SCADA Market to Cross 50 Bn US-Dollar by 2026
SCADA Market is set to grow from its current market was valued at over USD 30 billion in 2019 to USD 50 billion by 2026, according to a new research report by Global Market Insights, Inc.
Rapid proliferation of industry 4.0 technologies is likely to drive SCADA market. The market is expected to witness a robust growth rate on account of increasing adoption of automation technologies by manufacturing, utility, and oil & gas industries. SCADA enables operators to monitor entire processes of machines and factories to access real-time data. The introduction of cloud-based SCADA systems may also provide promising opportunities for industry growth.
Cloud SCADA systems charge users only for the resources that are utilized by them. Such flexibility in terms of payment reduces the requirement of bearing high capital investments. These solutions stand out beneficial as they also eliminate installation and maintenance fees.
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.
The SCADA market is witnessing growth in North America due to increasing investments in industry 4.0 technologies. Governments across the U.S. and Canada are making investments in smart transportation & infrastructure systems, adding up to the market demand. For instance, in 2018, the U.S. Department of Transportation (DOT) made an investment of over USD 63 billion in transportation infrastructure.
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.
With the help of HMI, operating personnel can also visualize the graphical representation of data. Moreover, the development of wearable HMIs, artificial vision, and natural language processing for HMIs has led to the enhancement of overall system performance of HMIs. Increasing focus of industry players to further develop touchscreen interfaces to improve the operability of these systems may fuel product demand in the future.
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.
Major companies contributing towards SCADA market include Schneider Electric SE, Emerson Electric Co., ABB Ltd., Omron Corporation, Rockwell Automation, Inc., Siemens AG, Partita IVA, Honeywell International Inc., Yokogawa Electric Corporation, Toshiba Infrastructure Systems & Solutions Corporation, and Mitsubishi Electric.
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