Supervisory Control And Data Acquisition (SCADA) Is Estimated To Witness High Growth Owing To Growing Industrial Automation

Supervisory Control and Data Acquisition (SCADA) Market

SCADA systems are industrial control systems that help monitor and control infrastructure facility processes. They are crucial for utility facilities and industrial plants as they collect data from remote field devices such as transmitters, pumps and valves. SCADA systems can monitor various functional areas of manufacturing facilities like temperature, pressure, flow rates and help raise alarms in case values go beyond set thresholds. Unlike small local control systems, SCADA systems facilitate control of geographically dispersed assets from a central control center over long distances.

The global Supervisory Control and Data Acquisition (SCADA) Market is estimated to be valued at US$ 114.61 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The growing adoption of industrial automation is estimated to present favorable growth opportunities for SCADA market over the forecast period. Industrial automation enables remote monitoring and operation of industrial processes with minimal human intervention. SCADA systems play a crucial role in industrial automation as they facilitate centralized control and monitoring of automated production processes. With various industries increasingly adopting automation to improve productivity, reduce operating costs and errors, demand for SCADA systems is expected to surge over the coming years. Upgradation of aging infrastructure and expansion of existing process facilities also require installation of advanced SCADA systems, thus driving the overall market growth.

Porter's Analysis

Threat of new entrants: The SCADA market requires high initial investments in R&D, infrastructure, skilled workforce, and establishment of distribution networks. Existing players enjoy economies of scale. These factors pose high entry barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power given the availability of several vendors providing customized SCADA solutions. However, switching costs incurred by buyers in migrating to other platforms provide some bargaining power to existing vendors.

Bargaining power of suppliers: Major component suppliers have limited bargaining power due to availability of alternative component suppliers and insignificant contribution of components cost to overall SCADA solution cost.

Threat of new substitutes: Threat from new substitutes is low as SCADA systems provide operational efficiency that cannot be replicated easily. However, emerging IIoT technologies pose potential threat in long run.

Competitive rivalry: The SCADA market comprises large global players and local providers. Intense competition exists in terms of product functionality, customer support, and pricing.

SWOT Analysis

Strengths: SCADA systems offer remote monitoring and control, data logging and reporting. They provide operational efficiency, energy savings and safety.

Weaknesses: SCADA solutions require high upfront investment and skilled resources for customization and maintenance. Legacy SCADA architectures face issues of scalability.

Opportunities: Emerging applications in smart cities, transportation and utility sectors present substantial growth opportunities. Adoption of cloud and mobile technologies can improve accessibility.

Threats: Cyber threats targeting critical infrastructure increases operational and reputational risks. Open-source solutions and emerging IIoT technologies pose disruptive threats.

Key Takeaways

The Global Supervisory Control And Data Acquisition (SCADA) Market Demand is expected to witness high growth at a CAGR of 8% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 214.61 Mn by 2030 from US$ 114.61 Mn in 2023.

North America dominates currently with a market share of over 35% in 2023 owing to large-scale deployments across utilities and oil & gas industries in the US and Canada. Asia Pacific is expected to be the fastest growing region during the forecast period with countries like China, India, and Japan significantly expanding SCADA footprint for process automation.

Key players operating in the SCADA market are 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. Major players are focusing on intelligent solutions, cloud technologies and global expansions to gain higher shares.

 For more details on the report,  Read- https://www.rapidwebwire.com/demand-for-real-time-process-monitoring-across-industries-size