SCADA Market to Reach USD 15.03 Billion, at a CAGR of 7% by 2030 – Market Research Future (MRFR)
Rising Demand for Real-Time Data Access Remote Management Drives the SCADA Market
New York, USA, June 25, 2023 (GLOBE NEWSWIRE) — According to the research report published by Market Research Future (MRFR), “SCADA Market” Information Deployment Mode, By Deployment, Component, End-Users, and Region – Market Forecast Till 2030”. The SCADA Market could thrive at a rate of 7% between 2022 and 2030. The market size will be reaching around USD 15.03 Billion by the end of the year 2030.
Rising implementations and demand for SCADA systems, especially from the pharmaceutical and food & beverage sectors, drive the market growth. Besides, the increasing adoption of SCADA technology in the energy & power, and oil & gas industries worldwide creates substantial market demand. The SCADA market will likely witness significant revenue growth with increasing water purification and wastewater management activities and water demand.
Smart buildings have dramatically grown in numbers, a major market expansion driver. Growing urbanization in developing economies, alongside the rising use of smart devices and the internet, has fostered the number of smart buildings. Leading manufacturing companies are embracing Industry 4.0, boosting the demand for industrial mobility solutions and substantiating the growth of the SCADA market.
The revolutionary supervisory control and data acquisition (SCADA) system allows industrial organizations to process real-time data and control industrial processes locally or remotely. Therefore, these systems have become indispensable in industrial organizations to help mitigate downtime by maintaining efficiency, processing data for smarter decisions, and communicating system issues. SCADA records events into a log file by directly interacting with devices such as sensors, pumps, motors, and many more through human-machine interface (HMI) software.
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Leading SCADA market Players include.
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Omron Corporation
- Siemens AG
- Rockwell Automation
- Checkpoint Software Technologies Ltd.
- Yokogawa Electric Corporation
- Radiflow, General Electric
- Emerson Electric Corporation
- Honeywell Automation
Scope of the Report – SCADA Market:
|Market Size by 2030||USD 15.03 Billion|
|CAGR during 2022-2030||7%|
|Key Market Opportunities||Increased growth in big analytics|
|Key Market Dynamics||Increased adoption of Al and IoT in manufacturing industries Increased development in wireless networks|
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Highly competitive, the SCADA market appears fragmented due to the presence of several well-established players. Technology providers boost investments in product development and improve design concepts.
These market players adopt strategies such as greater commercialization of their products, promotion initiatives through competitions & trade exhibitions, and increased collaboration. These players incorporate strategies, such as mergers & acquisitions, collaborations, expansion, and product/ technology launches to gain a larger competitive share.
For instance, on Dec.15, 2022, Hexagon announced that its asset lifecycle intelligence department has partnered with Scada Systems, Ltd., a New Zealand-based provider of industrial solutions, to offer the selected design suite (EDS). Scada Systems caters to power generation & transmission and other markets. Scada Systems’ EDS is a 2D & 3D intelligent electrical and instrumentation software solution. Hexagon can now directly sell Elecdes Design Suite, complementing its current extensive industrial design and engineering software offerings. This deal will position the companies as leaders in electrical design for industrial applications.
SCADA systems are increasingly adopted in major industries, such as energy, oil & gas, recycling, transportation, water & wastewater, food & beverage, and manufacturing. Also, SCADA adoption among industrial organizations and private companies is growing to control & maintain the efficiency of communication systems across facilities and, make data-driven smarter decisions, and help mitigate downtime issues.
Over recent years, SCADA systems have emerged as crucial solutions for simple configurations and large, complex installations for many different types of enterprises in many modern industries. Also, developments in the Industrial Internet of Things (IIoT) and burgeoning sectors worldwide boost market demand.
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Additional factors bolstering market revenues include the growing demand for effective SCADA systems that can offer cost-effective solutions for ensuring production and safety at a refinery, maintaining the refrigeration systems at the local supermarket, achieving quality standards at a wastewater treatment plant, and tracking energy use at home/ commercial spaces.
The inclination toward renewable energy sources for utilities and advances in smart grids offers major growth opportunities. Furthermore, increasing investments by SCADA technology providers in improving the capabilities of programmable logic controllers (PLC) and smart manufacturing push market growth.
SCADA Market Segments
The SCADA market is segmented into components, deployments, end-users, and regions. The component segment is sub-segmented into software, hardware (remote terminal unit 31, human-machine interface, industrial control systems, communication systems), and services. The deployment segment is sub-segmented into on-cloud and on-premise.
The end-user segment is sub-segmented into pharmaceutical, water & waste management, energy & power, food & beverage, oil & gas, telecommunication, manufacturing, chemical, and others. By regions, the SCADA market is segmented into the Middle East & Africa, Asia-Pacific, Americas, Europe, and the Rest-of-the-World.
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North America leads the global SCADA market, mainly due to the strong presence of well-developed infrastructures and provider’s base, allowing the early adoption of advanced technologies. The region witnesses huge advances in cybersecurity solutions and related technologies.
Moreover, significant financial and technological investments in reliable and improvised power management systems drive the market’s growth. Investments in implementing SCADA systems in the region’s oil & gas and power generation industry influence market growth.
APAC is another lucrative market for SCADA solutions globally. The presence of notable players and early adoption of IoT & artificial intelligence (AI) technologies boosts the market size. Moreover, increasing demand in the power generation industries in this region drives market growth. Significant infrastructure development activities in recent times foster the region’s SCADA market shares.
The rapidly growing IT & telecom sectors, especially in China, Japan, and India, influence the market value. Europe is emerging as a promising SCADA market globally, headed by the growing adoption of on-demand cloud services and economic growth in this region. Germany, the UK, France, and Italy, account for sizable shares in the regional market.
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