Intelligent Remote Terminal Unit Market Size To Grow By USD 1.82 Billion During 2022-2027| Growing Need For Remote Monitoring In Industrial Facilities To Drive The Market Growth - Technavio

(MENAFN- PR Newswire) NEW YORK, Sept. 29, 2023 /PRNewswire/ -- The Intelligent Remote Terminal Unit (RTU) market
size is expected to grow by USD 1.82 billion, accelerating at a CAGR of
over
6.35% during the forecast period.
Industries, particularly those reliant on critical assets, face the challenge of maintaining operational efficiency while minimizing disruptions and high energy costs. Remote monitoring is increasingly essential for these assets, often located in remote areas. This has led to a growing adoption of Remote Terminal Units (RTUs) for effective asset management and maintenance, positively impacting the market for intelligent RTUs and driving its growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. Request free sample report here

Intelligent Remote Terminal Unit (RTU) Market 2023 – 2027: Key Highlights:

• The report recognizes the following as some of the key players in the intelligent remote terminal unit market: ABB Ltd., Advantech Co. Ltd., Eaton Corp. Plc, Emerson Electric Co., Enilit Ltd., General Electric Co., Honeywell International Inc., ICP DAS CO. LTD., Kalki Communication Technologies Pvt. Ltd., Mitsubishi Electric Corp., Motorola Solutions Inc., Moxa Inc., Remsdaq Ltd., Schneider Electric SE, Schweitzer Engineering Laboratories Inc., Siemens AG, WAGO GmbH and Co. KG, Westercom s.r.o, Yokogawa Electric Corp., and Spectris Plc
• Intelligent Remote Terminal Unit Market is fragmented in nature.
• Market to observe 6.12% YOY growth in 2023.

Intelligent Remote Terminal Unit (RTU) Market 2023 – 2027: Market Dynamics:

Trends

• The global intelligent RTU market is experiencing significant growth due to the increasing integration of IoT.
• IoT is being increasingly adopted in remotely located industrial plants, facilitating the deployment and use of intelligent RTUs.
• The integration of IoT in remote monitoring plays a significant role in enhancing productivity within industrial operations.

Challenges

• The installation and maintenance of intelligent RTUs with high costs, set a significant challenge.
• Despite the numerous features and benefits of intelligent RTUs, they are not compatible with regular degradation over time.
• Many end-users are hesitant to retrofit their existing devices, even when upgrades are available, primarily due to the substantial expenses associated with RTU degradation and installation.

The report also covers information on the upcoming trends and challenges. Explore detail information by purchasing report

Intelligent Remote Terminal Unit (RTU) Market 2023 – 2027: Key Segments:

The market is segmented by Type (Wireless intelligent RTU and Wired intelligent RTU), End-user (Oil and gas, Power generation, Chemical, Water and wastewater, and Others), and Geography (Europe, North America, APAC, Middle East and Africa, and South America).

During the forecast period, the wireless intelligent RTU segment is expected to contribute substantial growth to the Intelligent Remote Terminal Unit (RTU) market share.
This growth is primarily driven by the increasing adoption of wireless intelligent RTUs among end-users. Their ability to monitor remote operations in challenging environments has led to a growing preference for this segment.

Get a glance at the market contribution of the segments, Request FREE Sample Report Here

FAQS

• How do the major trends impact the market?
• How big is the APAC market?
• How do the key drivers and challenges impact the market?

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