Remote Monitoring and Control Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Field Instruments); By Industry; By Region; Segment Forecast, 2023 - 2032

Remote Monitoring and Control Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Field Instruments); By Industry; By Region; Segment Forecast, 2023 - 2032

The global remote monitoring and control market size is expected to reach USD 46.67 billion by 2032, according to a new study by Polaris Market Research. The report “Remote Monitoring and Control Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Field Instruments); By Industry; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Remote monitoring and control refer to the process of managing a system or process from a location that is not physically present. This process can include tasks such as starting or stopping a machine, viewing its current status, or adjusting its operating parameters remotely. Remote monitoring and control are important because it allows users to manage systems without having to be in direct contact with them, which can save time and improve efficiency by allowing operators to work from a central location.

Remote monitoring and control systems form the core of automating complex and extensive operations. They often integrate advanced digital and mechanical components that work together to efficiently manage, record, and respond to large volumes of data much faster and more reliably than a human ever could.

The government-imposed restrictions in response to the COVID-19 outbreak have given rise to concerns regarding the productivity, efficiency, and safety of industrial processes. However, factories are now gradually resuming their manufacturing activities and other services. As a result, it is anticipated that remote monitoring and control systems will be utilized to their fullest capacity. The pandemic has compelled businesses to explore advanced solutions to overcome the challenges posed by COVID-19. This, in turn, has led to increased adoption of remote monitoring and control systems across various industries. Consequently, the market has shown a steady recovery within a few months after the easing of restrictions implemented during the pandemic period.

Moreover, the continuous emphasis on sustainability and environmental accountability has driven the integration of remote monitoring and control systems. These systems enable businesses to enhance operational efficiency, maximize resource utilization, and swiftly address any challenges or irregularities. The evolution of technology plays a pivotal role in fostering the expansion of remote monitoring and control, aligning with the objectives of operational efficiency, environmental consciousness, and the requirement for adaptable and robust business strategies.

Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective coronary stent devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for coronary stents throughout the forecast period.

Remote Monitoring and Control Market Report Highlights

In 2022, the SCADA solution segment held the largest revenue share in 2022. SCADA systems remotely monitor and automate industrial processes and machinery, making them vital across various industries. SCADA software at the core of the system provides trending data diagnostic information and monitors and analyzes data to identify and communicate issues to operators promptly. SCADA software empowers operators to streamline workflow, make quicker decisions, reduce errors, pinpoint root causes, and enhance overall plant operations.

The food and beverage segment accounted for the fast growth during the forecast period. The food service industry is a perpetually evolving and highly dynamic sector. The incorporation of IoT technology within this domain enables businesses to reach higher levels of food safety, reduce waste, enhance traceability, and effectively manage costs and risks throughout various phases of food processing and packaging.

In 2022, North America dominated the largest market due to the growing demand for Supervisory Control and Data Acquisition (SCADA) systems in industrial automation has been a key driver behind the substantial expansion in this regional market. The presence of influential industry stakeholders and market leaders in North America has further fueled the market's growth and development in the region.

The Asia-Pacific accounted for the fastest growth in the market due to the surge in remote monitoring and control system adoption in nations like China, India, Japan, and South Korea has been driven by rising demands. Emerging economies like India and China seek more oil, and there's a pressing need for improved wastewater treatment. Consequently, governments are significantly increasing their investments in these sectors.

The global key market players include ABB, Dwyer Instruments, Emerson Electric, Endress+Hauser, Fuji Electric, General Electric, Honeywell International, Krohne Messtechnik, Rockwell Automation, Schneider Electric, Siemens, Yokogawa Electric.

Polaris Market Research has segmented the remote monitoring and control market report based on component, industry and region:

Remote Monitoring and Control, Component Outlook (Revenue - USD Billion, 2019 - 2032)

Solution

Vibration Monitoring

SCADA (supervisory control and data acquisition)

Field Instruments

Temperature Transmitters

Humidity Transmitters

Pressure Transmitters

Level Transmitters

Intelligent Flow Meters

Others

Remote Monitoring and Control, Industry Outlook (Revenue - USD Billion, 2019 - 2032)

Food and Beverages

Oil and Gas

Water and Washwater Treatment

Metals and Mining

Chemical

Automotive

Power

Semiconductor and Electronics

Pharmaceutical

Others

Remote Monitoring and Control, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa