SCADA Market Reach $26.6 Billion Globally by 2032 | Thriving Future Outlook

According to a new report published by Allied Market Research, The supervisory control and data acquisition (scada) market was valued at $9.5 billion in 2022, and is estimated to reach $26.6 billion by 2032, growing at a CAGR of 11.2% from 2023 to 2032.

The main purpose of a SCADA system is to monitor and control a plant or equipment in industries such as telecommunications, water, and waste control, energy, oil and gas refining, and transportation. SCADA is basically a computer system for gathering and analyzing real-time data. Certain important functions of SCADA include data acquisition, networked data communication, data presentation, and control.

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Furthermore, the increase in penetration of mobile SCADA system and surging trend of industry 4.0 across manufacturing and processing industries is boosting the growth of the global market. In addition, Rapid growth in utilization of cloud computing technology positively impacts growth of the SCADA market.

However, huge investment costs for insertion and sustentation of SCADA systems and escalating cyberattacks in the industrial networks are hampering the market growth. On the contrary, increasing advancements in wireless sensor networks is expected to offer remunerative opportunities for expansion during the supervisory control and data acquisition (SCADA) market forecast.

Depending on offering, the hardware segment holds the largest supervisory control and data acquisition (SCADA) market size as it helps to maintain efficiency, process data for smarter decisions, and communicate system issues to mitigate machine downtime. However, the software segment is expected to grow at the highest rate during the forecast period, owing to increasing investments by key players in the latest technologies for communication, growing demand for high data speed, and growing need for enhanced broadband capacity.

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Region-wise, the SCADA market size was dominated by Asia-Pacific in 2022, and expected to retain its position during the forecast period, owing to increase in demand for 5G enabled consumer electronic devices such as smartphone, tablets, and AR/VR devices. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to increasing investment in the power transmission and distribution sector across countries like China, India, and Japan.

The supervisory control and data acquisition market witnessed negative growth during the COVID-19 pandemic owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted the demand for supervisory control and data acquisition (SCADA) solutions. Furthermore, the supply chain was hampered during the pandemic, along with delays in logistics activities.

However, the rise in need for seamless product manufacturing, distribution, and delivery has encouraged small and medium businesses (SMBs) to adopt efficient supply chain solutions. Furthermore, the supervisory control and data acquisition (SCADA) market is expected to regain its pace during the post-pandemic scenario, owing to the ease in supply chain and logistic restrictions.

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In addition, the pandemic increased the number of companies that invest substantial amounts of funds in SCADA solutions to safely manage quality control and business processes. Supervisory control and data acquisition further provide follow-up actions including corrective actions and evaluate results with a rich reporting engine, which is critical in accomplishing the digital transformation initiatives, which in turn, boosts the growth of the market in the post-pandemic scenario.

The outbreak of COVID-19 is projected to surely provide numerous opportunities for the market to grow during the forecast period. These opportunities include a surge in demand for cloud-based SCADA solutions in end-use industries. Moreover, these solutions are used to enable industrial organizations to gather, analyze, and process real-time data.

The supervisory control and data acquisition (SCADA) industry finds wide applications in a variety of industries as they facilitate direct interaction with devices such as sensors, pumps, valves, and motors. For instance, in January 2022, Yokogawa Electric Corporation launched Collaborative Information Server (CI Server) R1.02 to control and safety system family, which will have the ability to be delivered on Yokogawa Cloud. Data storage and computing power help to alter all business information that has been moved to the cloud-based SCADA solutions, where it is safe and conveniently available to end-use industries.

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Industries and other businesses are continuing to focus on improving data management, process & analyze data, and increasing the efficiency of business processes. Moreover, the integration of artificial intelligence (AI) and the Internet of Things (IoT) helps manufacturing firms to perform their tasks faster and more accurately, resulting in high adoption and growth of the SCADA industry market over the forecast period.

In addition, companies have incorporated solutions for manufacturing execution, quality control, supply chain management, and analytics to connect with customers, enabling them to lead with precision, efficiency, and agility. These factors are expected to create numerous opportunities for high SCADA industry market growth in the forecast year.

The key players profiled in the Supervisory Control and Data Acquisition (SCADA) market analysis are ABB Ltd., Alstom SA, Emerson Electric Co., Hitachi Ltd., Honeywell International Inc., IBM Corporation, Rockwell Automation Inc., Schneider Electric SE, JFE Engineering Corporation, and Mitsubishi Electric Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the supervisory control and data acquisition (SCADA) industry.

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