The global SCADA Market is estimated to account for US$ 9.99 Bn in terms of value by the end of 2022. Demand for SCADA to automate and control production operations is expected to rise due to a high demand for oil and gas. The SCADA software is used across a wide range of applications in downstream, midstream, and upstream oil and gas sector applications. With surging demand for energy, O&G companies are likely to demand advanced software solutions to meet production targets.
According to the U.S. Energy Information Administration (EIA), in July 2022 the country produced 365.78 million barrels of crude oil daily. The upstream applications' high productivity demands and data gathering needs across distant sites will drive the use of SCADA.
Global SCADA Market: Drivers
Surging Demand of Smart Buildings
A growing smart buildings projects in developing nations is expected to support the market's growth. Additionally, the industry is positively impacted by the rising use of smart devices and the expanding number of internet users. Thus, the SCADA market growth is largely supported by urbanization in developing economies, which has led to surge in smart buildings, increasing number of internet users, and growing adoption of smart devices.
Growing Adoption of SCADA Software in Various Industries
The growing need of real-time data in industrial sector for predictive maintenance and process analysis, is increasing need for industrial robots, is the primary factors driving the adoption of Industry 4.0. With growing adoption of Industry 4.0 the majority of industrial systems and processes are automated which allows manufacturing units to run around without interruption. The market is expected to grow due to growing integration of big data analytics and cloud computing, which offers improved services to numerous sectors including manufacturing other industries By utilizing SCADA systems to connect a vast network of intelligent devices, the Internet of Things (IoT) is changing manufacturing facilities. A fully digital plant is created as a result.
In order to monitor and control their applications and processes, have quicker response times, and more accurately forecast machine failure, industries are adopting SCADA systems enabled with loT and Al technologies. This boosts output while cutting down on running costs. Data can be sent and processed with the use of loT and Al-based SCADA solutions in order to streamline plant operations. Downtime can also be decreased thanks to the ability of loT technology to recognize future issues and stop them from arising. Additionally, IoT can increase plant safety, reduce environmental concerns, and lengthen the lifespan of equipment. An important set of tools for undertaking predictive maintenance is provided by machine learning (ML), a subfield of artificial intelligence (AI). Thus, over the course of the projected period, this aspect is anticipated to fuel market expansion.
Global SCADA Market: Restraints
Cybrsceurity Challenge SCADA Systems
SCADA systems are susceptible to cyberattacks as they are made up of a network of sensors, mainframe computers, communication systems, and storage systems. SCADA systems use logical procedures and physical activities to manage the operational facets of critical infrastructure. These systems' failure can have an impact on a company, the community, and eventually an economy. Disasters like oil or sewage pipeline leaks and spills and energy grid outages can have a long-lasting adverse effect on a plant's operations.
Global SCADA Market- Impact of Coronavirus (Covid-19) Pandemic
Due to the stringent lockdowns and social isolation necessary to stop the virus's transmission, the COVID-19 had a negative effect on the supervisory control and data acquisition (SCADA) market. SCADA technology demand was impacted by the uncertain economic climate, the partial business shutdown, and poor consumer confidence. However, in post Covid-19 scenario the supervisory control and data acquisition (SCADA) market is regain its pace during the post pandemic scenario due to the easing on the restrictions.
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Key Takeaways:
The global SCADA Market was valued at US$ 9.99 Bn in 2022 and is forecast to reach a value of US$ 18.49 Bn by 2030 at a CAGR of 8.00% between 2023 and 2030.
Hardware segment held dominant position in the global SCADA Market in 2022, accounting for 33.4% share in terms of value, increasing demand and production is expected to propel growth of the segment during the forecast period.
Global SCADA Market: Competitive Landscape
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.
Global SCADA Market: Recent Developments
- In September 2021, Discom, The electricity distribution company is announced to launch SCADA system for real-time monitoring of power distribution in Noida, India
In September 2022, Schneider Electric, a French multinational company announced acquisition of AVEVA to drive digital transformation for industrial organizations managing complex operational process. This acquisition aims to accelerate company’s both hybrid cloud based subscription model and software growth strategy.
