Supervisory Control and Data Acquisition (SCADA) Market - Demand for SCADA Systems to Remain High from Electrical Power Industry
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A report by Transparency Market Research foretells the growth prospects of the market over the period between 2016 and 2024. The market value stood at US$25.56 bn in 2015 and is expected to touch a value of US$40.18 bn by the end of 2024. The SCADA market is expected to expand at a moderate CAGR of 5.20% over the forecast period. Based on end users, the electric power industry has been grossing in substantial market revenue in the past years. It is expected to continue its streak of prominence due to the growth of SCADA for total grid automation projects. The losses borne out of power distribution and transmission in India and China need to be combatted through efficient infrastructure. This also increases the relevance of SCAD within the electric power industry. The market in Asia Pacific is anticipated to invite substantial demand due to several factors such as integration of automation in industries, need for wastewater management, and rise of renewable sources of energy. The market in North America registered the highest share of 33.6% in 2015.
The popularity of supervisory control and acquisition (SCADA) has been accentuated by the rising awareness among consumers. The faults in machinery can be swiftly detected and the defects in output can be minimized through SCADA. Moreover, the low-cost advantage offered by these systems has also led to the rise in demand within the market. The applicability of SCADA across the electrical power industry has been an affluent propeller of demand. SCADA helps in restoring power after an outrage, distribute power evenly by rerouting it from excess capacity areas to overloading regions, and reducing manpower by remotely controlling the electric power system. These systems are also extensively employed across the oil and gas industry because they help in optimizing the extraction output. Shale gas has also come to the fore in recent times, which is expected to offer commendable growth opportunities within the market.
Browse Market Research Report @ https://www.transparencymarketresearch.com/scada-market.html
Cyber Threats Could Hamper Demand
Despite several factors contributing to the growth of the market, the risks associated with the execution of SCADA pose a threat to the market. Cyber threats make the systems vulnerable to deterioration, thus, lowering the faith of the consumers. Furthermore, the integration of data in the oil and gas industry is also an issue that hampers affluent growth of the market. Nevertheless, the need to reduce power losses and deploy a cost-efficient system within the electrical power industry is anticipated to keep bolstering the prospects of the market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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