Press release
Global Industrial Data Acquisition System Market Can Deliver up to High CAGR Over the Next Few Years
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Drivers:
Rapid growth of the automotive industry and increasing implementation of Industry 4.0 across aerospace and automotive sectors are expected to boost growth of the global industrial data acquisition system market over the forecast period. For instance, according to the Department for Promotion of Industry and Internal Trade (DPIIT), the industry has attracted Foreign Direct Investment (FDI) worth US$ 24.53 billion between April 2000 and June 2020.
Moreover, increasing adoption of machine to machine (M2M) technologies and internet of thing (IoT) is expected to drive growth of the global industrial data acquisition system market.
Restraints:
The high cost of implementation is expected to hinder growth of the global industrial data acquisition system market.
Regional Insights:
North America is expected to witness robust growth in the global industrial data acquisition system market due to favorable government initiatives and increasing adoption of advanced industrial solutions in the region. For instance, in June 2019, ABB and Aruba, a Hewlett Packard Enterprise (HPE) company, collaborated to deliver a scalable, high-performance wireless connectivity solution for industrial customers to capture valuable data and insights from their equipment through ABB Ability Smart Sensor technology and access it through a web portal, a cloud interface or a mobile phone application.
Asia Pacific is also expected to witness significant growth in the global industrial data acquisition system market due to increasing adoption of advanced industrial technologies in the region.
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Competitive Section:
Key players operating in the global industrial data acquisition system market are Campbell Scientific Inc., ABB Ltd, Data Translation Inc., Omron Corporation, Siemens AG, Honeywell International, Rockwell Automation Inc., Schneider Electric SE, General Electric Ltd, Agilent Technologies, Yokogawa Electric Co, Advantech Co. Ltd, Math Works Corporation, and Emerson Electric Co.
In February 2019, Advantech acquired 80% stake of Omron Nohgata to expand its revenues and enhance the localized service in Japan.
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