Remote Monitoring and Control Market By Action (Monitoring, Control), By Type (Solutions, Field instruments), By End user (Oil and gas, Power generation, Food and beverage, Water and wastewater, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global remote monitoring and control market was valued at $25,852.3 million in 2021, and is projected to reach $43,609.6 million by 2031, registering a CAGR of 5.3% from 2022 to 2031. The monitoring segment is estimated to reach $17,638.1 million by 2031, at a significant CAGR of 5.0% during the forecast period. Remote monitoring and control (M&C) systems are designed to control large or complex facilities such as factories, power plants, network operations centers, airports, and spacecraft, with some degree of automation. M&C systems may receive data from sensors, telemetry streams, user inputs, and pre-programmed procedures.
The growth of remote monitoring and control market size is driven by increase in prevalence of lifestyle disorder, increase in usage of remote patient monitoring devices, and an increase in the geriatric population. Remote monitoring devices are becoming more popular across the globe since they are simple to use and can be utilized by people of all ages. Furthermore, geriatric population is more prone to chronic disorders, hence, remote patient devices are used by them. According to the World Population Ageing 2020 study, in 2020, there were $703 million individuals aged 65 and above across the globe. In 2050, this population is expected to increase to $1.5 billion. Globally, the proportion of people aged 65 and above surged from 6% in 1990 to 9% in 2019, with a projected growth rate of 16% in 2050.
However, government rules, reimbursement concerns, lack of awareness, and exorbitant expenses, on the other hand, hinder the market expansion.Technological improvements, on the contrary, are projected to provide profitable prospects for market players in the future.
The remote monitoring and control market is segmented into action, type, end user, and region. On the basis of action, the market is categorized into monitoring and control. On the basis of type, the market is fragmented into solutions and field instruments. On the basis of end user, the market isis fragmented into oil & gas, power generation, food & beverage, water & wastewater and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The COVID-19 pandemic forced many companies in the global remote monitoring and control market to halt business operations for a short term to comply with new government regulations, to curb the spread of the disease. This halt in operations directly impacted revenue flow of the global remote monitoring and control market. In addition, there was a halt in manufacturing of industrial products, owing to lack of raw materials and manpower in the lockdown period. Furthermore, no new consignments were received by companies that operate in this sector. Hence, halt in industrial activities and lockdowns for several months has negatively affected the global remote monitoring and control market, and the market is anticipated to witness a slow recovery during the forecast period.
The key players profiled in the remote monitoring and control market report include ABB Ltd., Cummins, Danfoss A/S, Emerson Electric Co., Endress+Hauser AG, Fuji Electric Co., Ltd., General Electric Co., Hitachi Ltd, Honeywell International Inc., ICONICS, Inc, ITarian LLC, KRONE Messtechnik GmbH, Larsen & Toubro Limited, Leo Tech, Rockwell Automation, Inc., Schneider Electric SE and Yokogawa Electric Corporation.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the remote monitoring and control market analysis from 2021 to 2031 to identify the prevailing remote monitoring and control market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the remote monitoring and control market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global remote monitoring and control market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Action
Monitoring
Control
By Type
Solutions
Field instruments
By End user
Oil and gas
Power generation
Food and beverage
Water and wastewater
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Rest Of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest Of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Cummins, Inc.
DANFOSS A/S
Emerson Electric Co.
Endress+Hauser AG
Fuji Electric Co., Ltd.
ABB Ltd
General Electric Co. (GE)
Hitachi,Ltd
Honeywell International Inc.
ICONICS, Inc.
ITarian LLC
KROHNE Messtechnik GmbH
Larsen & Toubro Ltd
Leo tech
Rockwell Automation, Inc.
Schneider Electric SE
Yokogawa Electric Corporation
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