COVID-19 – Update: Remote Monitoring and Control System Market was Estimated to be US$ 74,897.4 Mn in 2018 and is Growing at a CAGR of 10.3% Over the Forecast Period, Says Absolute Markets Insights
– Remote Monitoring and Control System Market Owing to Increasing Demand for Advanced Monitoring Systems as a Result of Progressing Automation in Industries
PUNE, India, April 20, 2020 /PRNewswire/ — Global remote monitoring and control system market was estimated to be US$ 74,897.4 Mn in 2018 and is expected to reach US$ 1,35,190.5 Mn by 2027 growing at a CAGR of 10.3% over the forecast period. The impact of industrialization on human civilization cannot be overstated. Economies in the West owe a significant amount of their economic wealth owing to the industrial revolution of the 18th and 19th century A.D. In 2016 the U.S., a government estimate suggests that there were around 11.1 million domestic factory workers. The higher number of workers demand the deployment of advanced remote control and monitoring systems. Penetration of automation in multiple industries including manufacturing, oil and gas, automobile, transport, and logistics, etc., are undergoing tremendous changes in government regulations, especially in the developed countries, mandate strict monitoring and control procedures in industrial facilities to mitigate the risk of environmental catastrophes and the loss of human lives. Rise in outbreak of global pandemic coronavirus or COVID-19 is increasing the demand for Remote Monitoring and Control System devices, leading to growth of global remote monitoring and control system market. In agriculture sector, for instance, farmers especially in developed regions are increasingly adopting the use of remote monitoring and control system systems to keep track of the farm crops due to COVID-19. Instruments such as soil monitoring systems, irrigation control systems, pest detection systems, etc., are making lives easier for farmers who are forced to stay home to reduce to the spread of COVID-19.
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Industrial IoT (IIoT), which is often called as Industry 4.0, is being helped by advances in edge computing and a range of advanced, smart sensors. Edge computing allows industries to collect data from sensors and perform the computations on the site, which in turn reduces latency time and increase accuracy. Communication between humans and machines are made easier in IIoT. Germany based global automation company Siemens AG provides tele-control and remote network solutions to industries to enhance machine-to-human and machine-to-machine communication. Rise in adoption of robots in industries including automotive and instrumentation, autonomous communication and security play a vital role to reduce potential hazards. Rise on COVID-19 is increasing the demand for robots across all sectors including healthcare. Thus rise in demand for robots is increasing the market size of global remote monitoring and control system market over the forecast period.
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The detailed research study provides qualitative and quantitative analysis of remote monitoring and control system market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- The energy and utilities industry is one among the most prominent in the global remote monitoring and control systems market. The higher emphasis on the protection of critical infrastructure plays a key role in this. As far as geography is concerned, the Asia Pacific region is expected to show the higher growth during the forecast years. This can be attributed to the advanced research and development technologies that are presently being deployed in the region.
- Some of the players operating in the remote monitoring and control system market are Honeywell International, Emerson Electric, Schneider Electric, ABB Ltd., Rockwell Automation, General Electric Co., Yokogawa Electric Corporation, Endress+Hauser AG, Fuji Electric Co. Ltd., Siemens, Robert Bosch, KROHNE Ltd., Sierra Instruments, Inc., VEGA Grieshaber KG, WIKA Alexander Wiegand SE & Co. KG, Hitachi Ltd., amongst others.
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Remote Monitoring and Control System Market:
- By Type
- Industrial Control Systems
- SCADA
- DCS
- PLC
- Field Devices
- Robotics
- Machine Vision
- Sensors
- Relays and Switches
- Motion and Drives
- Other
- Others
- By Industry
- Oil and Gas
- Construction & Building Control Automation
- Telecommunication
- Metals & Mining
- Power& Utilities
- Food and Beverages
- Water & Waste Water Management
- Agriculture
- Others
- By Geography
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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