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Global SCADA Market 2024 : Trends, Business Growth And Major Driving Factors | Hitachi Ltd., Siemens AG, General Electric Company, International Business Machines Corporation, Cisco Systems Inc.
SCADA Global Market Report
The Business Research Company presents an extensive market research report on the SCADA Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The SCADA market size has grown strongly in recent years. It will grow from $11.87 billion in 2023 to $12.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to industrial automation needs, critical infrastructure monitoring, efficiency and productivity gains, regulatory compliance requirements, enhanced operational visibility.
The SCADA market size is expected to see strong growth in the next few years. It will grow to $17.76 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to integration with IoT and big data analytics, focus on cybersecurity measures, renewable energy expansion, smart city initiatives, remote monitoring and control demands. Major trends in the forecast period include mobile SCADA applications, emphasis on open standards, renewable energy integration, remote monitoring and control, water and wastewater management.
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Key Market Players:
Major companies operating in the SCADA market report are Hitachi Ltd., Siemens AG, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., Toshiba Corporation, ABB Ltd, Fuji Electric Co Ltd., Eaton Corporation plc, Emerson Electric Company, Rockwell Automation Inc., Omron Corporation, Yokogawa Electric Corporation, Advantech Co Ltd., Parametric Technology Corporation., Schweitzer Engineering Laboratories Inc., B&R Industrial Automation GmbH, Wunderlich-Malec Engineering GmbH, Inductive Automation LLC, Tesco Controls LLC, COPA-DATA GmbH, NovaTech Automation Corporation, Elynx Technologies LLC, Intouch Insight, Iconics Inc., Progea S.r.l., Trihedral Engineering Limited, VTScada Systems Inc.
Market Drivers:
The growth of the oil and gas sector is expected to propel the growth of the SCADA market. The oil and gas sector refers to the sector of industry focused on the exploration, observations, development, drilling, production, extraction, refining, distribution, and transportation of hydrocarbons from the oil rigs to the consumers. In the oil and gas industry, SCADA software monitors and controls pipelines, and measures gas well production remotely. It offers asset optimization with greater visibility of the field and enhances safety by streamlining the process. For instance, in October 2022, according to the World Oil Outlook report published by OPEC (Organization of the Petroleum Exporting Countries), an Austria-based intergovernmental organization for oil, global primary energy demand is expected to rise by 23% by 2045. Furthermore, global oil consumption is expected to rise from about 97 million barrels per day (mb/d) in 2021 to around 110 million barrels per day (mb/d) in 2045, with refining capacity is expected to be 15.5 million barrels per day (mb/d) between 2022 and 2045. Therefore, the growth of the oil and gas sector is expected to propel demand for the SCADA market.
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https://www.thebusinessresearchcompany.com/report/scada-global-market-report
The SCADA market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Component: Programmable Logic Controller (PLC), Remote Terminal Unit (RTU), Human-Machine Interface (HMI), Communication System, Other Components
3) By Deployment: On-Premise, Cloud
4) By Application: Chemical And Pharmaceuticals, Food And Beverage, Manufacturing, Oil And Gas, Transportation, Utility, Water And Sewage
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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