PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320214
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320214
SCADA Market size was valued at USD 9,235.8 Million in 2022, expanding at a CAGR of 11.3% from 2023 to 2030.
SCADA is a comprehensive system comprising both hardware and software components, enabling industrial organizations to effectively monitor, collect, and process real-time data across different domains. It also facilitates the control of industrial processes, either from a local location or remotely. Furthermore, SCADA plays a crucial role in establishing seamless interaction with various devices, sensors, valves, pumps, and motors, while also maintaining essential log files.
The global market for supervisory control and data acquisition (SCADA) is experiencing growth driven by the increasing adoption of mobile SCADA systems and the rising trend of industry 4.0 in manufacturing and processing industries. The utilization of cloud computing technology is also contributing to market growth. However, significant investment costs for implementing and maintaining SCADA systems, along with the escalating cyberattacks on industrial networks, are impeding market growth. On a positive note, the market is expected to find lucrative opportunities for expansion due to the continuous advancements in wireless sensor networks. These advancements are anticipated to create favorable prospects for the SCADA market during the forecast period.
The Global SCADA Market is segmented on the basis of Product Type, By offering, By End User, and Region.
The market is divided into five categories based on Component: Human Machine Interface (HMI) Remote Terminal Unit (RTU), Programmable Logic Controller (PLC), Communication System, Others. In 2022, the market was primarily led by the remote terminal units (RTU) segment in terms of revenue. RTUs play a crucial role in controlling and gathering data from remote process equipment, which is then transmitted back to a central station. Additionally, RTUs possess the capability to dynamically download their setup and control program from a central station. On the other hand, during the forecast period, the programmable logic controller (PLC) segment is expected to offer significant growth opportunities. This projection is supported by the increased adoption of robots for automation in various industries, including automotive manufacturing, electrical, and electronics sectors. PLCs are thus poised to experience substantial demand and growth within the manufacturing domains.
The market is divided into three categories based on offering: Hardware, Software, and Services. Palletizing dominates the market by offering. In 2022, the market was led by the software segment in terms of revenue, and this dominance is expected to continue throughout the forecast period. The SCADA system is primarily employed for data collection, and the software component serves as the computer program that monitors factory and plant operations. Conversely, during the forecast period, the hardware segment is projected to offer the most promising opportunities. SCADA hardware performs critical functions such as data collection, transfer, processing, information display, and control actions. As a result, this segment is poised to witness significant growth and potential advancements in the coming years.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the SCADA market, companies are actively engaged in various strategies to enhance their presence and competitiveness. They are continually investing in research and development to develop advanced SCADA systems with improved functionalities and capabilities. Companies are focusing on incorporating cutting-edge technologies like artificial intelligence, machine learning, and data analytics to enhance the efficiency and performance of their SCADA solutions.
Moreover, there is a growing emphasis on the development of cloud-based SCADA systems, allowing for more flexible and scalable deployments. This shift to cloud-based solutions enables seamless remote monitoring and control of industrial processes, providing businesses with real-time insights for better decision-making.
In May 2022, the Electronics Corporation of India Limited (ECIL) in India, unveiled its homegrown, cutting-edge Programmable Logic Controller (PLC) and Supervisory Control and Data Acquisition (SCADA) software for process automation systems.
The scope of this report covers the market by its major segments, which include as follows: