According to a new report, published by KBV research, The Global Remote Monitoring and Control Market size is expected to reach $33.3 billion by 2028, rising at a market growth of 5.2% CAGR during the forecast period.
The Oil & Gas segment acquired maximum revenue share in the Global Remote Monitoring and Control Market by Industry in 2021 thereby, achieving a market value of $6.6 billion by 2028. Remote monitoring and control statistics in the oil & gas industry comprise tracking parameters like pressure, temperature, tank level, flow rate, amperage, motor torque, and voltage. The companies in oil & gas industry are largely implementing digital technologies & new automation to attain high efficiency, address the shortage of labour, unsafe, and repetitive tasks.
The Field Instruments segment is showcasing a CAGR of 6.6% during (2022 - 2028). Remote monitoring systems check the state of field instruments continuously and connect this data to the main site, where it could be sent to others or used by those who have proper authorization. These are crucial component to gather and analyse data that is communicated to cloud at the organizational level. The market in this segment is growing due to the wide application of field instruments.
The North America market dominated the Global Remote Monitoring and Control Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $11.6 billion by 2028. The Europe market is exhibiting a CAGR of 5% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 5.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/remote-monitoring-and-control-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Emerson Electric Co., Honeywell International, Inc., Siemens AG, Schneider Electric SE, ABB Group, General Electric (GE) Co., Rockwell Automation, Inc., Yokogawa Electric Corporation, Fuji Electric Co., Ltd., and Endress+Hauser AG.
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