PUBLISHER: The Business Research Company | PRODUCT CODE: 1484810
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484810
An intelligent remote terminal unit (RTU) is a specialized control device utilized in industrial automation and utility monitoring systems to oversee and manage remote equipment and processes. It gathers data from sensors and equipment, processes this data, and transmits it to a central control system. Intelligent RTUs are designed to improve operational efficiency, reliability, and safety in industrial and utility environments.
The primary types of intelligent remote terminal units include interactive kiosks, interactive video walls, interactive flat-panel displays, interactive whiteboards, and interactive monitors. Interactive kiosks are self-service terminals equipped with touchscreen interfaces that enable users to access information and complete tasks autonomously. These kiosks find applications across various sectors, including power plants, company power sectors, and are utilized by diverse end-users such as oil and gas, chemicals, water and wastewater treatment plants, power generation facilities, among others.
The intelligent remote terminal unit market research report is one of a series of new reports from The Business Research Company that provides intelligent remote terminal unit market statistics, including intelligent remote terminal unit industry global market size, regional shares, competitors with an intelligent remote terminal unit market share, detailed intelligent remote terminal unit market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent remote terminal unit industry. This intelligent remote terminal unit market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 observed in the historic period can be attributed to several factors, including the 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 projected growth in the forecast period can be attributed to several factors, including growing investments in smart city projects, digital transformation, and Industry 4.0 initiatives, along with an increasing focus on cybersecurity and resilience, and the integration of renewable energy sources. Major trends expected in the forecast period include integration with IoT and cloud platforms, advancements in analytics and predictive maintenance, enhancements in cybersecurity measures, the integration of edge computing capabilities, and the implementation of remote monitoring and control solutions.
The anticipated rise in electricity consumption is poised to drive growth within the intelligent remote terminal unit (RTU) market. Electricity consumption, which refers to the utilization of electrical energy by various entities over a specified period, is increasing due to factors such as weather conditions, technological advancements, and higher energy demands. Intelligent RTUs play a crucial role in enhancing electricity systems by efficiently monitoring and controlling remote equipment, thereby ensuring reliability and swift response to faults. For example, the Energy Information Administration reported in December 2023 that 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%. Consequently, the surge in electricity consumption is fueling the growth of the intelligent remote terminal unit market.
Key players in the intelligent remote terminal unit market are channeling their efforts towards developing innovative solutions, such as smart RTU controllers, to optimize energy efficiency and enhance interoperability with other industrial systems. Smart RTU controllers, advanced devices utilized in industrial automation and control systems, integrate various functionalities to enable efficient monitoring, control, and management of remote equipment and processes. For instance, Schneider Electric introduced the 471i and 474i models in August 2023, 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. Furthermore, the SCADAPack controllers are engineered to withstand harsh environments and can operate in extreme temperatures.
In January 2021, Ovarro Limited expanded its capabilities by acquiring Datawatt for an undisclosed sum. Through this strategic acquisition, Ovarro aims to further solidify its position as an industry-leading player in remote monitoring and control of critical assets, with a focus on safety, reliability, efficiency, and productivity. Datawatt, headquartered in the Netherlands, specializes in developing technically advanced monitoring and telemetry systems, including intelligent remote terminal units (RTUs), thereby complementing Ovarro's portfolio and strengthening its presence in the intelligent RTU market.
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.
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.
The countries covered in the intelligent remote terminal unit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
An intelligent remote terminal unit market consists of sales of sensors and transducers, actuators and control devices, communication equipment, and mounting hardware and accessories. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Intelligent Remote Terminal Unit Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on intelligent remote terminal unit market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for intelligent remote terminal unit ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The intelligent remote terminal unit market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.