Press release
Industrial Data Acquisitions System Market 2024 - Growth by Regional Segments, Upcoming Business Strategies, Industry Revenue And Forecast by 2033
Industrial Data Acquisitions System Market
The industrial data acquisitions system market size is expected to see strong growth in the next few years. It will grow to $52.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to growing complexity of industrial processes, expansion of industrial infrastructure, increased focus on energy efficiency and sustainability, rise in demand for predictive maintenance solutions and need for improved process efficiency and productivity. Major trends in the forecast period include technological advancements in data acquisition systems, increasing adoption of IoT and Industry 4.0 technologies, integration of AI and machine learning in data acquisition, expansion of industrial IoT ecosystems and product innovation.
Market Overview -
An industrial data acquisition system is a comprehensive technology and service framework used in industrial settings to collect, process, and analyze real-time data from machinery, equipment, and methods, enabling monitoring, control, optimization, and decision-making. It enhances industrial efficiency, productivity, and reliability by identifying faults, optimizing processes, ensuring safety, and facilitating compliance with regulatory standards.
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Impact Of Factory Automation On The Industrial Data Acquisition System Market
The adoption of factory automation is expected to propel the growth of the industrial data acquisition system market going forward. Factory automation refers to integrating advanced machinery, robotics, artificial intelligence (AI), and digital technologies to automate production processes, optimize efficiency, and minimize human intervention in manufacturing environments. The increase in factory automation is due to the need to improve efficiency, reduce costs, enhance product quality, ensure regulatory compliance, and maintain competitiveness in the market. Automation in industrial data acquisition systems enables real-time collection, monitoring, and analysis of manufacturing data from various sensors and equipment, facilitating informed decision-making, process optimization, and predictive maintenance to enhance overall operational efficiency and productivity in industrial settings. For instance, in January 2022, according to a study conducted by the Department for Digital, Culture, Media & Sport (DCMS), a UK-based government department, and Capital Economics, a UK-based information services company, there is a projected substantial rise in AI technology adoption from 15.1% in 2020 to 22.7% in 2025, with an added 267,000 businesses integrating AI into their processes. It is anticipated that around 34.8% of businesses will have embraced AI, totaling approximately 1.3 million companies utilizing this technology, by 2040. Therefore, the adoption of factory automation is driving the growth of the industrial data acquisition system market.
Competitive Landscape -
Major companies operating in the industrial data acquisitions system market are Siemens AG, Schneider Electric SE, Honeywell International Inc., ABB Ltd., TE Connectivity Ltd., Emerson Electric Co., Rockwell Automation Inc., Omron Corporation, Fluke Corporation, Keysight Technologies Inc., Endress+Hauser Group, Yokogawa Electric Corporation, Phoenix Contact GmbH & Co. KG, Advantech Co. Ltd., National Instruments Corporation, Weidmüller Interface GmbH & Co. KG, Digi International Inc., Dwyer Instruments Inc., Omega Engineering Inc., Beckhoff Automation GmbH & Co. KG, Campbell Scientific Inc., Dataforth Corporation, DEWETRON GmbH, HBM Inc., Lufft GmbH, Moxa Inc.
Innovative Solutions Driving Industrial Data Acquisition System Market Dominance
Major companies operating in the industrial data acquisition system market are developing data-acquisition systems for ships, such as Ship Connect, to stay at the forefront of the market. Ship Connect is a robust, flexible, and unified data-transmission framework that enables the processing and visualization of real-time and historical data both on board and ashore. For instance, in November 2021, METIS Cyberspace Technology SA, a Greece-based software company, unveiled the next generation of Ship Connect, an automated data-acquisition system tailored for ships. This enhanced version boasts a sturdy data-transmission framework, allowing seamless real-time and historical data processing and onboard and onshore visualization. By leveraging message queuing telemetry transport (MQTT) for streamlined data transfer and Google's Protocol Buffers for serialization, Ship Connect guarantees rapid, secure, and standardized data transmission, thus enabling sophisticated ship performance analytics.
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Key Segments -
The industrial data acquisitions system market covered in this report is segmented -
1) By Type: External Chassis And Modules, Plug-In Analog I/O boards, Software
2) By Channel: Less Than 32, 32-128, Greater Than 128
3) By End-User Vertical: Water And Waste Treatment, Power And Energy, Automotive, Education And Research, Aerospace And Defense, Paper And Pulp, Chemicals, Other End-User Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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