Articles
SCADA Market Worth $26 billion by 2024
by Rahul Rastogi Market Research AnalystAccording to the latest report by IMARC Group, titled “SCADA Market Research:
Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”,
the global SCADA market size reached US$ 18.6 Billion in 2018. Supervisory
control and data acquisition (SCADA) is an industrial control system (ICS) that
employs computers, network data communications and graphical user interfaces
for high-level process supervisory management. It assists in collecting
information, transferring it back to the central computer, alerting the home
station, carrying out the required analysis and displaying the analysis to the
user. It provides the facility of storing large amounts of data and offers an
interface to connect the different sensors deployed in an area. Additionally,
it aids in maintaining efficiency, processing data for smart and quick decision
making, and communicating system issues to help mitigate downtime.
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Global SCADA Market Trends:
One of the pivotal factors bolstering the growth of the market
is the growing popularity of SCADA systems around the world. This can be
attributed to the assistance offered by these systems in distinguishing faults
within the machinery and minimizing potential defects. Besides this, the
cost-effectiveness of the SCADA framework is also stimulating the demand for
these systems around the world. They can also disseminate power by re-steering
electricity from excess capacity regions to areas with a lack of power supply.
Another factor which is impelling the market growth is the increasing
employment of SCADA systems in the oil and gas industry since they help in
enhancing the extraction output, streamlining production and minimizing losses.
Looking forward, the SCADA market is projected to reach a value of US$ 26
Billion by 2024, expanding at a CAGR of around 5.7% during 2019-2024.
Global SCADA Market Summary:
·
Based on the component, the market has been
classified into the programmable logic controller (PLC), remote terminal units
(RTU), human machine interface (HMI), communication systems and others.
·
On the basis of the architecture, the market has
been divided into hardware, software and services. Currently, services account
for the majority of the total market share.
·
The market has been analyzed on the basis of the
end user into oil and gas, power, water and wastewater, manufacturing,
chemicals and petrochemicals, pharmaceutical and others. Presently, the oil and
gas segment exhibits a clear dominance in the market.
·
Region-wise, the market has been segregated into
Europe, North America, Asia Pacific, Latin America, and Middle East and Africa.
Amongst these, North America represents the largest market, holding the
majority of the global share.
·
The competitive landscape of the market has been
examined with some of the key players being ABB Ltd., Emerson Electric Co.,
Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Alstom, General
Electric Co., Honeywell International, Inc., Omron Corporation, Yokogawa
Electric Corporation, Iconics Inc., Elynx Technologies, LLC, Enbase LLC,
Globalogix and Inductive Automation.
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About Rahul Rastogi 
Market Research Analyst
42 connections, 0 recommendations, 213 honor points.Joined APSense since, September 6th, 2018, From New York, United States.
Created on Jul 16th 2019 05:43. Viewed 347 times.
