Global SCADA Market is Expected to Reach $48 Billion by 2024, Says Variant Market Research

Global SCADA Market Report, published by Variant Market Research, forecast that the global market is expected to reach $48 billion by 2024 from $31 billion in 2016; growing at a CAGR of 5.7% from 2016 to 2024. By geography, Rest of the World (RoW) and Asia Pacific are expected to grow at a CAGR of 6.6% and 6.4%, respectively, during the forecast period.

"SCADA Market (By Component: Programmable Logic Control, Human Machine Interface, SCADA Communications Systems,and Remote Terminal Unit; By Architecture: Hardware, Software and Services; By Application: Pharmaceuticals, Water & Wastewater, Oil & Gas, Manufacturing, Electric Power, Transportation, Chemicals, Telecommunication, and Food & Beverages; By Geography) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"

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The global Supervisory control and data acquisition (SCADA) market is majorly driven by various driving factors such as penetration of Supervisory control and data acquisition (SCADA) across various industries, and growing technological advancements. Moreover, integration of SCADA in IT companies and high demand for process automation in energy sector are also expected to support the growth of the market.

The key segments of the SCADA market are architecture, component, application and geography. Architecture segment includes hardware, software and services. Component segment is further bifurcated into SCADA communication systems, remote terminal unit (RTU), human machine interface (HMI), programmable logic control (PLC), and others. Human machine interface accounted for the highest market share of 33.6% in 2016, followed by programmable logic controller with market share of 30.3%. Moreover, application segment has been segmented into water & wastewater, electric power, transportation, oil & gas, food & beverages, manufacturing, telecommunication, chemicals, pharmaceuticals, and others. Electric power and chemicals dominated the market with share of 17.5% and 14.6% respectively in 2016.

The global SCADA market by geography is segmented into North America, Europe, Asia-Pacific and RoW. RoW is the fastest growing region in the market, owning to increasing use of SCADA in oil & energy sector. Additionally, North America dominated the market with the highest market share of 34.4%.

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The Key market players include Mitsubishi Electric Corporation, Honeywell International, IBM Corporation, Schneider Electric SE, Hitachi, Ltd., General Electric, ABB, Siemens AG, GE Intelligent Platforms, and B-SCADA Inc., among others.

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This release was published on openPR.