Dublin, July 29, 2021 (GLOBE NEWSWIRE) -- The "Global Power SCADA Market by Architecture (Hardware, Software, Services), Component (Remote Terminal Unit, Programmable Logic Controller, Human Machine Interface, Communication System Protection Relays), End-user, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global power SCADA market is projected to reach USD 2.5 billion by 2026 from an estimated USD 1.7 billion in 2021, at a CAGR of 7.6% during the forecast period.
Increasing adoption of industry 4.0 principles is driving the power SCADA market are the main drivers for the power SCADA market. Increasing use of big data analytics and 5G technology in industrial environment are expected to offer lucrative opportunities for the power SCADA market during the forecast period. However, risk of cyberattacks in power SCADA acts as a restraint for the solution.
The Remote Terminal Unit (RTU) component is expected to grow at the highest CAGR from 2021 to 2026
Based on the components of power SCADA systems, the Remote Terminal Unit (RTU) component is estimated to be the fastest-growing market from 2019 to 2026. The segment includes the Master Terminal Unit (MTU), Human Machine Interface (HMI), Programmable Logic Controller (PLC), Communication System, Intelligent Electronic Device (IEDs) and other components like Historian software, data interface device system software, and supervisory system. Growth of the industrial sector in Asia Pacific and the Middle East & Africa is expected to drive the power SCADA market.
Oil and gas industry are expected to emerge as the largest segment based on sales channel
The oil and gas industry, by end-user industry, is projected to hold the highest market share during the forecast period. Oil and gas manufacturers use power SCADA systems to monitor and control the processing of oil from oil wellsprings through a network of pipelines to refinery plants and end-users. Power SCADA systems provide a powerful and proactive method of diagnosing problems, along with real-time data, to make on-spot decisions to optimize profits.
Using power SCADA systems, oil and gas operators can easily monitor and collect data from remote areas to maximize facility control, optimize oil well production, increase accuracy, improve security and environmental safeguards, reduce energy consumption, and ensure compliance with policies and procedures at workplaces.
Asia Pacific: The largest power SCADA market
Asia Pacific is currently the largest power SCADA market, followed by North America and the Europe. China accounted for the maximum share of the Asia Pacific market in 2020. It is also projected to grow at the highest CAGR from 2021 to 2026.
Growth of the industrial sectors in countries such as China, India, South Korea, Australia, and Japan is expected to drive the Asia Pacific power SCADA market. Countries such as China and India are focusing on oil & gas production activities and pharmaceutical business to reduce oil dependency, which is expected to increase demand for power SCADA in the region.
Market Dynamics
Drivers
- Increasing Adoption of Industry 4.0 Principles is Driving the Power SCADA Market
- Growing Focus on Carbon Footprint Management
- Rising Use of SCADA in Oil & Gas Sector
Restraints
- High Costs Associated with Initial Setup and Maintenance and Upgrade of Power SCADA Solutions
- Risks of Cyberattacks Affects Growth of Power SCADA Systems
Opportunities
- Convergence of Power SCADA Systems and Wireless Sensor Networks (WSNs)
- Anticipated Shift from On-Premises to Cloud-Based Power SCADA Systems
- Rise in Use of Big Data Analytics and 5G Technology in Industrial Environment
Challenges
- Vulnerability to Cyberattacks Negatively Affecting Power SCADA Systems
- Inadequate Data Storage and Management Concerns
- Impact of COVID-19 on Power SCADA Market
Trends
- Revenue Shift and New Revenue Pockets for Power SCADA Manufacturers
Pricing Analysis
Market Map
Value Chain Analysis
- Raw Material Providers/Suppliers
- Component Manufacturers
- Power SCADA Manufacturers/Assemblers
- Distributors (Buyers)/End-users and Post-Sales Service Providers
Technology Analysis
- Power SCADA Based on Different Technologies
Power SCADA: Codes and Regulations
Innovations and Patent Registrations
Porter's Five Forces Analysis
Case Study Analysis
- Siemens Provided TIA Solutions Designed by Tesco to Municipal Water Management System After City of Hobbs Raised Issues Related to Municipal Wastewater Management System
- Siemens Integrator Helped Small Town Modernize Water Supply while Cutting Down Costs
Companies Mentioned
- ABB
- Advantech Co.
- Bentek Systems
- Eaton
- Efacec Power Solutions
- Emerson
- General Electric
- Hitachi
- Honeywell
- Indra Sistemas
- Inductive Automation
- Mitsubishi Electric
- Motorola Solutions
- Nugen Automation
- Omron Technologies
- Open System International
- Outlaw Automation
- Ovak Technologies
- PSI AG
- Rockwell Automation
- Schneider Electric
- Siemens
- Survalent Technology Corporation
- Tesco
- Toshiba
- Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/s0tb05