SEATTLE, Feb. 08, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global supervisory control and data acquisition (SCADA) market was valued at US$ 29.24 Billion million in 2017, and is projected to exhibit a CAGR of 5.5% over the forecast period (2018 – 2026).
Key trends and analysis of the global supervisory control and data acquisition (SCADA) market:
Increasing adoption of connected devices is a key factor fuelling growth of the global SCADA market. Enterprises are focusing on implementing cloud, IoT, analytics, and big data in order to increase organization’s efficiency by simplifying various operational tasks such as process monitoring and control, data acquisition, monitoring and processing. Connected devices are a major force behind high performance of industrial operations. However, monitoring and controlling connected devices is a tedious task. SCADA aids organizations in streamlining connected device. Data plays a crucial role in efficient growth of the organization and SCADA helps in acquisition and monitoring of the data, which in turn increases adoption of SCADA.
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Among component type, the human-machine interface (HMI) segment is expected to witness significant growth in the market. HMI screens are used for data monitoring, visualization, and tracking or for performing more challenging operations such as switching machine off or increasing production speed. Communication system is a vital part of SCADA system and helps to remote control various operations. Therefore, these factors are expected to propel growth of the global SCADA market over the forecast period.
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Key Market Takeaways:
- The global SCADA market is projected to witness CAGR of 5.5% during the forecast period, owing to increasing demand for better human-machine interface and communication systems
- On the basis of offerings, the SCADA market is segmented into hardware, software, and services. Among offering type, the services segment is projected to hold major share in the global SCADA market. This is attributed to increasing demand for services that allow supervisory automation control and data acquisition application with increased efficiency, high reliability, and superior visualization. Moreover, increasing demand for real-time data acquisition is also expected to boost the SCADA market growth.
- On the basis of component, the global SCADA market is segmented into human-machine interface, communication system, remote terminal unit, and others. Human machine-interface segment is the fastest growing segment. The growth of Industry 4.0 has resulted in constant demand for HMI to modify an industrial process by digitizing and centralizing the data. The integration of HMI in the process helps the operator to analyze important data visualized with the graph, charts or digital dashboard and manage the process.
- Communication network system is one of the major components of SCADA system. Communication system plays a key role in data acquisition and supervisory control aspects. Communication system is used for transferring data to data acquisition unit, supervisory controls, and any other controllers, which are lined with the system. The major purpose of integrating SCADA system with communication network is to establish connection between the remote terminal units with SCADA master.
- Major players operating in the global SCADA market include, ABB Ltd., Hitachi Ltd, Emerson Electric Co., Alstom, International Business Machines Corporation, Honeywell International Inc., Schneider Electric, Rockwell Automation, Inc., JFE Engineering Corporation, ICONICS, Inc., Mitsubishi Electric Corporation, and others
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.