The intelligent remote terminal unit global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Intelligent Remote Terminal Unit Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The intelligent remote terminal unit market size has grown strongly in recent years. It will grow from $2.48 billion in 2023 to $2.64 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increasing adoption of automation solutions, growth in infrastructure projects, stringent regulations and standards, and rising concerns about energy consumption.
The intelligent remote terminal unit market size is expected to see strong growth in the next few years. It will grow to $3.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to growing investments in smart city projects, digital transformation and industry 4.0 initiatives, increasing focus on cybersecurity and resilience, and the integration of renewable energy sources. Major trends in the forecast period include integration with IoT and cloud platforms, advanced analytics and predictive maintenance, cybersecurity enhancements, edge computing capabilities, and remote monitoring and control.
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Scope Of Intelligent Remote Terminal Unit Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Intelligent Remote Terminal Unit Market Overview
Market Drivers –
The increase in electricity consumption is expected to propel the intelligent remote terminal unit market going forward. Electricity consumption refers to the amount of electrical energy used by individuals, households, businesses, industries, and other entities within a specified period. Electricity consumption is increasing due to several factors, including weather, seasons, sunshine, wind, humidity, the number of people in a household, and technological advancements driving higher energy demands. Intelligent RTUs enhance electricity systems by efficiently monitoring and controlling remote equipment, ensuring reliability and swift response to faults. For instance, in December 2023, according to the Energy Information Administration, a US-based government agency, total U.S. electricity consumption in 2022 increased by 3.2% compared to 2021, with residential electricity sales up 2.6% and commercial sales up 4.7%. Therefore, the increase in electricity consumption is driving the growth of the intelligent remote terminal unit market.
Market Trends –
Major companies operating in the intelligent remote terminal unit market are focused on developing innovative solutions, such as smart RTU controllers, to optimize energy efficiency and improve interoperability with other industrial systems. Smart RTU controllers are advanced devices used in industrial automation and control systems. These controllers integrate various functionalities to enable efficient monitoring, control, and management of remote equipment and processes. For instance, in August 2023, Schneider Electric, a France-based automation and energy management company, launched the 471i and 474i models, two new SCADAPack Smart RTU controllers. These controllers integrate an edge computing platform with a Linux open-source operating system, providing flexibility and efficiency for remote operations. They are designed to address common challenges in remote operations, comply with cybersecurity standards, and offer secure communication protocols. The SCADAPack controllers are built to withstand harsh environments and can operate in extreme temperatures.
The intelligent remote terminal unit market covered in this report is segmented –
1) By Type: Interactive Kiosks, Interactive Video Wall, Interactive Flat-Panel Display, Interactive Whiteboard, Interactive Monitor
2) By Application: Power Plant, Company Power Sector
3) By End-User: Oil And Gas, Chemical, Water And Wastewater Treatment Plants, Power Generation, Other End-Users
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Regional Insights –
North America was the largest region in the intelligent remote terminal unit market in 2023. The regions covered in the intelligent remote terminal unit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the intelligent remote terminal unit market are Siemens AG, General Electric Company, Cisco Systems Inc., Mitsubishi Electric Corporation, Schneider Electric, Honeywell International Inc., ABB Group, Toshiba Corporation, Eaton Corporation plc, Larsen & Toubro Electrical & Automation, Emerson Electric Co., Rockwell Automation Inc., Omron Corporation, TechnipFMC plc, Teledyne Technologies Incorporated, Yokogawa Electric Corporation, Phoenix Contact GmbH & Co. KG, Belden Inc., Advantech Co. Ltd., WAGO Kontakttechnik GmbH & Co. KG, National Instruments Corporation, Schweitzer Engineering Laboratories Inc., Krohne Group, Moxa Inc., Campbell Scientific Inc.
Table of Contents
- Executive Summary
- Intelligent Remote Terminal Unit Market Characteristics
- Intelligent Remote Terminal Unit Market Trends And Strategies
- Intelligent Remote Terminal Unit Market – Macro Economic Scenario
- Global Intelligent Remote Terminal Unit Market Size and Growth
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- Global Intelligent Remote Terminal Unit Market Competitive Dashboard
- Key Mergers And Acquisitions In The Intelligent Remote Terminal Unit Market
- Intelligent Remote Terminal Unit Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Intelligent Remote Terminal Unit Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Intelligent Remote Terminal Unit Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Intelligent Remote Terminal Unit Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Siemens AG Financial Performance
Table 75: General Electric Company Financial Performance
Table 76: Cisco Systems Inc. Financial Performance
Table 77: Mitsubishi Electric Corporation Financial Performance
Table 78: Schneider Electric Financial Performance
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