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Industrial Data Acquisitions System Market Expected to Achieve 6.2% CAGR by 2029: Growth Forecast Insights
Industrial Data Acquisitions System
How Large Will the Industrial Data Acquisitions System Market Size By 2025?
In recent times, the market size of the industrial data acquisition system has witnessed significant growth. It is projected to increase from $40.74 billion in 2024 to $43.42 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.6%. The historical growth can be credited to various factors such as increased demand for wireless data acquisition systems, focus on industrial automation and digitalization, strict government rules and standards, the requirement of real-time monitoring, and the popularity of cloud-based data acquisition solutions.
How Big Is the Industrial Data Acquisitions System Market Size Expected to Grow by 2029?
The market for industrial data acquisition systems is poised for robust expansion in the coming years, with a projected worth of $55.27 billion by 2029, resulting in a compound annual growth rate (CAGR) of 6.2%. This progression during the prediction period can be traced back to the escalating intricacy of industrial procedures, development of industrial infrastructure, heightened consciousness towards energy efficiency and sustainability, a surge in the requirement for predictive maintenance solutions, and the necessity for superior process efficacy and productivity. Prominent trends during this period encompass advancements in data acquisition system technology, growing usage of IoT and Industry 4.0 technologies, the incorporation of artificial intelligence, and machine learning into data acquisition systems, with the expansion of industrial IoT ecosystems and jumps in product innovation.
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Which Key Market Drivers Powering Industrial Data Acquisitions System Market Expansion and Growth?
The rise in industrial data acquisition system market growth can be linked to the increasing popularity of factory automation. This technological shift sees the introduction of state-of-the-art machinery, robotics, artificial intelligence (AI), and other digital techniques to modernize production procedures, enhance efficiency, and reduce human involvement within production settings. This surge in factory automation stems from a desire to boost productivity, cut operating costs, improve product standards, adhere to regulatory requirements, and sustain a competitive edge in the sector. The utilization of automation within industrial data acquisition systems allows for the immediate collection, observation, and analysis of production data via various sensors and devices. This information is integral to making informed choices, refining procedures, and implementing predictive upkeep to maximize efficiency and productivity within industrial operations. To demonstrate, a September 2023 report from Germany's non-profit professional institution, the International Federation of Robotics, stated there were 553,052 industrial robot installations worldwide in 2022. This figure represents a 5% growth from the previous year. Geographically, new robot installations were most common in Asia (73%), followed by Europe (15%) and the Americas (10%). Hence, the rise in factory automation is fueling the expansion of the industrial data acquisition system market.
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Which Fast-Growing Trends Are Poised to Disrupt the Industrial Data Acquisitions System Market?
Leading businesses in the industrial data acquisition system market are advancing in creating data-collection systems for marine vessels, including the industrial data switch, to offer dependable, high-speed data connectivity for essential functions in harsh environments. The industrial data switch is a sturdy networking device constructed to ensure consistent, high-speed data connectivity in tough industrial settings. For instance, in June 2024, Red Lion, an American company specializing in industrial networking and automation technology, introduced the N-Tron NT116, an unmanaged industrial Ethernet switch. This switch is particularly constructed for industrial application demanding consistent performance under extreme, mission-critical conditions. The NT116 provides excellent reliability and efficiency for data collection, Ethernet I/O, and process handling. Enclosed in a sturdy metal casing, this compact device features 16 high-performance copper ports (10/100BaseTX RJ45) and is designed to resist strong shocks and vibrations. Each port comes with integrated ESD and surge protection, offering users an impressive MTBF rating of 1.2 million hours, all within a skinny, space-saving design that performs efficiently within temperatures of -40°C to 85°C.
What Are the Emerging Segments in the Industrial Data Acquisitions System Market?
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
Subsegments:
1) By External Chassis And Modules: Rack-Mounted Chassis, Benchtop Chassis, Modular I/O Systems, Integrated Chassis And Modules
2) By Plug-In Analog I/O Boards: Single-Ended Analog I/O Boards, Differential Analog I/O Boards, Voltage Measurement Boards, Current Measurement Boards, Temperature Measurement Boards
3) By Software: Data Acquisition Software (DAQ Software), Signal Processing Software, Data Analysis And Visualization Software, Control And Automation Software, Real-Time Monitoring Software
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Who Are the Global Leaders in the Industrial Data Acquisitions System Market?
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.
Which are the Top Profitable Regional Markets for the Industrial Data Acquisitions System Industry?
North America was the largest region in the industrial data acquisitions system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial data acquisitions system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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