CHICAGO, April 30, 2019 /PRNewswire/ -- According to the new market research report "SCADA Market by Component (Programmable Logic Controller, Remote Terminal Unit, Human-Machine Interface, Communication Systems), Architecture (Hardware, Software, Services), Industry, and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the SCADA market is projected to grow from USD 11.0 billion in 2019 to USD 15.2 billion by 2024; it is expected to grow at a CAGR of 6.7% during 2
019-2024. The growth of the SCADA market is propelled by factors such as high demand for industrial mobility solutions to efficiently manage process industries, increased adoption of Industry 4.0 in process industries, and increased use of software platforms such as IoT and edge computing.
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SCADA market for communication systems is expected to grow at highest rate from 2019 to 2024
Communication systems are considered as the most important factor for the development of the SCADA market at present. Due to the geographically dispersed oil and gas platforms, it is important to have proper communication systems. Currently, companies have started implementing satellite communication for SCADA systems. Moreover, growth in cyber threats has led to an increase in the adoption of advanced and sophisticated communication systems.
Water & wastewater industry to witness highest growth from 2019 to 2024
Wastewater treatment processes are designed to achieve improvements in the quality of recycled wastewater. Various treatment processes may reduce biodegradable organics, bacteria, and hardness of the water. SCADA can operate reduce costs in the long run, along with ensuring reliable system operations through support services that predict, prevent, and react to operational issues and reduce the possibility of downtime. SCADA systems are also used in a water and wastewater treatment plant for constantly monitoring and regulating the water flow, reservoir levels, and pipe pressure.
Americas expected to hold second-largest share of SCADA market during forecast period
The application of the SCADA system in the fields of oil & gas, power, water & wastewater treatment, and others has shown tremendous growth in the US. In the oil & gas industry, traditional SCADA systems have been introduced for the new application, which has helped to identify, diagnose, and repair faults in the pipeline network. Also, the shale gas development, as natural gas in the US, has revolutionized the SCADA market. The shale gas is trapped in a shale formation, which is brought up to the surface using the Fracking technique, also known as hydraulic fracturing.
Browse in-depth TOC on "SCADA Market"
66 – Tables
61 – Figures
176 – Pages
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Key players offering SCADA solutions include Schneider Electric (France), ABB (Switzerland), Siemens (Germany), Emerson Electric (US), Rockwell Automation (US), while other major players in this market include General Electric (US), Honeywell International (US), Yokogawa Electric (Japan), and OMRON (Japan). These players operate globally and provide solutions and components related to SCADA.
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