The SCADA Market to Reach US$132.04 Mn by 2024 Owing to Increasing Adoption of Smart Automation Technologies
The supervisory control and data acquisition (SCADA) market comprises monitoring and control equipment as well as software tools that assist in collecting real-time data from remote industrial sites or processes and transmitting the information to a central monitoring station. SCADA systems allow operators to monitor, control and optimize industrial operations through human-machine interfaces (HMIs) that capture sensory information and translate it into meaningful data. Some key functions of SCADA include remote terminal unit polling, data transmission, alarm handling, data logging, exception reporting and more.
The global SCADA market is estimated to be valued at US$ 132.04 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the SCADA market include B. Braun Melsungen AG, Becton, Dickinson and Company, ICU Medical, Inc., Poly Medicure Ltd., Teleflex Incorporated, Lepu Medical Technology Co., Ltd., Cook Group, Insung Medical,. VOGT Medical, ZOLL Medical Corporation, EETA Surgical, QMD, and Kimal. These players are focusing on new product development and partnerships to enhance their market reach.
The growing industrial automation trend and increasing focus on optimizing operational efficiency across industries like oil & gas, manufacturing, transportation and more are fueling demand for SCADA systems. Technological advancements like cloud computing, IoT, AI are enabling the development of smart SCADA systems with advanced visualization, analytics and predictive maintenance capabilities.
Market Trends
The adoption of cloud-based SCADA Market Systems is gaining traction as they provide improved scalability, flexibility and cost benefits compared to traditional on-premise deployment models. Manufacturers are also developing mobile-friendly HMI interfaces to enable remote monitoring over smartphones and tablets. This helps operators maintain situational awareness from any location. In addition, the integration of advanced technologies like artificial intelligence and machine learning is allowing SCADA systems to carry out complex analytics for predictive maintenance and optimization of industrial assets and operations.
Market Opportunities
The increasing investments in industrial internet of things (IIoT) infrastructure and smart factory automation across process and discrete industries are expected to drive new deployments of SCADA systems. Integration of SCADA with augmented reality and virtual reality also presents new opportunities for improved visualization, training and enhanced collaboration in industrial operations. Remote infrastructure monitoring using smart sensors and drones coupled with SCADA also has potential for predictive maintenance in utilities, oil & gas pipelines and other assets.
Impact of COVID-19 on Supervisory Control and Data Acquisition (SCADA) Market Growth
The COVID-19 pandemic has positively impacted the growth of the Supervisory Control and Data Acquisition (SCADA) market. With lockdowns and social distancing norms implemented worldwide, the demand for remote monitoring and management increased substantially. SCADA systems help companies remotely monitor and control industrial equipment and processes from a central location. This proved highly beneficial during the pandemic when physical access to facilities was limited. SCADA adoption across various industries like oil & gas, manufacturing, transportation, metals & mining etc increased as they looked to enhance operational efficiency through digitalization in these challenging times.
Pre-COVID, SCADA growth was moderate driven by adoption across various industries for automation purposes. However, post-COVID the demand accelerated significantly as remote operations and digitalization became more important. Industries fast-tracked their digital transformation initiatives to ensure business continuity. Advanced SCADA capabilities like cloud integration, mobile access, cybersecurity were in high demand. Going forward, the need for remote asset visibility and control is expected to continue propelling SCADA adoption across sectors. While investments paused initially during lockdowns, spending has picked up again as economic activities resume. This has further strengthened the market outlook. Remote operations and monitoring through SCADA will remain integral for bridging operational gaps amid future uncertainties.
In terms of regions, North America concentrated highest SCADA market value pre-COVID driven by advanced industrial sector in the US and Canada with substantial automation adoption. However, the pandemic widened SCADA usage in Asia Pacific as well, especially across Chinese, Indian and Southeast Asian manufacturing industries keen to digitize. As economic activities recover faster in Asia, the region is projected to witness strongest SCADA growth rates compared to others through 2030. Countries like China, India will contribute highly to future market revenues in Asia Pacific.
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