One of the highly automated types of communications, telemetry measures the data collected from remote and inaccessible locations. This technology covers both wired and wireless data transfer mechanisms. Telemetry helps measuring the data transmitted through telephone networks, optical links, computer networks, and various other wired and wireless communications. This device consists of a sensor, transmission path, and recording, display, and control device. Increasing applications and rapid evolution in the technology are some of the major drivers for the global telemetry market. Existing businesses in the industry are expected to maintain steady growth for the next few years to come. This is considered to be a great sign for the newly venturing companies within the industry as well.
Factors Driving Growth
Telemetry has been used across different industrial applications since the time of its inception. The most common demand for these devices comes from the industries like oil and gas, motor racing, space science, water management, agriculture, rocketry, healthcare, aerospace and defense, energy and utilities, wildlife research and management, fishery, law enforcement, public sector, and so on. Innovative product applications and increasing rate of adoption are some of the major driving factors for the current pace of growth for the global telemetry market.
Growth within various industrial verticals and geographic regions of the market also has essential influence on the overall growth of the industry. Emerging markets like Asia Pacific, Latin America, and Middle East and Africa are creating strong business prospects for the industry. This trend is driving investors towards these emerging economies for greater opportunities. Apart from that, technological advancements are also responsible for this growth. All these factors are influencing the telemetry market on the whole.
Segmentation and Forecasts
The global telemetry market is segmented on the basis of the applications, stakeholders and geographic demand for the telemetry devices and services. As mentioned before applications of these devices range from healthcare, automation, vehicle, transportation, energy and utilities, oil and gas, wildlife, and retail industries. Stakeholders within the market include all telemetric departments of the governments and other authoritative organizations, software providers, solutions providers, sub-component manufacturers, and system manufacturers.
Geographically, the market is first segmented into various crucial regions and countries with largest share in terms of demand and revenue. Prominent geographic regions within the industry include North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. All these segments are further categorized based on the countries. Australia, Brazil, Canada, China, Italy, India, Germany, Mexico, Japan, Russia, South Korea, Kuwait, UAE, UK, and USA are the strongest countries within the industry.
According to the latest market research reports, the global telemetry market is expected to grow at a CAGR of over 7% from 2014 to 2019. At the projected compound annual growth rate, it is estimated to reach $103.42 billion by the end of the year 2019, which is currently set at $72.42 billion (as of 2014). Healthcare is expected to be the strongest applications area for the market.