The new intelligent remote terminal unit market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Intelligent Remote Terminal Unit Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the intelligent remote terminal unit market.
"One of the primary growth drivers for this market is the advent of smart grid projects," says a senior analyst for Industrials at Technavio.
Power consumption rates have been increasing rapidly due to the spiking demands from industries and the rise in human populations. There has been a demand-supply mismatch in the power industry, causing frequent power outages. Also, solar and wind are variable wherein managing these power generation sources is difficult. Additionally, the rise in the use of electric vehicles has resulted in additional load on transmission and distribution assets. A smart grid provides two-way communication between a power utility and its customers using information and communication technologies. A SCADA system provides utility companies with the ability to remotely monitor and control network devices to achieve reliability. Real-time data are collected in smart grids with the help of sensors. This data is then sent to the control station through RTUs in a transmittable format. Several smart grid projects are underway to improve the global power grid infrastructure. The advent of smart grid projects will increase the demand for SCADA systems and, thus, drive the need for the intelligent remote terminal unit market.
As the markets recover Technavio expects the intelligent remote terminal unit market size to grow by USD 1.59 billion during the period 2020-2024.
Intelligent Remote Terminal Unit Market Segment Highlights for 2020
The intelligent remote terminal unit market is expected to post a year-over-year growth rate of 6.15%.
Market growth in the oil and gas segment will be slower than the growth of the market in the power and water and wastewater segments.
27% of the growth will originate from the APAC region.
The growing demand for energy will significantly drive intelligent remote terminal unit market growth in this region over the forecast period.
China is an essential market for intelligent remote terminal units in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
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The intelligent remote terminal unit market size is expected to accelerate at a CAGR of over 6% during the forecast period.
The intelligent remote terminal unit market is segmented by End-user (Oil and gas, Power, Chemical, Water and wastewater, and Others) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including ABB Ltd., Advantech Co. Ltd., Emerson Electric Co., Honeywell International Inc., Larsen and Toubro Ltd., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, General Electric Co., and Yokogawa Electric Corp.
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