The Global Supervisory Control And Data Acquisition (SCADA) Market Growth Accelerated By Increased Adoption Of SCADA Systems Across Industries
Supervisory Control and Data Acquisition or SCADA systems are widely used for remote monitoring and control of industrial processes and infrastructure facilities in various industries such as oil & gas, water and wastewater management, electric power generation, transportation, telecommunication and more. SCADA systems offer advantages such as centralized monitoring of geographically dispersed assets, remote control of equipment resulting in reduced costs and increased efficiency. The increasing need for improved infrastructure management and industrial automation has propelled the demand for SCADA systems in recent years.
The global Supervisory Control and Data Acquisition (SCADA) Market is estimated to be valued at US$ 30 billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
SCADA systems help industries achieve improved efficiency, reduced costs and error-free remote monitoring of complex field assets and processes. They provide valuable insights through real-time data collection and analysis. This has boosted their adoption across core industrial verticals leading to accelerated growth of the global SCADA market during the forecast period.
Segment Analysis
The global Supervisory Control and Data Acquisition (SCADA) market is divided into components, solutions, end-user and region. Based on components, the hardware segment dominated the market in 2023 due to extensive use of RTUs (remote terminal units), PLCs (programmable logic controllers), among others for monitoring and controlling various industrial processes. Based on solutions, the SCADA system management software segment held the largest share as it helps in supervising data logging, alarm and event management, data visualization, and more.
Key Takeaways
The Global Supervisory Control And Data Acquisition (SCADA) Market Size is expected to witness high growth during the forecast period. The global Supervisory Control and Data Acquisition (SCADA) Market is estimated to be valued at US$ 30 billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2031.
Regional analysis showed that Asia Pacific was the fastest growing region due to rapid industrialization and growth of infrastructure projects in emerging economies such as China and India. The SCADA market in North America held the largest share due to the presence of major industrial verticals in the US and rising adoption of advanced technologies. Europe also captured a significant market share due to expansion of manufacturing and oil & gas industries.
Key players operating in the Supervisory Control and Data Acquisition (SCADA) market are ABB Ltd., Emerson Electric Co., Schneider Electric SE, Siemens AG, Rockwell Automation Inc., General Electric Co., Honeywell International Inc., Yokogawa Electric Corporation, Inductive Automation, and Omron Corporation.
For More details on the topic:
Comments
0 comment