SCADA Market Report, published by Allied Market Research, forecasts that the global market would reach $40,240 million by 2022 at a CAGR of 5.1% from 2016 to 2022.
Portland, OR -- (SBWIRE) -- 06/08/2017 -- The market, is growing substantially; however, its contribution to the global market, would increase significantly during the forecast period. Lack of awareness in IT trends is a major limitation for purchasing the SCADA system. Numerous players are stepping in the SCADA market with innovative products. There are no emerging technologies which is expected to replace SCADA system in the coming years. The opportunities in the SCADA market is expected to be in the automation in Internet of Things (IoT) technologies primarily for retail sector.
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Human machine interface (HMI) and programmable logic control (PLC) segments collectively occupied almost two-thirds share in the global SCADA market, by components, in 2015. By applications, oil & gas and electrical power together occupied close to one-third share in the global SCADA market in 2015.
SCADA is an automated tool which can supervise, analyze, collect data and generate reports. The global SCADA market is expected to witness significant growth during the forecast period, owing to growing demand for safety, reduction in transmission losses, and integration with corporate IT by deploying SCADA data to cloud. However, factors such as increasing cyber-attacks and management issues with the data generated are likely to hold back the market growth.
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By architecture, the service segment accounted for more than half of the share in the overall SCADA market in 2015. Programmable logic controller (PLC) is the second largest component segment used in the global SCADA market, as PLC is widely used in different verticals for the control of industrial machinery and installing processes. Recent product launches in the SCADA market such as control edge PLC, mobile app for SCADA controller, smart thermostats and others, have positively impacted the growth globally.
Growth in manufacturing and pharmaceutical sectors is expected to drive the growth of SCADA market. Industry sectors such as power, oil & gas and chemicals are using SCADA for safety and automation thereby driving the SCADA market globally. Together the three end-user industries accounted for almost half of the share in SCADA market in 2015.
Key findings of the SCADA Market:
- Telecommunication is projected to be the second fastest growing segment, at a CAGR of 6.5%, in the global SCADA market
- By components, SCADA communication systems segment is anticipated to hold huge potential registering the CAGR of 5.5% during the forecast period
- North America is the largest regional market growing at a CAGR of 4.9% over the forecast period
The Asia Pacific and Latin America, Middle East and Africa (LAMEA) markets are expected to offer major growth opportunities during the forecast period. Increase in end-use applications such as telecommunication and manufacturing in Asia Pacific are the key factors for the growth of SCADA market, with major revenue contribution from China, South Korea, India and Taiwan. Africa and Latin America in LAMEA are projected to grow with CAGR of 4.9% and 4.6%, respectively. North America is the major consumer of SCADA due to its end-use industries such as power, oil & gas, chemical and pharmaceuticals.
The key companies profiled in this report are IBM Corp, Hitachi LTD, Alstom, Honeywell International, ABB LTD, JFE Engineering Corporation, Mitsubishi Electric Corporation, Emerson Electric Co., Rockwell Automation, and Schneider Electric.
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