Industrial Remote Terminal Unit (RTU) Market by End-user, Product and Geography - Forecast and Analysis 2023-2027
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The industrial remote terminal unit (RTU) market size is estimated to grow at a CAGR of 6.17% between 2022 and 2027. The market size is forecast to increase by USD 1,106.47 million. The growth of the market depends on several factors, including an increase in sales and revenue with the support of e-commerce, rising investments in shale oil and gas, and growing pipeline and terminal projects. The industrial remote terminal unit (RTU) market is a control device that helps the supervisory control and data acquisition (SCADA) system, the master device, monitor and communicate with devices in the grid placed in different geographical locations.
This industrial remote terminal unit (RTU) market report extensively covers market segmentation by end-user (oil and gas industry, power generation industry, chemical and petrochemical industry, water and wastewater industry, and others), product (wireless industrial RTU and wired industrial RTU), and geography (Europe, North America, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Industrial Remote Terminal Unit (RTU) Market Driver
One of the key factors driving the Industrial Remote Terminal Unit (RTU) Market growth is the increase in sales and revenue with the support of e-commerce. There has been significant growth in the global industrial RTU market due to the increase in sales through e-commerce platforms such as Amazon and Flipkart. These e-commerce platform has provided free entry for end-users from developing economies to choose their products per their global market needs.
As a result, this has created numerous opportunities for manufacturing companies in Europe and North America to enter the Asian market and other developing regions. Due to the implementation of the e-commerce platform, it supports regional market players to compete at the global scale. Hence, such factors are expected to drive the global industrial RTU market during the forecast period.
Industrial Remote Terminal Unit (RTU) Market Trends
A key factor shaping the Industrial RTU Market growth is the increasing integration of IoT. One of the significant advantages of the integration of IoT in remote operational plants is that it helps in monitoring and thereby improving productivity in industrial operations.
Also, there have been several advancements in automation technology associated with IoT which helps to identify failures in advance and helps in the optimum use of the available resources such as energy. IoT plays a crucial role in the reduction of electricity costs, customized data acquisition, and cloud computing. Hence, such applications are expected to drive the global industrial RTU market during the forecast period.
Industrial Remote Terminal Unit (RTU) Market Restrain
The excessive cost of installation and maintenance services is one of the key challenges hindering the Industrial Remote Terminal Unit Market growth. The global industrial RTU is a very competitive market and the vendors such as Honeywell are innovating high-quality industrial RTU products for remote monitoring applications. There is a slow growth in the adoption of SCADA systems and industrial RTU in developing economies due to the high cost of installation and maintenance services.
The installation and services for industrial RTU in remote operations can pose a significant threat as it requires high initial investments, as these products are manufactured to work in a harsh environment and provide data about machinery and industrial operations. Other factors such as the problems based on communication errors and diagnosing such issues are expected to add to the maintenance costs as well. Hence, such factors are expected to hinder the global industrial RTU market during the forecast period.
Industrial Remote Terminal Unit (RTU) Market Segmentation By End-user
The oil and gas industry segment is estimated to witness significant growth during the forecast period. One of the main end users of the industrial RTU is the oil and gas industry due to the high use of SCADA systems in the industry. SCADA is crucial to the oil and gas industry and is extensively used in the upstream, midstream, and downstream sectors.
The oil and gas industry segment was the largest segment and was valued at USD 831.10 million in 2017.
In the upstream sector, the key role of traditional SCADA is that of supporting the remote transmission of data whereas in the midstream sector, SCADA is mainly utilized for applications, such as line pack calculations, which are made to maintain an estimated inventory quantity and schedule tracking to forecast the end-of-day contract quantity. There is increasing adoption of robust industrial RTU in the oil and gas industries due to certain advances in RTU such as functioning in extreme weather conditions.
Factors such as the growing investments in oil and gas fields, as well as the resurgence of crude oil prices, are expected to drive the growth of this segment which in turn will drive the growth of the global industrial RTU market during the forecast period.
The widespread focus on energy efficiency and data analysis in the power industry is significantly driving the market growth in this segment during the forecast period. One of the main applications of RTU in the power industry includes monitoring power generation with the help of sensors that provide real-time data on power generation to operators. There is a significant increase in the adoption of RTU in the power industry due to the use of variable power sources. Hence, such applications of industrial RTU in the power industry are expected to drive market growth during the forecast period.
