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The global telemetry market size was USD 116.85 billion in 2020. The market is projected to grow from USD 120.66 billion in 2021 to USD 202.60 billion in 2028 at a CAGR of 7.68% in the 2021-2028 period. The global impact of COVID-19 has been unmatched and staggering, with witnessing a low demand across all the regions amid the pandemic. Based on our analysis, the global market exhibited a low growth of 2.40% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Telemetry involves sensing and measuring data at a remote source and transmitting that data to a central location, known as a monitoring station. At the monitoring station, it is used to monitor and regulate the process at the remote site. The telemetry information is transmitted or received through a wired link and used to monitor environmental conditions. The need for information gathering and subsequent sharing of information are the factors that will impact the global market.
There is an increasing popularity in the healthcare segment of this market. Wireless Medical Telemetry Service (WMTS) is gaining more popularity in the healthcare segment. The market is anticipated to display significant growth in the automation industry, vehicle (telematics, transportation, and logistics), and retail segments. An increase in the use of smart devices with advanced technologies, such as Big Data, and expansion of the cloud computing market drive the telemetry market growth.
Decreased Air Passenger Traffic and Cargo Transportation amid COVID-19 to Decline Growth
Several companies are involved in designing and developing telemetry solutions for various end-use industries such as healthcare, consumer, aerospace & defense, industry & automation, agriculture & wildlife, logistics & transportation (vehicle), marine & oceanography, energy and power, oil & gas, and hydrography. Amongst these, the healthcare industry witnessed an increase in demand for wireless telemetry systems during 2020-2021 to provide the best treatments to the patient.
In addition, increase in cases of cardiovascular diseases and several other diseases amid pandemic to witness a surge in demand for the systems for continued monitoring of patient’s health.
However, the market witnessed a moderate impact of COVID-19 during 2020-2021 due to disruption in supply chain analysis. The market is highly fragmented with small to large-scale companies. During the pandemic, the small-scale companies have witnessed an enormous impact on their revenue generation due to the temporary shutdown in several high-growth countries. This factor led to limited investment in large volume production of this system.
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Growing Adoption of Modern Technologies such as Internet of Things (IoT) and Artificial Intelligence (AI) is the Latest Trend
Telemetry is the technology that collects and receives real-time data from remote sensors or data collection systems. The introduction of advanced technologies improves the overall performance of the system. Moreover, growing use of the Internet of Things (IoT) improves the battery life for connected devices and miniaturization of hardware systems. Furthermore, IoT devices used for telemetry, such as remote sensors, require low power, low bandwidth, low-code footprint, and local IoT intelligent gateways. Furthermore, the convergence of artificial intelligence and Internet of Things (AIoT) will redefine the future of industrial automation. Artificial Intelligence of Things impacts every industry, including aerospace & defense, automotive, healthcare, supply chain, and manufacturing.
Increasing Demand for Wireless Medical Telemetry Services (WMTS) to Aid Market Growth
The concerns over the extra obstruction to medical telemetry systems became a greater issue as the transition from analog to digital television began. To help alleviate additional interference to wireless medical telemetry devices, the Federal Communications Commission (FCC) established the WMTS in 2002 by allocating 14 MHz of spectrum for wireless medical telemetry. In addition, WMTS spectrum is used to monitor patient health in real-time. The WMTS is in the 608 – 614, 1395 – 1400, and 1427 – 1432 MHz range. Moreover, WMTS includes devices that quantify patients' vital signs and other significant health parameters such as respiration rates and pulse and system that transport the information through a radio link to a distant area, such as a medical attendants' station, outfitted with a particular radio beneficiary. For instance, wireless cardiac monitors are regularly used to screen patients following a medical procedure.
Therefore, the rising cardiovascular disorders cases and associated mortality have increased demand for WMTS enabled Mobile Cardiac Telemetry (MCT) devices.
Numerous Advantages Associated with Telemetry System to Increase Its Popularity in Global Market
In recent years, there has been tremendous growth in the adoption of these systems. It refers to an exceptionally progressed and automated communication system where data collection and measurements are made without the individual being available physically. The system allows users to monitor and measure data in real-time. Due to the real-time data accessibility, it is widely used in several industries, including oil and gas, energy and power, mining, marine & oceanography, and hydrography, where continuous monitoring by a human is not possible. Perhaps the greatest benefit of utilizing telemetry technology is that it helps you in decreasing operational costs. Since the information is gathered and transmitted automatically from distant areas, there are diminished prerequisites of the human asset needed to gather the information physically. This can help any organization cut operational costs considerably. As there is no human intervention, the risk associated with it is also reduced. Wireless telemetry systems are discovering broad usage in disaster management. For instance, this framework can be utilized to measure the rising level of water in a river for flood control or measure the speed of wind on high ocean barges. Taken care of with such data progressively can assist with diminishing the effect of regular disasters if not prevent them.
Moreover, the system offers advantages such as collecting data from moving objects, data sharing, and security. The wireless system reduces the wiring cost, installation cost, and retrofit cost. Once the initial installations are done, the wireless systems can easily add new wireless instruments to meet changing and expanded requirements. These advantages associated with such systems are propelling its demand in various end-use industries.
