Positive application outlook in chemical industry, particularly in Europe and Asia Pacific region may provide impetus to SCADA market expansion
Ocean View, DE -- (SBWIRE) -- 04/02/2020 -- SCADA market will be driven by burgeoning adoption of automation technologies across oil & gas, manufacturing, and utility sector. Industry 4.0 has gained significance traction across several industries worldwide. Companies are exploring new ways to leverage cutting edge technologies like IoT, analytics, and AI to improve the output of their existing operations. This has encouraged firms to opt for automated control systems like SCADA.
SCADA systems are used for visualizing the complete process of a machine or factory to access real-time data. Industries worldwide are integrating SCADA with the cloud to reduce installation and maintenance costs, eliminating the requirement for high capital investments. This could significantly fuel SCADA market in the forthcoming years.
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A study conducted by Global Market Insights, Inc., estimates that the global SCADA market is may surpass USD 50 billion by 2026. However, increasing cyberattacks and malware programs such as computer spyware and viruses can interrupt processes and network infrastructure, restraining SCADA market growth over the projected period.
The Major Key Players in the Market are as follows:
1. ABB Ltd.
2. AVEVA Group plc
3. Emerson Electric
5. Honeywell International
6. ICONICS Inc.
7. Mitsubishi Electric
9. Ovak Technologies
10. Partita IVA
11. Rockwell Automation
12. Schneider Electric
14. Toshiba Infrastructure Systems & Solutions Corporation
15. Yokogawa Electric Corporation
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.
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.
Positive application outlook in chemical industry, particularly in Europe and Asia Pacific region may provide impetus to SCADA market expansion. 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.
North America 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. Increasing spending on automation from various industries may supplement SCADA industry share in the forthcoming years.
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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.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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