Remote Monitoring and Control Global Market Report 2024

The remote monitoring and control market size has grown strongly in recent years. It will grow from $27.68 billion in 2023 to $29.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth experienced in the historic period can be attributed to several factors, including industry automation and efficiency, a heightened demand for real-time monitoring, cost savings, and resource optimization, the increasing complexity in industrial processes, as well as a notable focus on safety and compliance.

The remote monitoring and control market size is expected to see strong growth in the next few years. It will grow to $37.95 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The projected growth in the forecast period can be attributed to digital transformation initiatives, the integration of Internet of Things (IoT) and data analytics, a heightened focus on sustainability and energy efficiency, the expansion of the industrial internet, and an increased emphasis on resilience and business continuity. Major trends expected in the forecast period include integration with 5G technology, a heightened focus on remote asset management, the adoption of augmented reality (AR) for remote assistance, the implementation of remote monitoring in agriculture, and a growing emphasis on regulatory compliance in remote monitoring solutions.

The increasing demand for automation is anticipated to propel the growth of the remote monitoring and control market in the foreseeable future. Automation involves the use of technology to minimize human intervention in task completion. Remote monitoring and control play a vital role in automated systems by offering a secure method to supervise potentially hazardous machinery and other systems. The rising requirement for automation is expected to drive the demand for remote monitoring and control solutions. For example, as of December 2022, 76% of businesses are reported to utilize automation for standardizing or automating daily workflows, while 58% use automation for data/reporting in planning, and 36% leverage it for regulatory or compliance purposes, according to Paperform, an Australia-based online form builder. Additionally, a report from the World Economic Forum in October 2020 revealed that over 80% of global corporate leaders were expanding the use of remote work and accelerating work process automation in 2020. Worldwide, 50% of business managers intended to automate routine tasks in their organizations. Hence, the growing need for automation is a key driver for the remote monitoring and control market's growth.

The increasing adoption of the Internet of Things (IoT) is expected to contribute to the growth of the remote monitoring and control market. IoT adoption refers to the widespread integration and utilization of IoT technologies across various industries and sectors. The extensive adoption of IoT technologies, facilitating seamless connectivity and communication between devices, is a significant factor propelling the expansion of remote monitoring and control solutions. As of March 2023, the Internet of Things News, a UK-based news platform, reported that the IoT installed base reached 42.62 billion in 2022 and is anticipated to further accelerate, with growth expected to reach 75.44 billion by 2025. Consequently, the growing adoption of IoT is a driving force behind the growth of the remote monitoring and control market.

Technological advancement stands out as a prominent trend gaining traction in the remote monitoring and control market. Major companies within this market are strategically focusing on the development of cutting-edge technologies to fortify their market positions. For instance, in March 2021, Meech International, a UK-based manufacturer of static control equipment and web cleaning systems, introduced the SmartControl Touch as its latest remote monitoring solution. This innovative tool allows users to efficiently manage and monitor multiple connected Hyperion ionizing bars and sensors remotely, using smartphones, tablets, or desktop computers. SmartControl Touch, equipped with a 10"" integrated touch screen, supports Meech voltage and distance sensors, enables data logging, and aligns with the advancements in Industry 4.0 technology, contributing to enhanced efficiency and quality output for businesses.

Major companies in the remote monitoring and control market is the development of groundbreaking solutions such as bioreactor control software. Bioreactor control software, specialized computer programs or applications, is designed for monitoring, controlling, and optimizing bioreactor operations. For example, in November 2023, The Cultivated B. GmbH, based in Germany, introduced a next-generation bioreactor remote monitoring and control software. This software offers a real-time, application-specific, personalized user interface for AUXO V bioreactors, accompanied by advanced remote accessibility features. Representing a significant advancement in the cultivated meat industry, the software ensures unparalleled convenience, flexibility, and efficiency, catering to both expert and non-expert users involved in managing bioprocesses.

In September 2022, MOBILTEX, a US-based provider of innovative field and cloud-connected technologies, acquired GCR Tech Limited for an undisclosed amount. This acquisition is expected to synergize Mobiltex's IIoT technology with GCR Tech's expertise in pressure management and product quality. GCR Tech's capabilities will empower Mobiltex to offer innovative pressure measurement and remote monitoring solutions to their primary clients. GCR Tech, headquartered in the UK, specializes in manufacturing pressure measurement and remote monitoring solutions.

Major companies operating in the remote monitoring and control market report are 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, ITarian LLC, Leo Tech LLC, Fuji Electric Co. Ltd., ICONICS Inc., KROHNE Messtechnik GmbH, SICK AG, ProSoft Technology Inc., Novatech Measurements Limited, Toshiba Corporation.

Asia-Pacific was the largest region in the global remote monitoring and control market in 2023. 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. The countries covered in the remote monitoring and control market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The major classifications within remote monitoring and control include solutions and field instruments. Solutions represent tangible business outcomes providing quantifiable value to clients. These encompass monitoring and control actions applicable in industries such as oil and gas, chemical, water and wastewater treatment, metals and mining, food and beverages, power, automotive, pharmaceuticals, among others.

The remote monitoring and control market research report is one of a series of new reports that provides remote monitoring and control market statistics, including remote monitoring and control industry global market size, regional shares, competitors with a remote monitoring and control market share, detailed remote monitoring and control market segments, market trends and opportunities, and any further data you may need to thrive in the remote monitoring and control industry. This remote monitoring and control market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The remote monitoring and control market consists of sales of sensors, detectors, actuators, modules, and other related products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.