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The intelligent remote terminal unit (RTU) market size is forecast to increase by USD 2.23 billion, at a CAGR of 7.18% between 2023 and 2028. Market growth hinges on factors like the increasing requirement for remote monitoring in industrial setups, the rising demand for Intelligent Remote Terminal Units (IRTUs) in smart grid modernization, and the growing adoption of IRTUs in renewable energy production. Our market report examines historic data from 2018-2022, besides analyzing the current and forecasted market scenario.
The market is expected to grow due to increasing investments in end-user industries such as water and wastewater treatment and oil and gas. The oil and gas, chemical and petrochemical, water and wastewater, and power generation industries are the major contributors to the IRTU market in Europe. Further, ABB Ltd. company offers intelligent remote terminal unit such as RTU500 series that enables secure and robust fleet management with the 12.6 release. Advantech Co. Ltd. company offers intelligent remote terminal unit such as ADAM 3600.
Market Forecast 2024-2028
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The intelligent remote terminal market is pivotal in digital oilfields and smart fields, leveraging technologies like SCADA and remote telemetry units (RTU) along with gateways. RTU providers focus on automation and integrate IoT technology and cloud computing for efficient operations. These terminals facilitate various industries including the oil, gas, and water sectors, ensuring seamless data flow for traffic monitoring networks. With a focus on big data and wireless communication, iRTUs enable real-time monitoring, supported by interactive kiosks and embedded software development. Additionally, they facilitate secure transactions and payments, enhancing overall system functionality. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
A smart grid facilitates bidirectional communication between a power utility and its customers, leveraging information and communication technology (ICT). At the core of a smart grid lies a SCADA system, essential for remote monitoring and control of network devices to ensure reliability. Through sensors, real-time data are collected within smart grids, transmitted to control stations via IRTUs in a transmittable format, and analyzed using algorithms to enable automated decision-making in real-time.
Moreover, the variability of solar and wind power generation poses challenges due to their unreliable nature. Smart grids play a pivotal role in managing these fluctuating power sources, mitigating the risk of power outages and effectively addressing disruptions in power supply. The surge in digital transformation and energy transition initiatives drives the demand for intelligent smart meters, fostering the need for SCADA systems and, consequently, IRTUs in the power industry. This trend is expected to propel market growth during the forecast period, highlighting the significance of automation, IoT technology, and cloud computing in revolutionizing the energy landscape.
The use of IoT in remotely located industrial plants helps end-users in deploying and utilizing IRTU. IoT-enabled IRTUs allow oil and gas companies to remotely monitor and control critical infrastructure, such as wells, pipelines, and storage facilities, in real time. This capability enables operators to respond promptly to operational issues, optimize production, and minimize downtime. Integrating IoT in remote monitoring helps improve productivity in industrial operations.
Additionally, IoT plays a vital role in reducing electricity consumption and costs while enabling customized data acquisition and cloud computing. Such advances are positively impacting remote monitoring applications, which are expected to increase the adoption in end-user industries such as oil and gas, chemical, and power. Developed economies, such as the US, the UK, Germany, and Japan, are leading in the integration of IoT with IRTU. Hence, due to the increasing integration of IoT, the market is expected to witness growth during the forecast period.
With the rising demand for power and growing use of variable power generation sources, the need for real-time wide-area monitoring systems for efficient control and operation of power systems has increased. Wide area monitoring systems make use of phasor measurement units (PMUs) to record and monitor a large power network in real time. PMUs are based on synchrophasors, which are time-synchronized numbers that represent both the magnitude and phase angle of the sine waves in electricity.
Further, compared with others, a PMU offers several significant advantages in power monitoring applications. PMUs are 100 times faster than SCADA. Furthermore, PMUs are synchronized and time-stamped by the Global Positioning System (GPS) signals, which offer more accurate data and have a faster sampling rate. The growing adoption of PMUs is driven by regulatory support for PMU projects. Thus, such factors may hinder the growth of the market during the forecast period.
