With 7.8% CAGR, SCADA Market Growth to Surpass USD 14.2 billion

The global SCADA market size is projected to grow from USD 9.8 billion in 2022 to USD 14.2 billion by 2027, at a CAGR of 7.8% from 2022 to 2027. Growing adoption of Industry 4.0 across process and manufacturing industries is expected to drive the growth of SCADA market.

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Process industries are expected to hold the largest share of the SCADA market during the forecast period. SCADA systems have applications across several process industries such as chemical, pharmaceutical, food & beverages, oil & gas, etc. SCADA play an important role in tracking all manufacturing-related information in real time by managing and monitoring the work in progress on a factory floor. With the help of sensors and measuring devices, the SCADA system can detect abnormal parameters or alarms and automatically respond with a programmed control function to keep the process plant safe and functional. The SCADA system ensures the highest possible production quality and regulatory compliance. Increasing use of controllers and smart field devices in process industries is expected to drive the growth of the SCADA market during the forecast period.

The communication system segment is expected to grow at the highest CAGR during 2022-2027. Communication systems are considered to be the most crucial factor while developing a SCADA system. Due to the geographically dispersed oil and gas platforms, it is important to have proper communication systems. Currently, companies have started implementing satellite communication for SCADA systems. The growth in cyberthreats has led to an increase in the adoption of advanced and sophisticated communication systems.

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Asia Pacific is expected to hold the largest share of the SCADA market during forecast period. Growing population, rising standards of living, and developing economies have led to rising demand for energy. It is estimated that Asia Pacific could drive approximately 65% of the global energy demand by 2035, with China and India collectively expected to fulfil 40% of the demand. Oil and gas companies in North America and Europe have started investing in Asia Pacific to fulfil the growing energy demand. The increasing energy demand would lead to the development of the energy sector, including oil & gas and power industries. This, in turn, would generate the demand for automation products, including SCADA systems, in the Asia Pacific region.

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This release was published on openPR.