May 28, 2020
According to the research report titled ‘SCADA Market Size By Component, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global SCADA market is expected to accumulate notable revenues by the year 2026.
Incorporation of SCADA in numerous applications such as process automation is a major factor driving the market growth. Increasing benefits awareness and shifting focus towards reducing operating costs are also aiding the SCADA market expansion.
As per component type, others segment, which includes supervisory systems, communication infrastructure etc., is predicted to expand significantly during the forecast period, primarily due to technological advancements in SCADA programming. SCADA systems includes a combination off direct wired and radio connections.
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Based on the application landscape, utility segment is expected to register lucrative growth during the study period. Surging investments towards development of smart grid infrastructure is fueling the segmental growth. SCADA systems are widely adopted in utility applications for numerous operations such as supervising large volume of data of water levels, temperature, currents, voltages, pressure etc. in various industries. They trigger alerts at both remote and central sites on detecting anomaly.
Citing the regional scope, SCADA market in Latin America is predicted to record a y-o-y growth rate of 4% during 2020-2026. Rising adoption of cloud computing and IoT technologies in an array of industry verticals is promoting the business outlook in LATAM. Also, growing demand for innovative operational procedures is favoring the adoption of SCADA systems. Citing an instance, Latin America government deployed OpenEnterpriseTM SCADA solution by Emerson which is compliant with AGA 8 report to modernize and optimize oil fields.
The prominent companies operating in SCADA market are Yokogawa Electric Corp., Toshiba Infrastructure Systems & Solutions Corp., Siemens AG, Schneider Electric SE, Partita IVA, Ovak Technologies, Omron Corp., Mitsubishi Electric, Rockwell Automation Inc., ICONICS Inc., Honeywell International Inc., Hitachi Ltd., Emerson Electric Co., AVEVA Group Plc. and ABB Ltd. among others.