The Europe Remote Monitoring and Control Market would witness market growth of 5.0% CAGR during the forecast period (2022-2028).
Remote monitoring and control solutions have quickly developed technologically with the development of communication technology. As there is an increased focus on industrial automation and efficient use of resources, it is seen that there is a growing awareness of energy efficiency and the need for remote control in industrial operations.
The market is expected to encounter significant expansion as there is an increase in demand for remotely managed assets and the growing acceptance of industrial automation drive for maximum utilization of resources. These technologies offer an increase in productivity & security, by saving time and providing insights for remote management of monitoring systems.
Moreover, the remote monitoring and control systems are used by companies to collect information on the energy consumption, power output, running time, material consumption, and operating temperature of machines installed in the facilities. There is a massive demand for remote monitoring and control solutions due to the implementation of automation across industries like oil & gas, automation, and manufacturing, Also, changes in rules & regulations creates need for strict control and monitoring to ensure worker’s safety along with environmental protection.
In 2019, the UK government has issued the AI sector Deal, outlining a budget of over USD1.3 billion to support the sector’s expansion. The government has also proclaimed a new strategy to make the UK a worldwide center for the commercialization, adoption, and development of AI. The ecological transformation of France economy has been outlined in “France Revival Plan 2030.” France would largely invest in advanced and innovative technologies with the aim of being the first European nation to reach carbon neutrality in 2050.
The Germany market dominated the Europe Remote Monitoring and Control Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,216.2 million by 2028. The UK market is anticipated to grow at a CAGR of 4.1% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 5.8% during (2022 - 2028).
Based on Industry, the market is segmented into Oil & Gas, Water & Wastewater Treatment, Metals & Mining, Food & Beverage, Chemical, Power, Automotive, Pharmaceutical, Semiconductor & Electronics, and Others. Based on Component, the market is segmented into Solution (SCADA and Vibration Monitoring) and Field Instruments (Pressure Transmitters, Temperature Transmitters, Humidity Transmitters, Level Transmitters, Intelligent Flow Meters, and Others). Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Remote Monitoring and Control Market will Hit $33.3 Billion by 2028, at a CAGR of 5.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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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