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According to the latest market research report of Technavio, an international market research organization, the global smart remote terminal equipment market will grow
at a compound annual growth rate of nearly 8% from 2018 to 2022.
Increasing application of renewable energy in the field of power generation is one of the key trends in the
global smart remote terminal market from 2018 to 2022.
Renewable energy has attracted a lot of interest
in the past few years due to growing awareness of the environment and regulatory policies that support renewable energy.
While hydropower remains a favorable renewable energy source, solar and wind are among the fastest-growing renewables, attracting high investment
in some countries.
According to Technavio analysts, one of the key factors contributing to the growth of the global smart remote terminal equipment market is the growing
need for grid modernization through smart grids.
Smart grids use information and communication technologies to provide two-way communication
between electric utilities and their customers.
Supervisory control and data acquisition SCADA systems are an integral part of the smart grid as it provides utilities with the ability to remotely monitor and control network equipment for reliability, collecting real-time data
in the smart grid with the help of sensors.
The data is then sent to the control station
via the remote end device in a transferable format.
With the help of algorithms, data is analyzed to automate decision-making
in real time.
According to a senior smart grid research analyst at Technavio, "Electricity consumption has been growing rapidly
due to increased industry demand as well as population growth.
This leads to a mismatch between demand and supply, frequent power
outages.
In addition, because solar and wind are variable generation sources, they cannot generate reliable power, so managing these generation sources is difficult
.
”
From the perspective of the application market, the oil and gas sector occupied the largest market share of the intelligent remote terminal equipment market in 2017, accounting for nearly 33%.
This end-user segment is expected to dominate the global market
throughout the forecast period.
In terms of regional markets, EMEA is the world's largest regional market, accounting for nearly 43%
of the global market share.
However, the market share held by this region is expected to decrease
during 2018-2022.
According to the latest market research report of Technavio, an international market research organization, the global smart remote terminal equipment market will grow
at a compound annual growth rate of nearly 8% from 2018 to 2022.
Increasing application of renewable energy in the field of power generation is one of the key trends in the
global smart remote terminal market from 2018 to 2022.
Renewable energy has attracted a lot of interest
in the past few years due to growing awareness of the environment and regulatory policies that support renewable energy.
While hydropower remains a favorable renewable energy source, solar and wind are among the fastest-growing renewables, attracting high investment
in some countries.
According to Technavio analysts, one of the key factors contributing to the growth of the global smart remote terminal equipment market is the growing
need for grid modernization through smart grids.
Smart grids use information and communication technologies to provide two-way communication
between electric utilities and their customers.
Supervisory control and data acquisition SCADA systems are an integral part of the smart grid as it provides utilities with the ability to remotely monitor and control network equipment for reliability, collecting real-time data
in the smart grid with the help of sensors.
The data is then sent to the control station
via the remote end device in a transferable format.
With the help of algorithms, data is analyzed to automate decision-making
in real time.
According to a senior smart grid research analyst at Technavio, "Electricity consumption has been growing rapidly
due to increased industry demand as well as population growth.
This leads to a mismatch between demand and supply, frequent power
outages.
In addition, because solar and wind are variable generation sources, they cannot generate reliable power, so managing these generation sources is difficult
.
”
From the perspective of the application market, the oil and gas sector occupied the largest market share of the intelligent remote terminal equipment market in 2017, accounting for nearly 33%.
This end-user segment is expected to dominate the global market
throughout the forecast period.
In terms of regional markets, EMEA is the world's largest regional market, accounting for nearly 43%
of the global market share.
However, the market share held by this region is expected to decrease
during 2018-2022.
