The global industrial remote terminal unit (RTU) market is expected to grow at a CAGR of more than 7% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global industrial remote terminal unit market 2017-2021 under their industrial automation library.
Global industrial remote terminal unit market segmentation by product and end-user
Technavio's report on the global industrial remote terminal unit market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product type, including wireless industrial RTU and wired industrial RTU. The end-user industries prefer wireless industrial RTUs due to their capability of monitoring remote operations in harsh environments.
Based on end-user, the global industrial remote terminal unit market has been segmented into oil and gas industry, power generation industry, chemical and petrochemical industry, and water and wastewater industry. In 2016, the oil and gas industry accounted for a major share of the global industrial RTU market, accounting for more than 29% share of the overall market.
"Industrial RTUs are widely used in the oil and gas industry, both in onshore and offshore fields. Industrial RTUs used for monitoring oil wells enhance remote applications in the oil and gas industry. The exploration of new oil and gas fields in the US and Africa has increased the investments in the industry. This will provide a growth momentum for the adoption of latest industrial RTUs," says Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio forautomation research.
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Global industrial remote terminal unit market: competitive vendor landscape
The competition between vendors in the global industrial RTU market is highly fragmented in terms of product features, prices, customized solutions, and monitoring services. Leading vendors such as Emerson, Honeywell, Siemens, Schneider Electric, Yokogawa, Advantech, and ABB are the key companies that provide products and services for the global industrial RTU market. The sales of industrial RTUs take place through direct and indirect sales via suppliers, local representatives, and certified distributors. The established vendors emphasize on expanding the market for industrial RTU geographically and increasing production capacities.
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Other topics covered in the report:
Market drivers:
- Increase in sales and revenue with the support of e-commerce
- Growing shale oil and gas production
Market challenges:
- Excessive cost of installation and maintenance services
- Issues based on cybersecurity
Market trends:
- Increasing integration of IoT
- Aging industrial assets in process industries
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