SCADA Market to be Worth $18.7 Billion by 2031

According to a new market research report titled, ‘SCADA Market by Type (Monolithic SCADA Systems, Distributed SCADA Systems, Networked SCADA Systems), Component (Hardware, Software, Services), Deployment Mode, End-use Industry (Oil & Gas, Automotive, F&B), and Geography - Global Forecast to 2031, the global SCADA Market is projected to reach $18.7 billion by 2031, at a CAGR of 9% from 2024–2031.

Supervisory control and data acquisition (SCADA) systems comprise hardware and software components used to monitor and control industrial processes. The SCADA system allows manufacturers and organizations to collect and analyze real-time production data, monitor and manage alarms, and program automatic control responses triggered by operations or system parameters. In the last few years, SCADA systems have witnessed considerable developments in terms of technology and utility and facilitate better HMI designs, efficient remote operations, better equipment control, smooth troubleshooting, and reduced energy expenditures. Incorporation of the SCADA system ensures a better return on investment and thus witnesses consistent growth. Besides, concepts such as Industry 5.0 and industrial automation are also supporting the growth of the SCADA market across the globe.

Factors such as the rising adoption of automated technologies across Europe and Asia-Pacific, the ongoing Industry 5.0 trends, growing demand for smart and digitized production processes, and government support and initiatives for industrial automation are driving the growth of the SCADA market. However, high initial investment requirements are restraining the growth of this market.

Download Free PDF Sample Copy of the Report (with COVID-19 Impact Analysis): https://www.meticulousresearch.com/download-sample-report/cp_id=5186

Furthermore, the increasing trend of wireless sensor networks and the proliferation of smart factories are expected to create growth opportunities for the players operating in this market. However, the high risk of cyberattacks is a major challenge impacting market growth.

Advent of Industry 5.0 Boosting the Demand for SCADA Systems

Industry 5.0, also known as the Fifth Industrial Revolution, is a new and emerging phase of industrialization that builds upon the principles of Industry 4.0 but emphasizes the integration of human skills with advanced technologies. Industry 4.0 was focused on technologies such as the Internet of Things and big data, whereas Industry 5.0 seeks to involve human, environmental, and social aspects. As Industry 5.0 promotes closer collaboration between humans and machines, there is a growing need for advanced automation and control systems that can effectively bridge the gap between the two. SCADA systems enable operators to monitor and control industrial processes in real time, thus playing a crucial role in facilitating interactions between humans and machines. They provide the infrastructure necessary for integrating human inputs and feedback into automated processes, ensuring optimal performance and efficiency. Industry 5.0 promotes the adoption of advanced technologies, increasing the need for comprehensive monitoring and control solutions to ensure the seamless integration and coordination of the technologies. SCADA systems have made automation more reliable and powerful. Centralized head SCADA systems are being used for decision-making in dangerous situations to avoid accidents in complex infrastructure. SCADA automation control systems monitor and control entire sites, help make smarter decisions, improve efficiency, and reduce downtime. These benefits offered by SCADA systems and the growing need to ensure the integrity and reliability of critical infrastructure support market growth.

Governments are actively undertaking initiatives to support industrial automation and digitalization processes. For instance, in July 2020, the Spanish government adopted its Digital Strategy 2025, which aims to promote digital transformation in the country by strengthening cybersecurity capacity, digitizing public administration, and developing the data economy. In January 2021, the President of Spain announced three new plans for SMEs (2021-2025)—the Connectivity Plan, the Strategy to Promote 5G Plan, and the National Strategy for Artificial Intelligence, to develop the Spain 2025 Digital Agenda. These initiatives contribute to the development and deployment of SCADA systems across various industries, enhancing their capabilities and driving digital transformation and competitiveness in the Spanish economy. Such initiatives are increasing the demand for SCADA systems, driving the growth of this market.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/scada-market-5186

Based on type, the global SCADA market is broadly segmented into monolithic SCADA systems, distributed SCADA systems, networked SCADA systems, and other SCADA systems. In 2023, the networked SCADA systems segment is expected to account for the largest share of the global SCADA market. The large market share of this segment is attributed to the benefits offered by these systems, including flexibility, scalability, and use of common communication protocol facilitating better data exchange. Various end-use industries, such as oil & gas, industrial manufacturing, and power & utility, have adopted this architecture.

The networked SCADA systems segment is projected to register the highest CAGR during the forecast period.

Based on component, the global SCADA market is broadly segmented into hardware, software, and services. The hardware segment is further segmented into remote terminal units (RTU), programmable logic controllers (PLC), human-machine interface (HMI), process control systems (PCS), communication systems, distributed control systems (DCS), and other hardware. The services segment is further segmented into professional services and managed services. In 2023, the hardware segment is expected to account for the largest share of the global SCADA market. The large market share of this segment is attributed to the rising adoption of automated technologies, the rising focus of players on innovative product offerings, and the growing demand for smart and digitized production processes.

However, the software segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing focus of industry players on introducing innovative SCADA software.

Based on deployment mode, the global SCADA market is segmented into on-premise deployments and cloud-based deployments. In 2023, the on-premise deployments segment is expected to account for the larger share of the global SCADA market. The large market share of this segment is attributed to the high preference for on-premise deployments among large enterprises due to the availability of trained IT professionals & infrastructure and security issues associated with cloud-based deployments.

However, the cloud-based deployments segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to the benefits of cloud infrastructure, such as ease of adoption, minimal requirements for in-house infrastructure, high scalability, and easy installation of SCADA solutions.

Based on end-use industry, the global SCADA market is segmented into oil & gas, automotive, food & beverage, electronics & semiconductors, IT & telecommunications, agriculture, pharmaceuticals & healthcare, transportation, manufacturing, and other end-use industries. In 2023, the manufacturing segment is expected to account for the largest share of the global SCADA market. The large market share of this segment is attributed to the rising adoption of industrial automation and control systems in the manufacturing sector, the growing demand for smart and digitalized production processes, and the proliferation of smart factories.

However, the automotive segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the rising need to gather real-time data to control and monitor industrial equipment and manufacturing processes and the rising adoption of industrial robots, machine vision systems, and industrial control systems.

Based on geography, the SCADA Market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global SCADA Market. The market growth in North America is driven by the presence of key market players in the region, growing demand for automation and process control solutions, increased use of automation in the industrial sectors, and the need to improve productivity, quality, & efficiency of production processes.

However, the Asia-Pacific region is projected to record the highest CAGR during the forecast period. The growth of this market is attributed to increasing investment in smart factories, growing FDI in the industrial sector, increasing worker safety regulations, and rising demand for industrial control solutions in manufacturing companies.

The key players operating in the global SCADA Market are Rockwell Automation, Inc. (U.S.), Siemens AG (Germany), Eaton Corporation plc (Ireland), Schneider Electric SE (France), ABB Ltd (Switzerland), Yokogawa Electric Corporation (Japan), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), OMRON Corporation (Japan), Pilz GmbH & Co. KG (Germany), Survalent Technology Corporation (Canada), Valmet (Finland), and Hitachi, Ltd. (Japan).

You can Buy Report from Here:  https://www.meticulousresearch.com/Checkout/61735956

Contact Us:

Meticulous Research®

Email- sales@meticulousresearch.com

Contact Sales- +1-646-781-8004

Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research