Supervisory Control and Data Acquisition (SCADA) Market: Demand for SCADA Systems to Remain High from Electrical Power Industry
Supervisory Control and Data Acquisition (SCADA) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWire) -- 01/12/2018 --The global market for supervisory control and data acquisition (SCADA) is a consolidated and a highly competitive market, finds a study by Transprency Market Research (TMR). The top six players in this market, namely, ABB Ltd., Schneider Electric SE, Honey well International Inc., Siemens AG, Rockwell Automation Inc., and Emerson Electric Co., collectively, accounted for nearly 60% of this market in 2015. With increasing mergers, acquisitions, and partnerships, the market is likely to witness increased rivalry between participants in the forthcoming years, reports the study.
According to the report, the global SCADA market was worth US$25.56 bn in 2015. Analysts estimate it to rise at a CAGR of 5.20% during the period from 2016 to 2024, reaching US$40.18 bn by the end of the forecast period. The electrical power industry has emerged as the most prominent end user of end users of SCADA systems and is likely to continue being so in the years to come, thanks to the rising deployment of SCADA in total grid automation projects in a number of developing countries, such as India and China, which are concentrating aggressively on advancing their infrastructure to control the losses incurred in power distribution and transmission.
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Rising Demand for Process Automation Systems to Ensure North America's Lead
North America, Asia Pacific, Europe, the Middle East and Africa, and South America have been considered as the main geographical segments of the worldwide market for SCADA in this research report. As per the study, with a share of 33.6%, North America dominated the global market in 2015. The regional market is anticipated to retain its lead throughout the forecast period, thanks to the rising demand for process automation systems in various end-use industries, such as the electrical power and the oil and gas sectors. Apart from this, the increase in the financial and technological investments for modern as well as reliable power management is also projected to boost the North America SCADA market over the next few years.
On account of the soaring demand for SCADA systems in Germany, Europe occupied the second position in the global market in 2015. Analysts expect it to remain seated in the same position over the period of forecast. The rising concern over the purification of shale gas, surge in the demand for advanced power, oil and gas, and water and wastewater infrastructures, and the uptake of process optimization among a number of industries are likely to propel the Europe market for SCADA in the years to come.
Among other regional markets, the rising demand for process automation in the oil and gas industry, increasing advancements in industrial infrastructure that supports integration of process automation, improving wastewater management, and the surge in exploration activities in new renewable energy resources are anticipated to drive the Asia Pacific market in the near future. On the other hand, the Middle East and Africa will be stimulated by the up-gradation and replacement of old infrastructure, large investments in automated control systems in the process industries, and the increasing demand for safer operations in the petrochemical, power, water and wastewater management, and the chemical industries over the forecast period, states the report.
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Increasing Awareness among Consumers to Fuel Demand
"The global SCADA market is heavily influenced by the rising level of awareness among consumers pertaining to the benefits of SCADA, such as the decreased defects in the output, reduced production cost, real time detection of faults in machineries, and several other advantages offered by these systems in the production process," says a TMR analyst. The increasing deployment of SCADA systems in the electrical power sector in emerging economies for smart grid techniques in order to reduce the loss suffered in power transmission and distribution is likely to have a great impact on this market over the forthcoming years.
Apart from this, the rise in the deployment of these systems to maximize oil and gas extraction and the renewed interest of consumers in shale gas are also projected to propel this market significantly in the years to come. However, the risk of cyber threats and the issues related to data integration in the oil and gas industry may obstruct the growth trajectory of this market in the near future, notes the study.
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