Artificial Intelligence driven Marketing Communications
NEW YORK— The global Supervisory Control and Data Acquisition (SCADA) market is a well-established market and is witnessing a period of medium-to-low growth. It was valued at $5.29 billion in 2018 and is projected to reach $5.76 billion by 2023, growing at a CAGR of 1.7% from 2018 to 2023. The market has been holistically analyzed through 3 main segments, including SCADA hardware, software, and services. The SCADA hardware system consists of a series of RTUs, master stations, and the associated communication equipment. The software segment in this study includes, operating system software and industry-specific application software. The services segment includes project services, maintenance, and support services by SCADA system suppliers. It has been segmented into three end-user segments: electric power, oil and gas, and water and wastewater. Geographically, the SCADA systems market can be segmented into North America, EMEA, APAC, and Latin America. Under electric power, power generation through fossil fuel, wind, hydro, nuclear, and geothermal have been taken into account. Under water and waste water industries plant facilities that treat wet waste and recycle it within the production process have been considered. Under oil and gas, plants responsible for the production of crude petroleum, mining and extraction of oil from shale and oil sands, production of natural gas, sulfur recovery from the natural gas, and hydrocarbon liquid recovery have been included. With the impending exit of UK from the European Union, manufacturing industries are likely restrict themselves from investing in manufacturing units in the UK. Instead, they are expected to move to other parts of Europe. The European SCADA industry is expected to decline in terms of its growth rate during the next 4 to 5 years.
• One of the major challenges faced by SCADA manufacturers in the global market is regarding enhanced cybersecurity needs. Cyber threats demand an extensive allocation of resources toward risk management which can increase CAPEX costs, restraining the adoption of smart solutions to improve operations in manufacturing industries.
• A greater mix of renewable-energy based power generation, which is being increasingly decentralized, drives the development of microgrids. This ensures energy security with distribution networks and fuels the need for SCADA systems.
• The current trend in the SCADA distribution channel involves different suppliers partnering with each other in order to provide a complete solution to end users. For example, sometimes in order to configure a complete system offering, SCADA suppliers may enter into an agreement with other vendors for an RTU, controller, or an application software catering to a particular industry.
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.