remote monitoring and control market has seen considerable growth due to a variety of factors.
• The size of the remote monitoring and control market has seen robust growth in the past few years. It is projected to escalate from $29.15 billion in 2024 to $30.85 billion in 2025, marking a compound annual growth rate (CAGR) of 5.8%.
Factors such as industry automation and efficiency, the need for real-time monitoring, cost reduction and resource allocation, an increase in sophistication of industrial processes, and a concentration on safety and compliance have contributed to the surge in growth during the historic period.
How Does the Forecast Look for the Remote Monitoring And Control Market?
The remote monitoring and control market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of remote monitoring and control is predicted to witness robust growth over the next few years, expanding to $40.74 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 7.2%.
The anticipated growth during the forecast period is a result of various factors such as digital transformation initiatives, IoT and data analytics integration, emphasis on sustainability and energy efficiency, the proliferation of the industrial Internet, resilience and business continuity. Noteworthy trends predicted for the forecasting period include the incorporation of 5G technology, focus on remote assets management, utilization of augmented reality (AR) for remote assistance, remote surveillance in agricultural sector, and regulatory compliance in remote monitoring solutions.
What Are The Leading Drivers Of Growth In The Remote Monitoring And Control Market?
The growing demand for automation is predicted to fuel the expansion of the remote monitoring and control market in the future. Automation is a technology that minimizes human involvement to accomplish tasks. Remote monitoring and control plays a pivotal role in any automated system as it offers a safe method to monitor potentially hazardous equipment and other systems. The escalating need for automation will create a need for remote monitoring and control solutions. For example, as reported by Paperform, an online form builder based in Australia, in December 2022, 76% of businesses were using automation to standardize or automate daily workflows, 58% were using it for data/reporting in planning, and 36% used it for regulatory or compliance purposes by 2022. Thus, the growing necessity for automation is propelling the expansion of the remote monitoring and control market.
How Are The Segments Defined Within The Global Remote Monitoring And Control Market?
The remote monitoring and control market covered in this report is segmented –
1) By Type: Solutions, Field Instruments
2) By Action: Monitoring, Control
3) By Industry: Oil And Gas, Chemical, Water And Wastewater Treatment, Metals And Mining, Food And Beverages, Power, Automotive, Pharmaceutical, Other Industries
Subsegments:
1) By Solutions: Cloud-Based Solutions, Software Applications
2) By Field Instruments: Sensors, Actuators, Controllers
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How Are New Trends Expected To Influence The Growth Of The Remote Monitoring And Control Market?
Leading firms in the remote monitoring and control market are prioritizing the development of innovative technologies, such as automation platforms, to maintain their market dominance. To illustrate, Emerson, an American IT solutions provider, rolled out Ovation 4.0 in July 2024. This significant upgrade to their automation framework is designed to improve operational capabilities in the power and water industries. The upgraded version utilizes a software-defined structure that harnesses data and artificial intelligence (AI) to address crucial issues faced by utilities and modernize their operations. Ovation 4.0 enhances reliability and performance, allowing utilities to more efficiently manage a broad array of energy resources, both conventional and renewable.
Who Are the Key Players in the Remote Monitoring And Control Market?
Major companies operating in the remote monitoring and control market include:
• Siemens AG
• General Electric Company
• Cisco Systems Inc.
• Mitsubishi Electric Corporation
• Schneider Electric
• Honeywell International Inc.
• ABB Ltd
• Schlumberger Limited
• Johnson Controls International plc
• Larsen & Toubro Ltd.
• Eaton Corporation plc
• Texas Instruments Incorporated
• Nidec Corporation
• Emerson Electric Co
• Bosch Rexroth AG
• Rockwell Automation Inc.
• OMRON Corporation
• Fanuc Corporation
• Teledyne Technologies Incorporated
• Phoenix Contact GmbH & Co KG
• Sensata Technologies Inc.
• Endress+Hauser Group Services AG
• Yokogawa Electric Corporation
• Advantech Co Ltd.
• National Instruments Corporation
• Fuji Electric Co Ltd.
• ICONICS Inc.
• KROHNE Messtechnik GmbH
• SICK AG
• ProSoft Technology Inc.
• Novatech Measurements Limited
• Toshiba Corporation
What Is The Most Dominant Region In The Remote Monitoring And Control Market?
Asia-Pacific was the largest region in the global remote monitoring and control market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global remote monitoring and control market during the forecast period. The regions covered in the remote monitoring and control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
