by The Supervisory Control and Data Acquisition (SCADA) systems are centralized computer systems that monitor and control industrial processes and infrastructure facility functions. SCADA systems improve efficiency by automating tasks, enhancing safety, and reducing human errors. They collect real-time data from remote devices, process and analyze the data, and display information to operators and/or pass commands back to control or regulate remote equipment. With the growing adoption of automation across industries such as oil & gas, manufacturing, electricity, water, and transportation & logistics for improving productivity and minimizing operational costs.
The global Supervisory Control and Data Acquisition (SCADA) Market is estimated to be valued at US$ 114.61 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of SCADA systems across major industries is one of the key trends fueling the market growth. SCADA systems help industries efficiently manage operations, reduce downtime costs, and enhance productivity. They are increasingly being deployed across industries such as oil & gas, power generation, manufacturing, water & wastewater management, and transportation & logistics for remote monitoring and control of geographically dispersed assets and industrial processes. The ability of SCADA systems to collect real-time data and enable round-the-clock monitoring is encouraging industries to adopt them to minimize unplanned downtime and operational costs. This growing industrial adoption will continue to propel the demand for SCADA systems over the forecast period.
SWOT Analysis
Strength: SCADA systems offer centralized monitoring and control of geographically dispersed assets. They provide real-time data collection, storage and processing for enhanced decision making.
Weakness: SCADA systems require high initial investment and have high maintenance costs. They also have security vulnerabilities and are prone to cyber threats like hacking and malware attacks.
Opportunity: Growing focus on upgrading aging infrastructure and adoption of advanced technologies like IoT, cloud computing, present opportunities for SCADA system providers. Rising demand for remote asset monitoring from industries like oil & gas and power generation is another opportunity.
Threats: Presence of open-source alternatives and increased reliance on IIoT solutions pose threats. Economic slowdowns can impact capital expenditures of end-use industries.
Key Takeaways
The Global Supervisory Control And Data Acquisition (SCADA) Market Demand is expected to witness high growth. It was valued at US$ 114.61 Mn in 2023 and is projected to reach over US$ 208 Mn by 2030, expanding at a CAGR of around 8.0% during the forecast period.
North America currently dominates the market, spearheaded by growing investments in critical infrastructure upgrade and expansion of oil & gas industry in the region. Asia Pacific is anticipated to emerge as the fastest-growing regional market, supported by ongoing infrastructure development programs and rising manufacturing and energy generation capacities in countries like China and India.
Key players operating in the SCADA market are ABB Ltd., Hitachi Ltd, Emerson Electric Co., Alstom, International Business Machines Corporation, Honeywell International Inc., Schneider Electric, Rockwell Automation, Inc., JFE Engineering Corporation, ICONICS, Inc., Mitsubishi Electric Corporation, and others. These companies are focusing on product innovation and geographical expansion strategies to consolidate their market shares. Partnerships with system integrators are another important strategy being adopted to tap new growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
