May 23, 2024
Telemetry Market

Rising Industrial Automation Is Expected To Drive Growth Of Global Telemetry Market

Market Overview

Telemetry is a technology that enables transmission of data over distant routes to an instrument that records and stores the information. It broadly refers to infrastructure and technology used to remotely measure and transmit sensor data and equipment conditions to a central monitoring station or data processing site. Telemetry finds widespread applications across various industrial domains including healthcare, transportation, oil & gas, aerospace & defense, and power generation, among others. It helps industries optimize operations, reduce costs, enhance productivity and safety. Real-time data collection and monitoring enables predictive maintenance and quick fault detection. This improves asset utilization and limits downtime.

The global Telemetry Market is estimated to be valued at US$ 150.51 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends spurring the telemetry market growth is the rising adoption of industrial IoT and Industry 4.0 technologies. Integration of telemetry systems with IoT enables remote condition monitoring of equipment and real-time fault diagnosis. This allows industries to transition from preventive to predictive maintenance models for improved asset performance. Furthermore, growing investments in developing smart infrastructure and cities is also fueling demand for telemetry systems in various applications across the transportation sector. For instance, smart vehicle technologies make use of vehicle telematics for fleet management, driver behavior analysis, navigation assistance, emergency response, and predictive breakdown alerts. Expanding oil & gas industry operations in remote areas and deepwater locations has further bolstered the need for advanced telemetry networks.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to high capital requirement and well established players in the market.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and price sensitivity of customers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to presence of multiple component suppliers and less switching cost.
Threat of new substitutes: The threat of new substitutes is moderate as data monitoring through wired networks remains primary option for industries.
Competitive rivalry: Competition between existing players is intense.

Key Takeaways

The global Telemetry Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing demand for remote monitoring in industries like healthcare, aerospace and others.

Regional analysis

North America dominates the global telemetry market, with a share of over 35% in 2023. Presence of developed healthcare infrastructure and aerospace industries are propelling the adoption of telemetry in the region. Asia-Pacific is expected to witness the fastest growth over the forecast period owing to growing penetration of wireless technology and increasing investments by key players in countries like China and India.

Key players

Key players operating in the global Telemetry market are Honeywell International Inc., Siemens AG, General Electric Company, and Schneider Electric SE. Honeywell dominated the telemetry market in 2023 owing to its vast product portfolio and global presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it