LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global intelligent remote terminal unit market to grow at a CAGR of nearly 8% during the forecast period, according to their latest market research report.
The growing adoption of renewables in power generation is one of the major trends being witnessed in the global intelligent remote terminal unit market 2018-2022. Renewable energy sources have attracted a great deal of interest over the past few years, owing to the increasing awareness about the environment and regulatory policies supporting renewable energy. While hydropower continues to be a favorable renewable energy resource, solar and wind energy are some of the fastest growing renewable energy sources attracting high investments in several countries.
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According to Technavio analysts, one of the key factors contributing to the growth of the global intelligent remote terminal unit market is the growing need for grid modernization via smart grids:
Global intelligent remote terminal unit market: Growing need for grid modernization via smart grids
A smart grid provides two-way communication between a power utility and its customers using the information and communication technology. A SCADA system forms an integral part of a smart grid, as it provides the utility company 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. The data are then sent to the control station through RTUs in a format that is transmittable. With the help of algorithms, the data are analyzed for making automated decisions in real-time.
According to a senior analyst at Technavio for research on smart grid, “Power consumption has been growing at a rapid pace due to the increased demand from industries, combined with the rise in population. This has led to a demand-supply mismatch, causing frequent power outages. Additionally, as the solar and wind are variable power generation sources, they do not generate reliable power, owing to which, managing these power generation sources is difficult.”
Global intelligent remote terminal unit market: Segmentation analysis
The global intelligent remote terminal unit market research report provides market segmentation by end-user (oil and gas, power, chemical and petrochemical, and W&WW) and by region (the Americas, EMEA, and APAC). It also provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The oil and gas segment held the largest market share in 2017, accounting for nearly 33% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 43% of the market share. The market share occupied by this region is anticipated to decrease during 2018-2022.
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- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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