In a recent report by Transparency Market Research (TMR), the vendor landscape of the global supervisory control and data acquisition (SCADA) market is estimated to be registering a significant growth owing to the rise in awareness among consumers with relation to the benefits that SCADA provides like real-time detection of faults in machineries. Apart from that the market for supervisory control and data acquisition is also driven by factors like production cost decline and reduced defect in output along with other production process advantages.
Some of the leading players of the global supervisory control and data acquisition (SCADA) market are Schneider Electric SE, OMRON Corp., Rockwell Automation Inc., Honeywell International Inc., and Yokogawa Electric Corp. The competitive landscape seems to be consolidated in nature thus, few handful players are making efforts to hold their control in the overall market. It is difficult for new players to enter the market as major players have made it extremely difficult in the market so that their presence is felt in the data acquisition and supervisory control over the market.
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As per the TMR report, the global supervisory control and data acquisition (SCADA) market is estimated to earn a US$40.18 bn within the forecast period of 2016 to 2024. Based on end users, the market is anticipated to be dominated by electric power industry as they are turning out to be a key customer of SCADA in the near future. Geographically, the market is seen to be led by North America although Asia Pacific is soon to gather pace in the coming years.
Efficient Infrastructure Construction Stimulating Market Growth
An important factor leading to the growth of the SCADA market is the SCADA system deployment in sectors like oil and gas as well as electrical sector so as to reduce the loss and optimize production. As SCADA helps in re-routing power from excess capacity areas to places with power need or shortage, it is more likely to increase its demand all over the world. SCADA offer the benefit of restoring power after an outrage and this feature is considered to be augmenting the future market.
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Another factor to boost the adoption of SCADA especially in the electric power industry is the increase in the number of incidences of power loss during distribution and transmission. This is most particularly in the case of India and China as there stands a requirement for efficient infrastructure. Thus, Asia Pacific sector is estimated to be one of the most lucrative markets in the near future with the growth of the electric power sector. However, North America remains the dominating region of the overall market and may continue to do so in the future years.
System Vulnerability to Hinder Market Growth
SCADA is seen to be beneficial for many aspects of marketing however, the surge in the number of cyber threats may act as a hindrance to the overall growth of the market in the long run. Adding to that, the systems may get vulnerable and there may be more cases of cyber-crimes thus, affecting the overall market growth in a negative way.Nevertheless, the rise in technological and financial investments for sophisticated and reliable power management may propel the SCADA market in the years to come.