The oil and gas segment will account for a major share of the market's growth during the forecast period.?IRTUs are deployed at wellheads to monitor parameters such as pressure, temperature, flow rates, and fluid levels. IRTUs are installed in tank farms to monitor levels, temperatures, and densities of stored liquids such as crude oil, refined products, and chemicals. IRTUs serve as remote telemetry units in Supervisory Control and Data Acquisition (SCADA) systems for oil and gas operations.
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The oil and gas segment was valued at USD 1.32 billion in 2018. There is an increasing adoption of intelligent RTUs across oil and gas industries due to the significant use of SCADA systems in the industry. SCADA systems are extensively used in this industry, especially in the upstream, midstream, and downstream sectors. By deploying SCADA systems it enables the monitoring of multiple assets installed in various locations. Hence, such applications are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Based on type, the market has been segmented into wireless intelligent RTU and wired intelligent RTU. The wireless intelligent RTU segment will account for the largest share of this segment.? End-user industries prefer wireless IRTUs due to their capability to monitor remote operations in harsh environments. Wireless intelligent RTUs offer greater flexibility in deployment compared to wired counterparts. They can be easily installed in remote or hard-to-reach locations without the need for extensive cabling infrastructure. Further, wireless intelligent RTUs can seamlessly integrate with Internet of Things (IoT) platforms and cloud-based services, enabling advanced analytics, data visualization, and remote management capabilities. Thus, such factors will drive the intelligent remote terminal unit (RTU) market and segment during the forecast period.
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North America is estimated to contribute 30% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
Another region offering significant growth opportunities to market players is Europe. One of the main factors that is significantly contributing to the growth of the global intelligent remote terminal unit market is the increasing investments in end-user industries like water and wastewater treatment and oil and gas.
Moreover, some of the main industries that are significantly fuelling the demand for intelligent RTUs in Europe are oil and gas, chemical and petrochemical, water and wastewater, and power generation industries. Germany, the UK, and France are some of the leading marketplaces for intelligent RTUs in Europe. Furthermore, there is an increase in investment in renewable energy across Nordic countries such as UK and Germany which is also positively impacting the market growth in the region. Hence, such factors are expected to drive the market growth in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Eaton Corp. Plc: The company offers intelligent remote terminal unit such as RTU upgrade solution that reduces the costs and complexity of replacing a legacy system.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
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, Spectris Plc, WAGO GmbH and Co. KG, Westercom s.r.o, and Yokogawa Electric Corp.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is crucial in sectors like the oil industry, gas industry, and water industry, integrating i-fields and SCADA (Supervisory Control and Data Acquisition) systems. Utilizing Wi-Fi and Zigbee technologies, intelligent terminals like iRTU (Intelligent Remote Terminal Unit) enhance operations by enabling functions such as making payments, providing help information, and placing orders. In retail businesses, they facilitate buying retail goods and managing loyalty schemes to enhance customer experience and foster brand loyalty, ultimately increase sales.
Additionally, leveraging Internet of Things (IoT) technology, they optimize operations in oil wells for data collection and analysis, ensuring efficiency and cost reduction through cloud server and wire transmission and wireless transmission. However, challenges like data security risk and compliance with government rules and regulations require attention. With advancements in automation and control, the market is witnessing growth factors through technological innovations and opportunities analysis for product launches in distributed control systems and field electrical devices, impacting grid technologies and grid inefficiency concerns in monitoring and control technologies.
Besides, the market encompasses a wide array of applications, from local data analysis and equipment diagnosis to global RTU deployment. With a focus on control centers and automation and control in substations, the market emphasizes retrofitting existing infrastructure and collaboration with national agencies to enhance T&D infrastructure. Through segmental overview and size segmentation based on voltage level - including small, medium, and high voltage categories - and deployment type, such as coupling renewable energy installations, the market caters to various sectors like power plants and the oil and gas industry. Leveraging artificial intelligence, machine learning, and blockchain, it integrates state-of-the-art technologies to optimize operations in oilfield zones and beyond.
Intelligent Remote Terminal Unit Market Scope |
|
Report Coverage |
Details |
Page number |
187 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.18% |
Market Growth 2024-2028 |
USD 2.23 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.34 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 30% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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, Spectris Plc, WAGO GmbH and Co. KG, Westercom s.r.o, and Yokogawa Electric Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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