Industrial Remote Terminal Unit (RTU) Market Segmentation By Product
Based on product, the market has been segmented into wireless industrial RTU and wired industrial RTU. The wireless industrial RTU segment will account for the largest share of this segment. Due to their ability to monitor remote operations in harsh environments, end-user industries are increasingly favoring wireless industrial RTUs. The growing use of wind turbines and oil well production in the wireless RTU market is one of the main drivers. Additionally, a few new developments of less-power-consuming crossover RTUs are likewise adding to the development. As a result, the wide range of industries for which wireless industrial RTUs are used is expected to drive growth in this market, which in turn will drive growth in the global industrial RTU market over the forecast period.
Similarly, in the wired industrial RTU segment, some of the key advantages of wired RTUs include reliable and stable communication, resistance to electromagnetic interference, and the ability to transmit large amounts of data. There is increasing adoption of Wired RTU in several countries such as India, China, Indonesia, Brazil, Mexico, and Argentina across various industries like manufacturing, oil and gas, power generation, water and wastewater management, and transportation. Hence, such wide applications of wired RTU are expected to drive the growth of this segment which in turn will drive the growth of the global industrial RTU market during the forecast period.
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Industrial Automation Market Growth Statistics, Size Estimation, Emerging Trends, Outlook to 2033
According to the Regional Research Reports, the global industrial automation market size is projected to be USD 207.52 billion in 2022 to USD 563.22 billion in 2033, exhibiting a CAGR of 10.5% from 2023 to 2033. Regional Research Reports Insights has recently released a new report titled "Industrial Automation Market 2023" which presents valuable regional and global market data expected to exhibit growth from 2023 to 2033. The report offers an in-depth analysis of the global industrial automation market market, encompassing crucial insights into evolving industry dynamics, value chain analysis, investment opportunities, competitive scenarios, geographical landscape, and key market segments. It also comprehensively examines the driving forces and constraints shaping the global market, along with insightful information on operational strategies and potential opportunities. This report serves as a valuable resource for industry participants, policymakers, stakeholders, investors, and new entrants in the industrial automation market industry to identify and capitalize on innovative opportunities.
The study delves into emerging trends, market drivers, development opportunities, and market restraints that have the potential to impact the industrial automation market market dynamics. It assesses the market size globally and analyzes the approach trends of key international players. Revenue estimates for the forecast period are also provided. All data, including percentage share splits and breakdowns, are derived from reliable secondary sources and verified through primary sources. The report incorporates Porter's Five Forces analysis, SWOT analysis, examination of the regulatory landscape, and assessment of prominent buyers to analyze the industry's primary influencing factors and entry barriers.
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New Additions in Industrial Automation Market in 2023
We provide comprehensive industry forecasts that offer detailed insights into market trends and future projections.
Our reports also include additional information on participating companies to enhance understanding and analysis.
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Competitor Analysis of the Global Industrial Automation Market
The analysis offers several advantages for businesses competing for our main customers in the Industrial Automation Market. These benefits include comprehensive insights into market share by company information, detailed descriptions, and business overviews. We provide valuable revenue and gross margin information, extensive product portfolios, recent developments and updates, historical data, and more. By leveraging our analysis, businesses can gain a competitive edge and make informed decisions in the Industrial Automation Market.
Regional Research Report profiled the following prominent manufacturers in its report:
Leading Industrial Automation Market Players –
ABB Ltd.
Emerson Electric Co.
Honeywell International, Inc.
Kawasaki Heavy Industries, Ltd.
Mitsubishi Electric Corporation
OMRON Corporation
Rockwell Automation, Inc.
Schneider Electric
Siemens AG
Yokogawa Electric Corporation
Market Segmentation Analysis – Regional trends, Forecast Analysis
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The market is segmented into component type, control system, and vertical. The study offers a detailed segmental analysis at regional and global level.
