The global SCADA market is expected to grow at a healthy CAGR of 8.30% from 2016 to 2022. At the estimated growth rate, the SCADA market is expected to reach USD 11.69 billion by the year 2022. In 2016, the market is expected to be worth USD 7.25 billion.
According to the latest market research report, "SCADA Market , by Architecture (Software Architecture, Hardware Architecture, Services), Component (SCADA Communication System, Remote Terminal Units, Programmable Logic Controller), Application (Oil & Gas, Water Waste & Water Applications, Pharmaceuticals, Manufacturing, Chemicals, Food & Beverages, Telecommunication, Transportation, Electric Power) - Global Revenue, Trends, Growth, Share, Size and Forecast to 2022", published by Scalar Market Research,
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Key findings of the report:
- The strong rise in demand for renewable energy and especially from the energy and utility sector is attributed as one of the major driving factors for the global SCADA market.
- The rising integration of the Internet of Things (IoT) technologies across major end-user sectors is also expected to be one of the strong driving factors for the growth of the SCADA market during the forecast period.
- The reduced long-term operational costs and maintenance costs through SCADA is also expected to increase its adoption across the globe, driving the SCADA market in the near future.
Services projected to grow at the fastest CAGR in the SCADA market
According to the report, services are expected to dominate the type segment of the global SCADA market, based on the growth rate. This segment is expected to grow at the fastest CAGR during the forecast period.
The report attributes this growth to the rising demand from various end-user industries across the world. The hardware segment, on the other hand, is expected to be the largest type segment of the global SCADA market.
Asia-Pacific expected to become the fastest-growing geographic region
According to the SCADA market report, the Asia-Pacific region is expected to witness the fastest growth during the forecast period. North America, on the other hand, is expected to hold the largest share of the SCADA market during the next few years to come.
The report attributes this growth to the rising awareness about the advantages of the SCADA software and systems and their rising adoption.
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The SCADA market report provides analysis of the key players, including:
- Schneider Electric SE
- Siemens AG
- ABB Ltd.
- General Electric
- IBM Corporation
- Cisco Systems, Inc.
- Rockwell Automation, Inc.
- Omron Corporation
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