- February 07, 2020
The SCADA market growth is attributed to the increasing adoption of automation technologies by oil & gas, utility, and manufacturing industries.
February 7, 2020 - According to latest report "Supervisory Control and Data Acquisition (SCADA) Market by Component (Human-Machine Interface, Programmable Logic Controller, Remote Terminal Units), Application (Chemical & Pharmaceuticals, Food & Beverage, Manufacturing, Oil & Gas, Transportation, Utility, Water & Sewage), Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of SCADA will cross $50 billion by 2026.
The SCADA market growth is attributed to the increasing adoption of automation technologies by oil & gas, utility, and manufacturing industries. SCADA allows operators to visualize the complete process of a factory or machine to access real-time data. The emergence of cloud-based SCADA systems is further providing market opportunities. Cloud SCADA systems eliminate maintenance and installation fees, reducing the requirement of high-capital investments.
The human-machine interface (HMI) segment will witness steady growth in the SCADA market during the forecast timeline. HMI is an I/O device that allows operators to control and monitor process data. Additionally, it provides information such as detailed schematics, data diagnostics, scheduled maintenance, logistic information, etc.
The operating personnel can also visualize the graphical representation of data, attributing to market size. The emergence of artificial vision, wearable HMIs, and natural language processing for HMIs are aiding in enhancing the overall system performance. Companies are also focusing on developing touchscreen interfaces to improve the operability of the system.
SCADA systems are deployed in chemical and pharmaceutical industries to control and monitor the mixing of critical compositions to ensure high-quality end-products. The positive outlook of the chemical industry, particularly in the Asia-Pacific and Europe, will provide opportunities for the supervisory control and data acquisition (SCADA) market. The increasing trend of automation in pharmaceutical industries is further supporting the adoption of SCADA. The technology is primarily used in pharma industries to comply with stringent safety and environmental regulations.
The SCADA market is witnessing growth in North America due to increasing investments in industry 4.0 technologies. Governments across the U.S. and Canada are making investments in smart transportation and infrastructure systems, adding up to the market demand. For instance, in 2018, the U.S. Department of Transportation (DOT) made an investment of over USD $63 billion in transportation infrastructure.
Some major findings of the SCADA market report include:
- The increasing adoption of industry 4.0 solutions in several industries has created a positive outlook for the market.
- Cloud-based SCADA solutions offer excellent flexibility to users in order to pay only for the resources used by them. This significantly reduces the capital investment for communication infrastructure.
- The RTU segment will secure a larger share of the supervisory control and data acquisition market due to its several advantages, including low-cost, easy implementation and enhanced scalability.
- The utility industry will witness the highest growth until 2026 due to increasing investments in smart grids across the globe.
- Some of the key players operating in the SCADA market include Emerson Electric Co., Schneider Electric SE, ABB Ltd., Rockwell Automation, Inc., Omron Corporation, Siemens AG, Honeywell International Inc., Partita IVA, Yokogawa Electric Corporation, Mitsubishi Electric, and Toshiba Infrastructure Systems & Solutions Corporation.
- SCADA solution providers are focusing on introducing new solutions to gain a competitive edge over their rivals.
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