By Component Type, 2023 (%)
HMI
Industrial Robots
Control Valves
Sensors
Others
By Control System, 2023 (%)
DCS
PLC
SCADA
Others
By Vertical, 2023 (%)
Aerospace Defense
Automotive
Chemical
Energy Utilities
Food Beverage
Healthcare
Manufacturing
Mining Metal
Oil Gas
Transportation
Others
Global Industrial Automation Market, By Region and Country, 2018-2023, 2023-2033 (US$ Millions)
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Italy, Spain, Russia, Switzerland, Poland, Belgium, the Netherlands, Norway, Sweden, Czech Republic, Slovakia, Slovenia, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Singapore, Australia and New Zealand, Rest of Asia Pacific)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
The Middle East and Africa (Saudi Arabia, UAE, South Africa, Egypt, Qatar, Northern Africa, Rest of MEA)
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Objectives of Industrial Automation Market Report:
Conduct thorough analysis and forecast the market value and volume of the industrial automation market market.
Evaluate and estimate market shares for the major segments within the industrial automation market industry.
Analyze and illustrate the evolving nature of the industrial automation market market across different regions worldwide.
Research and analyze micro markets within the industrial automation market industry, assessing their contributions, growth patterns, and future prospects.
Provide accurate and valuable insights into the factors influencing the growth and development of the industrial automation market market.
Deliver an in-depth analysis of key business strategies employed by major companies in the industrial automation market market, including research and development (RandD) efforts, collaborations, agreements, partnerships, acquisitions, mergers, new product launches, and market expansions.
Five Forces and Pestle Analysis:
A comprehensive analysis is conducted using the five forces framework to gain a comprehensive understanding of market conditions. This analysis assesses the following factors:
Bargaining power of buyers: Examining buyers' influence and leverage in negotiating prices and terms.
Bargaining power of suppliers: Evaluating the power of suppliers to dictate terms, prices, and availability of inputs.
Threat of new entrants: Assessing the likelihood of new competitors entering the market and disrupting existing players.
Threat of substitutes: Analyzing the availability of alternative products or services that could potentially replace the offerings in the market.
Threat of rivalry: Studying the intensity of competition among existing players in the market.
Moreover, various external factors impact market conditions, including:
Political: Considering political policies, stability, trade regulations, fiscal policies, and taxation policies.
Economic: Evaluating factors such as interest rates, employment rates, raw material costs, and foreign exchange rates.
Social: Analyzing changes in family demographics, education levels, cultural trends, attitudes, and lifestyle patterns.
Technological: Assessing advancements in digital and mobile technology, automation, and research and development.
Legal: Examining employment legislation, consumer laws, health and safety regulations, and international trade restrictions.
Environmental: Considering environmental factors such as climate change, recycling procedures, carbon footprint, waste disposal practices, and sustainability efforts.
By examining these factors, businesses can gain insights into market dynamics and make informed decisions regarding their strategies and operations.
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Industrial Automation Market Report Covers Key Data:
During the forecast period, the Industrial Automation Market is expected to exhibit a Compound Annual Growth Rate (CAGR), which will be carefully evaluated from 2023-2033.
The volume of the Industrial Automation Market will be accurately estimated, along with its impact on the primary market.
Accurate projections will be made regarding potential trends and changes in client behavior, allowing businesses to adapt their strategies accordingly.
Market growth for Industrial Automation Market will be analyzed in various regions, including APAC, North America, Europe, the Middle East and Africa, and South America.
The report will provide in-depth analysis of market competition and detailed information on the vendors operating in the Industrial Automation Market.
Potential challenges and hurdles that suppliers in the Industrial Automation Market may face will be thoroughly examined, enabling businesses to develop effective strategies to overcome them.
Industrial Automation Market Report FaQ’s:
What is the projected growth rate and market size for the industrial automation market market during the forecast period of 2023-2033?
What are the key factors driving the growth of the industrial automation market market over the forecast period, and how will they impact market size?
How are market leaders strategizing to establish a strong presence in the industrial automation market industry?
What are the major global market trends influencing the growth of the industrial automation market market?
What are the significant threats and challenges that may hinder the growth of the industrial automation market market, and what opportunities are available?
What are the critical opportunities for market leaders to achieve success and profitability in the industrial automation market market?
Research Methodology
The report has been diligently prepared by conducting thorough research and collecting data from relevant primary and secondary sources. The primary research included surveys and interviews with key executives (such as VPs, CEOs, and directors) of major market players to gain valuable insights into the market and its performance. The gathered primary data was then cross-referenced with credible secondary sources, including annual reports, journals, white papers, SEC filings, corporate presentations, company websites, international organizations, and paid databases. This rigorous research methodology ensures the accuracy and reliability of the information presented in the report.
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