The North America Remote Monitoring and Control Market would witness market growth of 4.6% CAGR during the forecast period (2022-2028).
The evolution of remote monitoring and control systems has led to many changes. Due to a shortage of resources and an effort to reduce costs, remote monitoring and control systems have become a common practice instead of just being used by dispersed industrial units. An increase in the use of wireless technology has made the implementation of remote monitoring and control solutions possible more quickly and easily.
By reducing the cost of execution, remote monitoring and control solutions are driving the industry come alive. Since a single resource can monitor many units or production lines at a lower cost, the scarcity of necessary resources is also impacting the adoption of remote monitoring and control solutions. With the development of sensors, it is now possible to monitor equipment more efficiently, minimize unplanned downtime, and extend the equipment's lifespan.
The international trade agency (ITA) of the US has extended its support for smart cities and IoT incorporation by integrating within the US Commercial Service a devoted IoT and Smart Cities Team that would help make prospective companies export ready. It also stated that any company willing to ask for international support in the developing IoT and smart cities sector with a specified US content. This way, the ITA has helped even SMEs increase their investments and hence expand the limits of the initiative.
The US market dominated the North America 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 $8,344.8 million by 2028. The Canada market is poised to grow at a CAGR of 7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 6.1% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Remote Monitoring and Control Market is Predict to reach $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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