Worldwide demand for telemetry to grow from $109.54 billion this year to $243 billion in 2020
DALLAS, 20 Nov. 2014. Worldwide demand for telemetry is expected to grow from $109.54 billion this year to $243 billion in 2020 -- a combined annual growth rate of 14.2 percent -- predict analysts at market researcher MarketsandMarkets in Dallas.
Telemetry systems enable transmitting information from one location to another, primarily due to the inaccessibility of the source to be monitored directly, analysts say.
The telemetry market findings are outlined in the MarketsandMarkets report entitled Global Telemetry Market by Application, Technology, Sensors, Components, and Geography.
Applications covered in the study include aerospace and defense, oil and gas, hydrography, oceanography, energy utilities, agriculture, health care, automation, logistics, telematics, retail, and wildlife. Telemetry technologies covered include wire link, wireless, and data loggers.
The continued requirement for cloud based services, scalability, and interoperability will be the driving factors for the global telemetry market over the next six years, analysts say.
The current trend of the market is its transition towards faster, reliable, cost-efficient systems for real-time data collection, analysts say. Cross industry collaborations have played a significant role in winning telemetry contracts across the globe.
Health care, telematics, energy and utilities, and retail sectors contribute the maximum share to the telemetry systems market. There will be an increasing demand in RFID passive tagging, fault management systems, biotelemetry, telemedicine, clinical monitoring, OPC and embedded device communication and remote crop telemetry.
Remote Telemetry will present a large growth area for telemetry technology. The current trends include telemetry use in the lighting management applications, connected cars concept, smart sensors, and smart meters for energy utilization, construction management operations and logistics (tracking and vehicle security) activities.
The primary market players are from the U.S. and Europe; these players have the technical know-how and are now looking towards the emerging economies. Philips Health care, Schneider, Siemens, Honeywell, and GE Health care are identifies to be some of the significant market players.
For more information contact MarketsandMarkets online at www.marketsandmarkets.com.