Global Industrial Remote Terminal Unit (RTU) Market 2017-2021
About Industrial Remote Terminal Unit (RTU)
An industrial RTU monitors physical objects, such as oil wells and pipelines, and interfaces with the control system. It collects information regularly from the master device and implements processes that are directed by the master. In remote applications, it helps in regular and accurate diagnosis and reduces the influence of manpower. The global industrial RTU market is currently driven by the growing pipeline and terminal projects in the US and Asia. The other driving factor that will influence the market in the forecast period is the integration of cloud and RTUs in the oil and gas, water and wastewater, and power generation industries.
Technavio’s analysts forecast the global industrial remote terminal unit (RTU) market to grow at a CAGR of 7.28% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial remote terminal unit (RTU) market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Remote Terminal Unit (RTU) Market 2017-2021
Technavio recognizes the following companies as the key players in the global industrial remote terminal unit (RTU) market: Emerson, Honeywell, Schneider Electric, Siemens, and Yokogawa.
Other Prominent Vendors in the market are: ABB, Advantech, ARTECHE, Rockwell Automation, and Schweitzer Engineering Laboratories.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing integration of IoT. The global industrial RTU market is growing with the adoption of IoT. The deployment of IoT in remote operational plants for oil and gas and power generation helps the end-users in utilizing industrial RTUs. The adoption of IoT in remote monitoring provides opportunities to end-users for improving productivity in industrial operations. The development in automation technology associated with IoT helps in anticipating failures in advance and saves energy, production, and operational cost. The integration of IoT and industrial RTU helps the end-users in reducing costs, based on on-site inspection.”
According to the report, one of the major drivers for this market is Increase in sales and revenue with the support of e-commerce. End-user industries are buying industrial RTUs through an online platform, which is driving the sales in the competitive global industrial RTU market. The growth in sales through e-commerce by the small and medium enterprises (SMEs) as well as big organizations has impacted the global industrial RTU market positively. The increase in sales with the support of prominent online platforms, such as Alibaba and others, has provided a big entry for end-users from developing economies to choose their products depending on their requirements in the global market.
Further, the report states that one of the major factors hindering the growth of this market is Excessive cost of installation and maintenance services. The industrial RTU market is highly fragmented, with maximum competition. The vendors develop superior quality industrial RTU products for remote monitoring applications, depending on the end-user industry. The adoption of SCADA systems and industrial RTUs is witnessing a slow growth trend in some of the developing economies due to the excessive cost of installation and maintenance services. The installation and services for industrial RTUs in remote operations require high initial investments, as these products are manufactured to work in harsh environment and provide data about machinery and industrial operations.
Emerson, Honeywell, Schneider Electric, Siemens, Yokogawa, ABB, Advantech, ARTECHE, Rockwell Automation, and Schweitzer Engineering Laboratories.