Supervisory control and data acquisition (SCADA) systems facilitate monitoring and controlling of industrial processes that are spread across large geographical areas. They help collect data from remote field sites via media such as telephone lines, microwave, satellite, and wireless. This distributed infrastructure not only helps reduce costs associated with wiring but also provides centralized monitoring of equipment performance, process, and plant. SCADA systems are comprised of hardware and software components that facilitate gathering of real-time data from the field, processing and distributing them to control room operators and other systems. Their functions can include controlling valves, collecting data from sensors, activating alarms, and distributing commands to individual field sites. The collected data allows operators to monitor processes, plant equipment, and notice anomalies or malfunctions. This reduces downtime and ensures smooth operations.
The global Supervisory Control and Data Acquisition (SCADA) Market is estimated to be valued at US$ 114.61 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of cloud-based SCADA systems is a prominent trend in the market. Cloud-based SCADA facilitates remote monitoring of industrial assets from any location via internet. It helps optimize operations through real-time visibility and control over field equipment. This provides scalability, redundancy and disaster recovery compared to traditional on-premise systems. Cloud SCADA also enables integration of Internet of Things (IoT) technologies for remote asset monitoring. Industries are switching to cloud-based SCADA due to advantages such as low upfront costs, easy deployment, mobility and real-time data access. The transition to cloud is expected to drive market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the SCADA market is low due to high initial capital investment required and presence of established players.
Bargaining power of buyers: The bargaining power of buyers in the SCADA market is high due to availability of alternatives and standardized product offerings.
Bargaining power of suppliers: The bargaining power of suppliers in the SCADA market is moderate due to availability of substitute components.
Threat of new substitutes: The threat of substitutes in the SCADA market is low as there are no cost-effective alternatives available.
Competitive rivalry: The competitive rivalry in the SCADA market is high due to presence of large number of global players offering similar products.
Key Takeaways
The Global Supervisory Control And Data Acquisition (SCADA) Market Demand is expected to witness high growth over the forecast period. The global Supervisory Control and Data Acquisition (SCADA) Market is estimated to be valued at US$ 114.61 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030.
North America is expected to dominate the market during the forecast period. Factors such as increasing demand for hardware components, growing adoption of wireless protocols, and technological advancements are driving the growth of SCADA market in the region.
The Asia Pacific region is projected to grow at the fastest CAGR over the forecast period. Factors such as rapid industrialization, growing need for industrial mobility and remote process monitoring are fueling the demand for SCADA systems in Asia Pacific region.
Key players operating in the SCADA market are ABB Ltd., Hitachi Ltd, Emerson Electric Co., Alstom, International Business Machines Corporation, Honeywell International Inc., Schneider Electric, Rockwell Automation, Inc., JFE Engineering Corporation, ICONICS, Inc., Mitsubishi Electric Corporation, and others. Major players are focusing on new product launches and mergers & acquisitions to strengthen their foothold in the market. In October 2021, GE and AVEVA announced partnership to drive the digital transformation of industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
