The global telemetry market is witnessing significant growth due to increasing adoption of telemetry across various industries for remote monitoring and maintenance of assets. Telemetry refers to the automatic measurement and wireless transmission of data from remote sources. It finds widespread usage in industries such as oil & gas, power, mining, and environmental monitoring for assessing equipment performance, monitoring process variables and parameters like pressure, temperature, flow etc at remote locations. Telemetry solutions offer advantages like quick assessment of assets with minimal field visits, real-time data acquisition and analysis, centralised management of field operations, and early detection of anomalies for predictive maintenance.
The Global Telemetry Market is estimated to be valued at US$ 33.99 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Global Telemetry are ABB, Schneider Electric, Eaton, Siemens, Emerson, Vertiv, Raycap, Hager, Legrand, Tripp Lite, Leviton, Phoenix Contact, Citel, General Electric, Rockwell Automation, nVent, Belkin, REV Ritter, Littelfuse, MARS Sicherheit. The growing demand for telemetry solutions across industries like oil & gas, power, mining etc is expected to boost market revenues. Furthermore, technological advancements like adoption of IoT, cloud computing and data analytics are expanding telemetry capabilities and scope of applications.
Market Trends
The key trends in the Global Telemetry Market Demand include growing usage of wireless communication technologies like LoRaWAN, WiFi, and cellular networks for remote management. Furthermore, integration of telemetry systems with predictive analytics is enabling advanced monitoring capabilities for predictive maintenance and equipment performance optimization. Adoption of cloud-based telemetry solutions is also gaining traction as it allows centralized management of field data from dispersed locations.
Market Opportunities
The rising need for remote monitoring in oil & gas industry due to increasing deep water and offshore activities presents significant opportunities for telemetry vendors. Furthermore, integration of telemetry with augmented/virtual reality solutions for remote assistance can also open up new avenues of growth. Adoption of 5G networks for high bandwidth connectivity at field locations is expected to further fuel opportunities.
Impact of COVID-19 on Global Telemetry Market Growth:
The outbreak of the COVID-19 pandemic has significantly impacted the global telemetry market. The imposition of lockdowns across various regions led to the temporary closure of manufacturing units and disruptions in supply chains. This adversely affected the sales and deployment of telemetry equipment in 2020. However, with healthcare becoming the top priority, the demand for remote patient monitoring solutions saw a considerable rise. The need to monitor patients from distant locations and minimize physical interactions drove the adoption of telemetry devices in healthcare facilities. Meanwhile, the work from home culture boosted the usage of telemetry systems for condition monitoring in industries.
Global Telemetry Market Size and Trends now being lifted, the market is witnessing signs of recovery. Manufacturers are resuming operations and focusing on fulfilling the growing demand. There is an increased focus on the development of advanced telemetry solutions with enhanced connectivity and analytics capabilities. They can help industries optimize operations remotely and provide improved care to patients. The long-term prospects of the market remain positive, given the need for remote asset and condition monitoring across industries. If appropriate safety measures continue to be implemented, the market is expected to surpass its pre-pandemic figures in the coming years through fast-paced digitization and investments in telemetry technologies.
Geographical Regions with Highest Value Concentration in Global Telemetry Market:
North America represents the largest and most valuable region in the global telemetry market. The presence of advanced healthcare infrastructure and widespread adoption of digital technologies across industries drive significant revenue generation. Countries like the United States and copyright exhibit high demand for telemetry systems from the oil & gas, manufacturing, and healthcare sectors. Growing investments to modernize infrastructure and focus on industrial automation also contribute to market growth.
Europe holds the second position, with Western European nations such as Germany, France, and the UK among the major revenue contributors. Mature industries, increasing aging population, and supportive government initiatives foster market development. Meanwhile, the Asia Pacific region is demonstrating high potential, with China and India emerging as rapidly expanding markets. This can be credited to improving medical facilities, rising electricity demand, and ongoing investments in infrastructure development projects.
Fastest Growing Region in the Global Telemetry Market:
The Asia Pacific region is poised to register the fastest growth in the global telemetry market during the forecast period. This ascension can be attributed to various factors. There is a rising focus on modernizing healthcare infrastructure and providing quality medical services across developing nations. This drives the installations of remote monitoring equipment.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)