CHICAGO, Nov. 15, 2022 /PRNewswire/ -- SCADA market size is anticipated to grow from USD 9.8 billion in 2022 to USD 14.2 billion by 2027, at a CAGR of 7.8% from 2022 to 2027 according to a new report by MarketsandMarkets. Accelerating deployment of AI and IoT across manufacturing industries and growing smart city projects for infrastructure and transportation development are some of the major factors which are posed to support growth of SCADA market.
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Discrete Manufacturing industry segment to grow at the highest CAGR during the forecast period.
The discrete manufacturing ecosystem uses SCADA systems to ensure that the production targets are met, and systems run swiftly. A SCADA system tracks the units that are being produced and in various stages of completion. SCADA systems manage inventories for just-in-time manufacturing, regulate industrial automation and robots, and monitor processes and quality control functions. Hence, SCADA provides a platform for creating advanced, integrated, and secure solutions that deliver real value to manufacturing processes. Increasing demand for such modern SCADA systems is expected to drive the market for SCADA.
Software segment to grow at the highest CAGR in SCADA market during the forecast period.
SCADA software is the backbone of a SCADA system. The software system provides trending, diagnostic data, information and performs the task of monitoring and analyzing the data that is further useful to the system for communicating the system issues to the operator to lower the downtime. The main advantages of software offering are the storage of real-time data, continuous system monitoring, alarm checking, and management of confidential data. SCADA software help the operator enhance the workflow, assist in faster decision-making, reduce errors, identify the cause of a problem, and improve plant operations.
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China to account for a significant market share of Asia Pacific from 2022 to 2027.
China is a manufacturer, as well as a key exporter, of several consumer electronics and telecom products; this has generated huge growth opportunities for SCADA market players in the country. China is the fastest-growing economy in Asia Pacific and globally. Its manufacturing sector is challenged by the need to increase production without compromising on quality. Manufacturers and suppliers in the country are facing challenges of increasing labor costs and higher lead times due to the manual processes involved, which are driving demand for automated equipment and SCADA systems.
Rockwell Automation (US), Schneider Electric (France), Emerson Electric (US), Siemens (Germany), and ABB (Switzerland) are the top five players in the SCADA market globally.
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