The SCADA (Supervisory Control and Data Acquisition) market size experienced a remarkable growth in recent years. According to a market research report by IndustryARC, the global SCADA market size was estimated to be USD 10.6 billion in 2018 and is expected to reach USD 16.3 billion by 2024, growing at a CAGR of 7.2% during the forecast period 2019-2024. The report provides comprehensive industry analysis, market trends, market growth, and opportunities driving the growth of the SCADA market.
Increasing Demand for SCADA in Various Industries
The rise in demand for automation in various industries such as oil & gas, power generation, water & wastewater treatment, pharmaceuticals, and food & beverages is one of the key factors driving the growth of the SCADA market. The need for real-time data monitoring and control to enhance operational efficiency and reduce downtime has led to the adoption of SCADA systems in these industries. Moreover, the development of advanced SCADA software and hardware solutions with user-friendly interfaces has increased the ease of use and reliability of these systems.
Furthermore, the integration of SCADA systems with IIoT (Industrial Internet of Things) and Big Data analytics has opened up new opportunities for the SCADA market. The IIoT enables enhanced connectivity between physical devices and the internet, which enables remote monitoring and control of industrial processes from anywhere in the world. Big Data analytics provides insights into the massive amounts of data generated by SCADA systems that can be used to optimize operations and make data-driven decisions.
However, the high implementation cost of SCADA systems remains a significant challenge for small and medium-sized enterprises. Additionally, the lack of skilled personnel to operate these systems and threats from cyber-attacks and data breaches can hinder the growth of the SCADA market.
Oil & Gas Industry Dominates SCADA Market
The oil & gas industry is the largest market for SCADA systems and is expected to grow at a significant rate during the forecast period. The rise in demand for energy and the need to optimize oil and gas exploration, production, and transportation processes drive the adoption of SCADA systems in this industry. The SCADA systems help in monitoring and controlling critical processes and equipment such as pipelines, refineries, and drilling rigs. Moreover, the increasing exploration activities in offshore and unconventional oil and gas fields provide new growth opportunities for the SCADA market.
The power generation industry is another major market for SCADA systems due to the increasing demand for electricity and the integration of renewable energy sources such as wind and solar power into the grid. The SCADA systems help in monitoring and optimizing power generation, transmission, and distribution processes, thereby improving the reliability and efficiency of the power grid.
Asia-Pacific Region Offers Promising Growth Opportunities
The Asia-Pacific region is expected to witness significant growth in the SCADA market during the forecast period. The rise in industrialization, urbanization, and infrastructure development in countries such as China, India, and Japan drive the adoption of SCADA systems in various industries. Additionally, the increasing investment in smart cities and smart transportation systems provides new growth opportunities for the SCADA market in the region.
The North American and European regions are mature markets for SCADA systems, but the growth in these regions is relatively slow due to the saturation of key industries such as oil & gas and power generation. However, the implementation of smart grids and smart factories in these regions provides new growth opportunities for the SCADA market.
Key Players in the SCADA Market
The key players operating in the SCADA market include ABB Ltd, Schneider Electric SE, Siemens AG, Emerson Electric Co., Rockwell Automation Inc., Honeywell International Inc., Yokogawa Electric Corporation, and Mitsubishi Electric Corporation. These companies focus on product innovation, strategic partnerships, and mergers & acquisitions to strengthen their market presence and expand their product offerings. For instance, in 2019, ABB Ltd launched a new version of its SCADA system, which offers enhanced scalability and cybersecurity features.
The growth of the SCADA market is driven by the increasing demand for automation in various industries, the development of advanced software and hardware solutions, and the integration of SCADA systems with IIoT and Big Data analytics. The oil & gas industry dominates the SCADA market, but other industries such as power generation and water & wastewater treatment provide new growth opportunities. The Asia-Pacific region offers promising growth opportunities due to the rise in industrialization and infrastructure development. The key players in the SCADA market focus on product innovation and strategic partnerships to strengthen their market presence.
