SCADA Market Size to Reach USD 44.75 Billion by 2026 - Valuates Reports
BANGALORE, India, June 26, 2020 /PRNewswire/ -- The global SCADA market size is projected to reach USD 44.75 Billion by 2026, from USD 32.94 Billion in 2020, at a CAGR of 5.24% during 2020-2026.
Demand for industrial Supervisory Control and Data Acquisition (SCADA) systems is steadily increasing, as these systems help maintain efficiency, process data for smarter decision making, and communicate system issues to help mitigate downtime. Continuing technical developments in SCADA due to continuous R&D by industry players have further improved the system's performance. This has, in turn, led to increased adoption and has increased the growth of SCADA market size.
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TRENDS INFLUENCING THE SCADA MARKET SIZE
SCADA market size growth is driven by factors such as high demand for industrial mobility solutions to manage process industries effectively, increased adoption of Industry 4.0 in process industries, and increased usage of software platforms such as IoT and edge computing.
Furthermore, the integration of a SCADA system with cloud storage technology enables operators to monitor internet applications. In addition, cloud-based SCADA systems offer numerous advantages such as scalability, ease of retrieving files & updating, and cloud-based upgrading. All the factors have fuelled their adoption and have caused a surge in the SCADA market size during the forecast period.
The digital and analog parameters of the field or plant, such as the open or closed state of a nozzle or the temperature of particular equipment, are monitored with the help of an RTU. The RTU further transmits the data to a central monitoring station of the SCADA system. The increasing demand for robust and low-cost controllers is augmenting the growth of the RTU in the SCADA market.
Over the forecast period, the rising demand for industrial mobility solutions will serve as a catalyst for the growth of the SCADA market size. SCADA's high initial cost of the investment may be a possible irritant. But the benefits of SCADA, such as faster data accumulation, visual representation of controls, and supervisors' ability to respond more quickly to alarms, are expected to increase the adoption.
Rising demand for automation in various parts of energy is one of the key driving factors of this sector. Supervisory control and data acquisition systems are used to track, among others, various complex structures and processes in power plants, oil and gas, water & wastewater management, manufacturing facilities, pharmaceuticals, and telecommunication.
SCADA MARKET SHARE ANALYSIS
Automation implementation in APAC is growing due to the rising need for high-quality goods, along with the increased production levels. This also deals with labor cost management and human intervention.
Due to the growing investment in power transmission and distribution, the demand for process automation and instrumentation in the Asia Pacific is extremely strong.
In APAC, China, India, and Japan are considered to be the main countries producing electricity. The involvement of key players in the field, such as OMRON (Japan) and Yokogawa Electric (Japan), supports market development.
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