The remote monitoring and control system accumulates various information types such as bytes, packets among others. The system also uses certain network devices and contains network management. It controls the network by using its servers and applications simultaneously. Factors such as growth in power industry and increasing in industrial automation are the factors boosting the growth of the remote monitoring and control market. The market is estimated to have a high growth rate over the forecast period.
Remote control network main focus is in the application of wireless communication technology. Also, remote monitoring assists network administrators to work efficiently with network infrastructure control and management. Monitoring and control can be explained as control of any system or network through automated procedures and which is generally controlled with a unit.
Remote monitoring and control system helps in efficient monitoring and controlling of processes across industries such as power generation, oil & gas, chemicals, and water and wastewater. Reasons influencing the growth of the remote monitoring and control market are growing demand for industrial automation, better utilization of assets and the increasing demand for industrial mobility for remotely managing the industrial process.
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Major Key Players
Honeywell International Inc. (US),
Emerson Electric Co. (US),
Rockwell Automation, Inc. (US),
Schneider Electric SE (France),
ABB Ltd. (Switzerland),
Yokogawa Electric Corporation (Japan),
General Electric Co. (US),
Fuji Electric Co., Ltd. (Japan) and Endress+Hauser AG (Switzerland)
According to Market Research Future Analysis, Remote Monitoring and Control Market has been valued at USD 23 billion by 2023 growing with 5% of CAGR during forecast period 2017 to 2023.
On the basis of component, the market has been bifurcated into solutions and instruments. Out of these field instruments is expected to grow over the forecast period majorly due to high implementation of these devices in the chemicals and food & beverage industry.
On the basis of end-user, the market has been segmented into power, chemicals, oil & gas, metals & mining, pharmaceuticals and water & waste water. Out of these end-users, power industry is expected to grow over the forecast period, majorly due to growing awareness of industrial safety. Also, the application of these solutions in the power industry improves the productivity of the whole system by providing supervision and control. It also, helps to measure the temperature for controlled operation process.
On the basis of region, the market has been bifurcated into North-America, Europe, Asia-Pacific and Rest of the world.
Regionally, North-America accounted for the largest market share majorly due to presence of large numbers of enterprises, increasing adoption of remote monitoring and control by the pharmaceuticals industry and increasing automation. However, Asia-Pacific region is expected to boost the growth of the remote monitoring and control market majorly due to rising demand for utilization of resources and to achieve excellence in various industries.
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