Rise in the infrastructural expenditure and growing demand for automation is expected to drive the demand for global supervisory control and data acquisition market in the forecast period.
The adoption of these systems for monitoring and controlling purpose reduces the efficiency of the organization and meanwhile reduces the extra operational costs. The growing demand for wireless sensor networks from prominent industry verticals such as oil and gas are driving the growth of the market. Oil & gas plants are located in remote areas and have harsh climatic conditions and the various elements of oil & gas plants such as compressors, generators, tanks are monitored, controlled, and managed by the supervisory control and data acquisition system. The rapid development and software up-gradation of the existing software systems of wireless sensor networks are making them compatible with the advanced automated systems in several industries.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities around the world-imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Manufacturing units were temporarily shut down which affected the market growth adversely. Workers moved back to their native places which led to the shortage of workforce at the manufacturing units. Disruption in the supply chain along with the restrictions imposed on the import and export activity along with the cross-border trade impacted the market growth negatively.
However, the fluctuation in the prices of oil which is directly impacting the capital investments and the chances of cyber-attacks may restrain the growth of the global supervisory control and data acquisition market.
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Global supervisory control and data acquisition market is segmented offering, component, type, application, regional distribution, and company. Based on the component, the market can be divided into remote terminal unit, programmable logic controllers, human machine interface, and communication system. The remote terminal unit segment is expected to dominate the market in the forecast period, 2022-2206 as it is one of the core electronic components of the supervisory control and data acquisition systems. It collects the data and converts it into the transmittable format and then transfers it to the main system. The high demand from the oil & gas industry for the extraction and exploration of shale gas and others is fueling the market growth.
Based on offering, the market is divided into hardware, software, and services. The hardware segment is expected to hold the largest market share in the forecast period owing to the high cost of installing advanced hardware components. Based on application, the market can be divided into manufacturing, energy & utility, oil & gas, chemical & petrochemicals, transportation, telecom, and others. The energy and utility segment are expected to witness growth in the next five years owing to the rise in energy requirements across the globe and the growth in awareness about the adverse effects of conventional fuels and the adoption of non-conventional sources of energy.
IBM Corporation, Omron Corporation, Schneider Electric SE, Rockwell Automation Inc., Siemens AG, General Electric Company, Cisco Systems, Inc, ABB Ltd., Alstom SA, Honeywell International Inc. are the leading players operating in global supervisory control and data acquisition market. Service Providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several supervisory control and data acquisition providers are coming up with their technologically advanced offerings.
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“High-end investments by the market players for technological advancement of the existing infrastructure and the rise in adoption of advanced technologies such as artificial intelligence, internet of things, amongst others to improve the efficiency and production of the industries is contributing to the market growth. The increasing demand for smart factories which can provide the real-time analysis and provide the monitoring facility and also can predict the need and time for maintenance and other necessities required to efficiently run the organization is expected to propel the supervisory control and data acquisition market till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Supervisory Control and Data Acquisition Market By Offering (Hardware, Software, and Services) By Component (Remote Terminal Unit, Programmable Logic Controllers, Human Machine Interface, Communication System) By Type (First Generation, Second Generation, Third Generation, Fourth Generation) By Application (Manufacturing, Energy & Utility, Oil & Gas, Chemical & Petrochemicals, Transportation, Telecom and Others), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of global supervisory control and data acquisition market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global supervisory control and data acquisition market.
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