NEW YORK, May 8, 2019 /PRNewswire/ -- The SCADA market to exhibit significant growth from 2019 to 2024
The SCADA system is used to track and analyze real-time data, which is subsequently used to monitor and control industry processes. The SCADA market is expected to grow from USD 11.0 billion in 2019 to USD 15.2 billion by 2024; it is expected to grow at a CAGR of 6.7% during 2019–2024. The growth of the SCADA market is driven by factors such as high demand for industrial mobility solutions to efficiently manage process industries, increased adoption of Industry 4.0 in process industries, and increased use of software platforms such as IoT and edge computing. However, factors such as high capital costs for the deployment of the SCADA system and fluctuating oil & gas prices act as major restraints for the SCADA market growth.
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Rising demand of RTUs is expected to encourage growth of SCADA market during forecast period
RTUs are expected to account for the largest share of the SCADA market during the forecast period.An RTU is a field device that needs to be installed in operation sites.
Operation sites for the oil & gas, power, and water & wastewater industries are large.Hence, RTUs are expected to continue to account for the largest market size in the coming years.
Deep-sea exploration and extraction, along with shale gas, also contribute to the rising demand for RTUs.
Services architecture to hold largest market share of SCADA market
The SCADA system services majorly include installation, maintenance, and modification. Services include providing increased security systems and latest technologies related to SCADA systems; there is a high demand for application-specific modification services, which has resulted in an increased number of services, including SCADA system recommendations, regulatory compliance services, re-commissioning or restart assistance, and legacy system support and migration services.
APAC to be largest contributing market for SCADA during forecast period
APAC is the growing market for SCADA in various applications, such as power, electrical utilities, process automation, and communication, due to its fastest-growing economies.The market in China is expected to grow mainly because the number of manufacturing units in China is increasing, which is expected to create a huge demand for SCADA.
Another reason for the growth of the SCADA market in APAC is the increase in the number of manufacturing plants in various sectors, such as automotive, textiles, power, and pharmaceuticals.
Break-up of profiles of primary participants for the report:
•?By Company type: Tier 1: 35%, Tier 2: 50%, and Tier 3: 15%
•?By Designation: C-level Executives: 40%, Directors: 45%, and Others 15%
•?By Region: Americas: 30%, Europe: 25%, APAC: 40%, and RoW: 5%
Key players offering SCADA solutions include Schneider Electric (France), ABB (Switzerland), Siemens (Germany), Emerson Electric (US), Rockwell Automation (US), while other major players in this market include General Electric (US), Honeywell International (US), Yokogawa Electric (Japan), and OMRON (Japan). These players operate globally and provide solutions and components related to SCADA.
The global SCADA market has been segmented on the basis of component, architecture, industry, and geography.The SCADA market based on component has been segmented into human–machine interface (HMI) programmable logic controller (PLC), remote terminal unit (RTU), communication system, and others.
By architecture, SCADA market has been split into hardware, software, and services.Industries that implement SCADA solutions are chemicals, food & beverages, manufacturing, oil & gas, pharmaceuticals, power, telecommunications, transportation, water & wastewater, and others.
The SCADA market, by geography, has been segmented into 4 regions—the Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to Buy the Report:
• Illustrative segmentation, analysis, and forecast for markets based on component, architecture, industry, and geography have been included to give an overall view of the SCADA market.
• Major drivers, restraints, opportunities, and challenges for the SCADA market have been detailed in this report.
• The report includes detailed information on the competitive landscape, along with key players, in-depth analysis, and revenue of key players.
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