SCADA Market by Current Trends, Development Factors and Segment Analysis to 2026
The SCADA Market to witness rapid growth due to positive application outlook in chemical industry, particularly in Europe and Asia Pacific region. The technology is witnessing widespread adoption in the pharma industry owing to stringent safety & environmental regulations. Moreover, automation trend in the pharmaceutical industry will change SCADA business landscape over the analysis period.
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SCADA Market is forecast to cross the USD 50 billion mark by 2026.
Increasing spending on automation from various industries may supplement SCADA market share in the forthcoming years. North America Supervisory Control and Data Acquisition (SCADA) Market is likely to be driven by increasing investments in industry 4.0 technologies. Governments across the region, especially in Canada and the U.S. are making robust investments towards the development of smart infrastructure & transportation systems, creating heavy demand for SCADA technology. For the record, the U.S. Department of Transportation made an investment of more than USD 63 billion to build transportation infrastructure in 2018.
SCADA Market to witness rapid growth due to ongoing technological advancements in supervisory control and data acquisition systems due to the emergence of Artificial Intelligence and IoT technologies.
Cloud SCADA systems charge users only for the resources that are utilized by them. Such flexibility in terms of payment reduces the requirement of bearing high capital investments. These solutions stand out beneficial as they also eliminate installation and maintenance fees.
Rapid proliferation of industry 4.0 technologies is likely to drive SCADA Market. The market is expected to witness a robust growth rate on account of increasing adoption of automation technologies by manufacturing, utility, and oil & gas industries. SCADA enables operators to monitor entire processes of machines and factories to access real-time data. The introduction of cloud-based SCADA systems may also provide promising opportunities for industry growth.
Speaking of the application landscape, SCADA systems are witnessing burgeoning demand from chemical & pharmaceutical industries for monitoring and controlling the mixing of critical drug compositions in order to ensure high quality of end-product.
With the help of HMI, operating personnel can also visualize the graphical representation of data. Moreover, the development of wearable HMIs, artificial vision, and natural language processing for HMIs has led to the enhancement of overall system performance of HMIs. Increasing focus of industry players to further develop touchscreen interfaces to improve the operability of these systems may fuel product demand in the future.
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Major companies contributing towards SCADA Market include Schneider Electric SE, Emerson Electric Co., ABB Ltd., Omron Corporation, Rockwell Automation, Inc., Siemens AG, Partita IVA, Honeywell International Inc., Yokogawa Electric Corporation, Toshiba Infrastructure Systems & Solutions Corporation, and Mitsubishi Electric.
Key players in SCADA Market are focusing on implementing various business growth strategies, including new solution launches, mergers & acquisition, and new alliances to strengthen partner network. For instance, ABB Ltd. acquired General Electric’s industrial solutions business segment in 2018. This aided the company to strengthen its position across industrial automation solutions business.
Component-wise, the HMI (human-machine interface) segment is forecast to grow exponentially over the coming years. Human-machine interface is an I/O device that enables operators to monitor, control, and process data. Also, they provide vital information, such as data diagnostics, detailed schematics, logistic information, scheduled maintenance, etc.
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Rahul Varpe
Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid...