SCADA Market size worth over $85 Bn by 2030

SCADA Market size is set to surpass USD 85 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The advent of next-generation technologies such as machine learning models and digital twins will fuel the demand for SCADA systems. Tech-focused companies are integrating SCADA solutions with digital twins to achieve better operational capabilities. Digital twins that are fed with real-time sensor data allow the testing of superior machinery and equipment in real-world scenarios within simulated environments. The combined data acquisition can be used to test new settings, enhance live machinery capabilities, and efficiently deliver software updates.
 

However, the lack of security associated with SCADA systems can result in increased cyber-attacks incidence and may impede the adoption of these technologies. Cyber-attacks on these software systems can have an impact on property, life, and society at large. The systems are therefore being screened stringently by multiple governments.
 

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Extensive application across ICS to augment Remote terminal units (RTUs) demand

The Remote Terminal Units (RTUs) component segment held more than 41% of the SCADA market share in 2021. The growing popularity of RTUs can be credited to their ability to support data processing functions through advanced capabilities and modular architecture. The electronic device is typically installed in a remote location as part of a large system. These units are extensively used in industrial control systems (ICS) to connect various hardware to SCADA. It can convert electronic signals derived from field instrumentation and transmit them to the software tool.

Browse key industry insights spread across 215 pages with 138 market data tables and 42 figures & charts from the report “SCADA Market Size By Component (Human-Machine Interface [HMI], Programmable Logic Controller [PLC], Remote Terminal Units [RTU]), By Application (Chemical & Pharmaceuticals, Food & Beverage, Manufacturing, Oil & Gas, Transportation, Utility, Water & Sewage), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/scada-supervisory-control-and-data-acquisition-market
 

Rapid industrialization to accelerate the adoption of SCADA in manufacturing processes

The SCADA market revenue from manufacturing applications crossed USD 8.5 billion in 2021. These systems are linked with industrial machines to automate and control complex processes with greater precision. Conventionally, manufacturing processes have been largely labor-intensive which allowed scope for errors. The software enables industry players to conduct efficient operations without human intervention.
 

Rapid industrialization in emerging economies will complement the use of SCADA in the manufacturing sector. Companies developing the software are providing newer solutions to gather and analyze production data in real-time, program automatic control responses activated by specific system parameters or events, and monitor & manage alarms.
 

Increasing expansion activities in the manufacturing sector across APAC region

Asia Pacific SCADA market is poised to witness over 11.5% CAGR from 2022 to 2030. New government initiatives are introduced to endorse the use of automated technologies in the manufacturing sector. The government funds will sponsor a wide range of testbed projects including collaboration robots, big data, smart sensors, wireless networks, and cyber-physical systems. The construction of new manufacturing plants will also offer lucrative business scope to SCADA service providers.
 

Strategic partnerships to outline the competitive landscape

ABB Ltd., Siemens AG, Emerson Electric Co., Rockwell Automation, Inc., Schneider Electric SE, Yokogawa Electric Corporation, Honeywell International Inc., Mitsubishi Electric, Omron Corporation, and Toshiba Infrastructure Systems & Solutions Corporation are some of the leading SCADA market players. These participants are embracing technological advancements through strategic alliances with industry peers. For instance, in May 2022, ScoutFDC and Iron-IQ teamed up with U.S.-based oil and gas firm Greenlake Energy. As a part of the partnership, Iron-IQs cloud native SCADA software solution combined with the field data capture platform of ScoutFDC will together accelerate Greenlake Energy’s modern operations.