Lack of Skilled Workforce and Stringent Regulation on the Usage of Frequency Band to impede Market Growth
The emerging economies witness major adoption of these systems. However, the other economies lack awareness about the advantage of such systems and services and limited infrastructure investment. These factors are restricting the market growth in undeveloped countries. Despite, in order to improve the knowledge about telemetry, many organizations are consulting training session
Wireless telemetry system uses a specific frequency band for data transmission. The frequency band such as 608-614 MHz, 1395-1400 MHz, and 1427-1432 MHz are established by the Federal Communications Commission (FCC) mainly for eligible wireless medical telemetry users. The FCC service rules for the WMTS. In addition, the Commission for Communication Regulation (“ComReg”) proposed to introduce a new licensing scheme for scanning telemetry and telecontrol systems in the VHF and UHF spectrum bands. Getting such a license for system operation results in high initial investment. These factors are expected to create hindrances in the growth of the market.
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Wire-link Segment Dominated Market in 2020
Based on technology, the market is divided into wire-link, wireless telemetry systems, data loggers, acoustic, and digital telemetry.
The wire-link segment registered the largest share in 2020. This dominance is attributed to the extensive usage of wired biomedical telemetry systems in hospitals. Moreover, it is widely used in monitoring electric power plants, which is expected to fuel market growth.
The wireless segment witnesses fast pace growth during the forecast period. The rising adoption of wireless systems in the healthcare industry in devices, such as cardiac monitors and others, is anticipated to drive the growth of the segment.
Software Segment to Grow Rapidly during Forecast Period
Based on component, the market is classified into hardware and software. The hardware segment is further divided into transmitter, receiver, encoder, modulator, antenna, and sensors. The sensors segment is again classified into vehicle dynamic sensors, load cell sensors, GPS sensors, position sensors, pressure sensors, displacement sensors, and others.
The hardware segment held a larger market share in the base year. The growth is attributed to the wide adoption of systems and devices in various sectors such as agriculture, aerospace, oil & gas, healthcare, and others.
Software segment will witness high growth opportunities during the forecast period. Growing technological advancements in the Internet of Things (IoT) and artificial intelligence (AI) are anticipated to boost the demand for telemetry software and related services.
Hydrography Segment growing at Highest Speed during the Projection Period
Based on application, the market is divided into healthcare, consumer, aerospace & defense, industry & automation, agriculture & wildlife, logistics & transportation (vehicle), marine & oceanography, energy and power, oil & gas, and hydrography. Energy and power are further classified into power transmission and asset management.
The oil & gas segment dominated the global market in 2020, owing to increasing demand for such systems to monitor offshore rigs is anticipated to drive the growth of the segment. Moreover, due to increasing safety concerns has led to an increase in demand for gas leak detection systems, which is anticipated to propel market growth.
The hydrography segment is anticipated to grow with the highest CAGR during the 2021-2028 period. The growing funding by governments of several countries for the installation of water treatment plants and wastewater management systems is expected to surge the demand for systems in the hydrography segment.
The aerospace and defense segment is anticipated to grow at the significant CAGR during the projection period owing to the growing integration of telemetry in aircraft engine, missiles, airborne systems, and other components to monitor and control its performance from remote locations.
North America Telemetry Market Size, 2020 (USD Billion)
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The global market is studied across North America, Europe, Asia Pacific, and the rest of the world.
North America stood at USD 43.35 billion in 2020 and is expected to dominate the market, owing to highest drug use in the region. Growing demand for smart mobility, connected car, smart energy meters, and others in the U.S. and Canada is expected to witness considerable market growth in North America. Moreover, rising government initiatives for the integration of telemetry in defense systems is anticipated to boost the market.
Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. The rising government funding for reservoir monitoring systems, wastewater treatment systems, and development of wireless telemetry infrastructure in emerging countries, such as China, India, Japan, and others, is expected to fuel the market in Asia Pacific.
The market in Europe registered a significant share in 2020. The growth is attributed to the growing demand for healthcare services.
The market in the rest of the world will witness moderate growth during the projection period. The growth of the region is attributed to the largest oil and gas industry and the developing automotive industry in the region.
Strong Focus on Development of New Technology-Based System is the Key Strategy Adopted by Leading Players to Endure Their Positions
The constant investment in R&D activities, long-term contracts with government and authorized bodies, and a strong focus on the development of new technology-based systems such as cloud computing enabled systems or IoT enabled industrial systems will support the leading companies to withstand their market position.
The other key players involved in the market are focusing on technological collaborations and in house research to design modern telemetry systems to enhance the application.
An Infographic Representation of Telemetry Market
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The telemetry market analysis report provides detailed market information and focuses on key aspects, such as renowned manufacturers, competitive landscape, system and component, demanding technologies, and end-use applications. Moreover, it offers insights into these system trends and highlights key industry developments. In addition to the factors mentioned above, the market report encompasses several direct and indirect factors that have contributed to the market's growth over recent years.
Value (USD Billion)
Technology, Component, Application, and Geography
Fortune Business Insights says that the global market size was USD 116.85 billion in 2020 and is projected to reach USD 202.60 billion by 2028.
Registering a CAGR of 7.68%, the market will exhibit steady growth in the forecast period (2021-2028).
The wireless telemetry systems technology segment is the leading segment in the market.
General Electric Company, Siemens AG, Rogers Communications, and Koninklijke Philips N.V are the leading players in the market.
North America dominated the market in terms of share in 2020.
Healthcare, consumer telemetry, aerospace & defense, industry & automation, agriculture & wildlife, logistics & transportation (vehicle), marine & oceanography, energy and power, oil & gas, and hydrography are the major applications of the telemetry system.
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