February 08, 2022 04:08 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The global telemetry market size is anticipated to hit USD 202.60 billion by 2028 and exhibit a CAGR of 7.68% during the forecast period. The rising demand for Wireless Medical Telemetry Devices (WMTD) is projected to bolster the market growth in the coming years. Fortune Business InsightsTM has presented this information in its report titled “Telemetry Market, 2021-2028”. The market size stood at USD 116.85 billion in 2020 and USD 120.66 billion in 2021. Additionally, increasing adoption of advanced technologies, including artificial intelligence (AI) and the Internet of Things (IoT) is expected to be a key trend influencing the market growth. The incorporation of such advanced technologies augments the performance of telemetry systems and is expected to boost the market growth.
List of Key Players Mentioned in the Telemetry Market Report:
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The COVID-19 pandemic has caused significant disturbances and moderately affected the market. The supply chain disruptions and limited workforce available during the pandemic have negatively impacted the market growth. The shutdown of small-scale businesses affected their revenues and led to low investments in the system production. Nonetheless, the market is recovering from the pandemic’s impact and is likely to exhibit tremendous growth in the coming years.
Technology, Component, Application, and Region are studied for the Market On the basis of technology
On the basis of component,
On the basis of application,
Geographically, it is studied across
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Rising Adoption of Advanced Technologies to Boost Market Growth
Telemetry collects and obtains real-time data from data collection systems or remote sensors. The real-time data accessibility augments its demand across various end-use industries, including energy and power, hydrography, oil & gas, and others. It helps to reduce operational costs and also reduce the associated risks. These several advantages are likely to bolster the telemetry market growth. The aforementioned advantages have also surged the demand for Wireless Medical Telemetry Devices (WMTS) to monitor patient’s health in real-time. Increasing cardiovascular disorders amongst the rising population and the related mortality are likely to boost the WMTS demand and fuel the market growth. Additionally, the increasing adoption of advanced technologies, including Artificial Intelligence (AI) and the Internet of Things (IoT) to augment the performance of telemetry systems, is expected to be a key trend influencing the market growth. However, strict regulations and the lack of skilled professionals may hinder market growth.
Increasing Government Initiatives to Boost Growth in North America
North America is projected to hold the largest telemetry market share in the forthcoming years. Rising demand for smart energy meters, connected vehicles, smart mobility in Canada and the U.S. is expected to boost the region’s market growth. Additionally, increasing government initiatives and high drug usage in the region are also expected to fuel the market growth in the region. Asia Pacific is anticipated to exhibit the highest CAGR in the global market. Increasing government investments for wastewater treatment systems, reservoir monitoring systems, and wireless telemetry infrastructure development across India, China, Japan, and other countries are projected to amplify the region’s market growth. The growing healthcare service demand is expected to fuel growth in Europe. The rest of the world is expected to exhibit moderate growth due to the vast oil & gas industry and the expanding automotive industry.
Key Players Launch New Products to Drive Growth
The key players present in the market focus on technological collaborations to deliver advanced products and services. They constantly invest in research and development to make technological advancements. They also emphasize new product launches to improve their market positions and revenues. For instance, Honeywell International Inc. unveiled an all-in-one cloud platform called Connected Life Safety Services for fire safety systems in October 2020.
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