Rising Usage Of SCADA Systems In Oil & Gas And Electric Power Sectors Favors Growth In SCADA Market
By Pragati Pathrotkar
According to the business intelligence report by the Transparency Market Research, the global supervisory control and data acquisition (SCADA) market was initially evaluated at US$ 25.56 billion at the base year of 2015. The report projects that the global SCADA market will rise to hit the evaluation of US$ 40.18 billion by the end of the forecast years 2016 to 2024. It also suggests that the global SCADA market will foresee an excellent growth rate of 5.20 percent over the same period.
The rising usage of SCADA systems in oil and gas as well as electrical power sectors is likely to favor the growth within the global supervisory control and data acquisition (SCADA) market in coming years. The solutions in the global SCADA market are used in these industry verticals in order to optimize production as well as to diminish the losses faced in the production processes and cycles.
Increasing Awareness About Benefits Of Using SCADA Systems Propel Growth In Global SCADA Market
Furthermore, the increasing awareness amongst stakeholders in various end use industries, pertaining to the benefits provided by the SCADA systems, such as decline in production costs, decrease in product output defects, and detection of machinery faults in real time, is also bolstering the demand within the global SCADA market. The segments within the global SCADA market classified by the type of component include programmable logic controller or PLC, SCADA communication systems, human machine interface or HMI, and remote terminal unit or RTU, among others. Segments in the global SCADA market categorized by the system architecture include software, hardware, and services.
Few of the significant end users for the products and solutions provided by the vendors in the global SCADA market include oil and gas, manufacturing, telecommunications, food and beverages, electrical power, water and waste water, transportation, chemicals, and pharmaceuticals, among others. Among these, the electrical power end use industry vertical accounts for the highest demand within the global SCADA market. This trend can be attributed to the rising application of solutions offered by the vendors in the global SCADA market in complete grid automation projects in several emerging economies.
North America Dominates SCADA Market
Key regions and major economies covered in the research report on the global supervisory control and data acquisition (SCADA) market include Europe (including Germany, Italy, the United Kingdom, France, and rest of the Europe), Middle East and Africa (including Saudi Arabia, United Arab Emirates or UAE, South Africa, and rest of the Middle East and Africa), North America (including Canada, Mexico, and the United States), South America (including Brazil and rest of the South America), and Asia Pacific (including Japan, India, China, South Korea, Taiwan, and rest of the Asia Pacific).
In 2015, the North America region dominated the global SCADA market with an industry share of 33.6 percent. The research report predicts that the same regional market will continue to lead the global SCADA market in coming years, owing to several factors, such as the rising demand from various end use industries such as oil and gas as well as electrical power for process automation and rising investments aimed at furthering technological advancements in the region.
Few of the notable and incumbent players functional within the global SCADA market are Honeywell International, Inc., Rockwell Automation, Inc., Omron Corporation, Yokogawa Electric Corporation, Afcon Holdings Group, ABB Ltd., Emersion Electric Co., Siemens AG, General Electric, and Schneider Electric SE, among others.
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