Global SCADA Market Size Worth US$ 26 Billion by 2024 | CAGR 5.7% – IMARC Group
According to the latest report by IMARC Group, titled “SCADA Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 18.6 Billion in 2018. Supervisory control and data acquisition (SCADA) is an industrial control system (ICS) that employs computers, network data communications and graphical user interfaces for high-level process supervisory management. It assists in collecting information, transferring it back to the central computer, alerting the home station, carrying out the required analysis and displaying the analysis to the user. It provides the facility of storing large amounts of data and offers an interface to connect the different sensors deployed in an area. Additionally, it aids in maintaining efficiency, processing data for smart and quick decision making, and communicating system issues to help mitigate downtime.
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Global SCADA Market Trends:
One of the pivotal factors bolstering the growth of the market is the growing popularity of SCADA systems around the world. This can be attributed to the assistance offered by these systems in distinguishing faults within the machinery and minimizing potential defects. Besides this, the cost-effectiveness of the SCADA framework is also stimulating the demand for these systems around the world. They can also disseminate power by re-steering electricity from excess capacity regions to areas with a lack of power supply. Another factor which is impelling the market growth is the increasing employment of SCADA systems in the oil and gas industry since they help in enhancing the extraction output, streamlining production and minimizing losses. Looking forward, the market is projected to reach a value of US$ 26 Billion by 2024, expanding at a CAGR of around 5.7% during 2019-2024.
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Market Summary:
- Based on the component, the market has been classified into the programmable logic controller (PLC), remote terminal units (RTU), human machine interface (HMI), communication systems and others.
- On the basis of the architecture, the market has been divided into hardware, software and services. Currently, services account for the majority of the total market share.
- The market has been analyzed on the basis of the end user into oil and gas, power, water and wastewater, manufacturing, chemicals and petrochemicals, pharmaceutical and others. Presently, the oil and gas segment exhibits a clear dominance in the market.
- Region-wise, the market has been segregated into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. Amongst these, North America represents the largest market, holding the majority of the global share.
- The competitive landscape of the market has been examined with some of the key players being ABB Ltd., Emerson Electric Co., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Alstom, General Electric Co., Honeywell International, Inc., Omron Corporation, Yokogawa Electric Corporation, Iconics Inc., Elynx Technologies, LLC, Enbase LLC, Globalogix and Inductive Automation.
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