The SCADA market is expected to reach a market size of $43.1 billion by 2024, with growing applications in telecommunications and other industries, according to a new research.
SCADA (Supervisory Control and Data Acquisition), which is an automated tool used in supervising, analyzing, collecting data and generating reports is fuelled by growing need for safety measures, controlling the distribution & transmission loss, adoption of cloud technology and integration with corporate IT.
A new report by KBV research says the SCADA market is growing at a CAGR of 5.4% during the forecast period.
“The growing complexity in the industrial processes of the century has significantly contributed to the adoption of SCADA systems. Addressing the complexity is a need of the hour for the modern businesses and industrial plants in virtually all the sectors. Product design, inventory, production equipment and support system create complicated process environment, which needs to be simplified or optimized”, according to the report authors.
Geographically, the Asia Pacific and Latin America, Middle East and Africa (LAMEA) markets are potential markets all through the forecast period. Growing end-user applications such as telecommunication and manufacturing are the major factors driving the growth of SCADA market in the Asia Pacific region. North America is a major region for the growth of SCADA, as major industries such as power, oil & gas, chemical and pharmaceuticals are present in the region.
The Oil & Gas market dominated the Global SCADA Market by Vertical in 2017, and would continue to be a dominant market till 2024, growing at a CAGR of 4.4 % during the forecast period.
The soaring demand for application-specific modifications has led to growing number of services such as SCADA system recommendations, regulatory compliance services, re-commissioning or restart assistance, and legacy system support and migration.
The Energy & Power market is expected to witness a CAGR of 4.8% during (2018 – 2024). Additionally, The Pharmaceuticals & Chemicals market would attain market value of $2,369.1 million by 2024.