DUBLIN--(BUSINESS WIRE)--The "Data Acquisition System Market by Offering, Lifecycle Application (R&D, Field, Manufacturing), Vertical (Automotive & Transportation, Aerospace & Defense, Energy & Power, Environmental Monitoring, Food & Beverages), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Data Acquisition Systems Market was Valued at USD 1.8 Billion in 2019 and is Expected to Reach USD 2.2 Billion by 2024, at a CAGR of 5.0% Between 2019 and 2024.
Major factors driving the DAQ system market include the increasing demand for industrial mobility for remotely managing the process industry, the increasing adoption of cloud computing in data acquisition system, the increasing infrastructure development in terms of smart cities and transportation, and the rising adoption of Industry 4.0, Industrial Internet of Things (IIOT) and Smart Factory, using the data acquisition system. Mature market in North America and Europe is one of the key factors restraining the growth of the market.
The R&D application market for DAQ system is expected to continue to hold the largest share during the forecast period
The R&D application is expected to hold the largest market share during the forecast period. R&D is carried out by all resident companies, research institutes, universities, and government laboratories all over the world. In R&D, DAQ systems acquire component parameters and characteristics of prototypes and pre-production models. Heavy investments in R&D, a constant need for innovation, and development of the products will tend to grow the demand for data acquisition systems in R&D application.
The market for automotive & transportation vertical is expected to witness the highest growth from 2019 to 2024
The DAQ system market for automotive & transportation is expected to grow at the highest CAGR during the forecast period. Compared to other sectors, the test process involved in the automotive industry consists of a set of test solutions that are very articulated within the production line. During testing data acquisition software is used to intelligently standardize, analyze, and report a large amount of data. Autonomous driving, connectivity, and electric mobility are all aspects that are expected to drive the demand for DAQ systems in the automotive industry during the forecast period.
APAC is likely to grow at a significant CAGR during the forecast period
APAC is expected to continue to lead the DAQ system market and also expected to be the fastest growing region. This is mainly attributed due to the increase in the number of manufacturing plants in various sectors, such as automotive, textiles, power, and pharmaceuticals. China, Japan, South Korea, and India offer some of the prolific automotive equipment manufacturers in APAC. Therefore, there is a continuous demand for the DAQ system market in APAC.
- Increased Emphasis on Energy Efficiency, Resource Optimization, and Cost of Production
- Rise of Big Data, IoT, and Industrial Revolution 4.0
- Technological Advancement in Data Acquisition System.
- Mature Market in North America and Europe
- The Growing Focus on DAQ Software for Data Analysis
- Growth of Wireless Data Acquisition System
- Need for High Computational Power
Key DAQ system ecosystem players are as follows:
- ABB Ltd
- Agilent Technologies Inc
- Bruel & Kjaer Sound & Vibration
- Campbell Scientific
- Data Translation, Inc
- Emerson Electric Co.
- General Electric Co.
- Honeywell International
- Keysight Technologies
- National Instruments
- Omron Corporation
- Rockwell Automation
- Siemens AG
- Teledyne Technologies Inc
Yokogawa Electric Co.
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