DUBLIN--(BUSINESS WIRE)--The "Data Acquisition Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global data acquisition market was 1.8 billion in 2018 and is expected to reach 2.6 billion by 2024 to register a CAGR of 7.28% during the forecast period of (2019-2024).
Data acquisition systems play a crucial role in real-time decision making in the industrial sector. As companies evolve toward a data-centric approach to production and operations to maintain a competitive edge while facilitating the users to access the data at any time irrespective of the location, data acquisitions systems have evolved from mere processing systems to be the key to achieving the complete benefits of automation.
- One of the major drivers of the data acquisition market is the promising growth of the Ethernet. Industrial Ethernet has been growing faster than traditional field buses for a number of years and has now overtaken field buses.
- This demand has been augmented by the growing need for faster internet speeds, seamless integration of factory installations, the adoption of IoT, and industrial controls. Such trends have been instrumental in driving the demand for data acquisition systems.
- Moreover, the adoption of factory automation and smart manufacturing across the world is a major growth driver of the data acquisitions market. These include the tracking of multiple system parameters, as well as monitoring a multitude of data sources while exchanging data in real-time, which includes PLCs, databases, maintenance applications, and existing data acquisition systems in order to gain greater visibility to the machine, as well as floor operations.
- While North America dominated the market for data acquisition systems, the favorable government reforms, robust industrial automation adoption, and smart manufacturing initializes are expected to augment the market in the European region to attain a greater market share, over the forecast period. This growth is anticipated to be enabled by the economies of Germany and the United Kingdom that are adopting the next-generation of industrial solutions.
- Higher implementation costs however can be a factor that challenges the growth of the market.
Key Market Trends
Human Machine Interface Accounts for Significant Share in the Market
- HMIs are used in various locations, such as process control, factory floor, machines, portable handheld devices, etc. Applications of this technology include various appliances, automotive, machine health monitoring, and industrial automation, among others.
- An HMI solution not only improves the productivity of the operator but also provides insights into system control and maintenance. For instance, the HMI function of setting off alarms provides visual indicators of a machine's issue and severity.
- Further, technologies, such as Open Platform Communications Unified Architecture, integrated into PC-based machine controls have allowed the safe transmission of encrypted data from machine to cloud and enterprise-level systems.
- Owing to the broadening of its functionality, through the integration with PLC applications or PC-based multi-user systems, HMI technology has also found increased adoption in the market.
- Moreover, the increasing adoption of Industrial IoT coupled with these benefits of HMI is expected to drive the market growth.
United States Presently Holds the Largest Market Share
- The United States is on the verge of the fourth industrial revolution, where data is being extensively used for production and integration with a wide range of manufacturing systems across the supply chain.
- The country has been one of the leading automotive markets in the world and is home to over 13 major auto manufacturers. The automotive manufacturing industry has been one of the largest revenue generators for the country in the manufacturing sector.
- Industrial automation is the primary driving factor, which is expected to drive the demand for the DAQ systems as the increasing adoption of controlling processes without human interference is heavily reliant on data to provide instructions and hence any minor misdirection can lead to drastic losses to the industry.
- The United States is a key market for factory automation and the installation of advanced devices and equipment within the North American region. The demand for advanced manufacturing technologies would further enhance the demand for DAQ products in the market.
The data acquisition market is fragmented the major companies which are operating in the market try to eliminate the competition and improve their capabilities by means of either acquisition or strategic mergers. Some key players in the market include ABB Ltd, Advantech Co. Ltd, Agilent Technologies, Campbell Scientific Inc., Data Translation Inc., Schneider Electric SE, Honeywell International, Siemens AG, Rockwell Automation Inc., MathWorks Corporation, General Electric Ltd, Omron Corporation, Yokogawa Electric Co., Emerson Electric Co., and others.
Some key developments in the market include:
- February 2019 - Advantech completed 80% acquisition in Omron Nohgata, With this acquisition, Advantech company will effectively expand its embedded system market share in Japan and enhance its localized manufacturing services capability. Advantech further envisions cooperation with OMRON Corporation in IoT platform development.
- April 2018 - ABB and Hewlett Packard Enterprise (HPE) formed a partnership to combine ABB's digital manufacturing system, ABB Ability, with HPE's IT solutions. The partnership aims to provide manufacturers with actionable insights from significant amounts of industrial data. The purpose is to increase the efficiency and flexibility of manufacturing operations. In the future, owing to this partnership, it is expected that key players from different markets will come together to offer greater benefits to their customers.
Key Topics Covered
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Investments in the Infrastructure and Renewable Energy Sector
4.3.2 Advent of Big Data
4.3.3 Growing Demand for Open Architecture
4.4 Market Restraints
4.4.1 High Implementation Costs
4.4.2 Data Security Concerns
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Peripheral Component Interconnect (PCI)
5.1.2 LAN Extensions for Instrumentation (LXI)/ Ethernet
5.1.3 VME Extensions for Instrumentation (VXI)
5.1.4 PCI Extensions for Instrumentation (PXI)
5.1.5 Universal Serial Bus (USB)
5.2 By Architecture
5.3 By Component
5.3.1 Human Machine Interface (HMI)
5.3.2 Programmable Logic Controller (PLC)
5.3.3 Remote Terminal Unit (RTU)
5.3.4 Other Components
5.4 By End User
5.4.4 Energy & Power
5.4.5 Other End Users
5.5.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.5.3 Asia Pacific
220.127.116.11 Rest of Asia-Pacific
5.5.4 Latin America
18.104.22.168 Rest of Latin America
5.5.5 Middle East & Africa
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 ABB Ltd.
6.1.2 Advantech Co. Ltd.
6.1.3 Agilent Technologies
6.1.4 Campbell Scientific Inc.
6.1.5 Data Translation Inc.
6.1.6 Schneider Electric SE
6.1.7 Honeywell International
6.1.8 Siemens AG
6.1.9 Rockwell Automation Inc.
6.1.10 MathWorks Corporation
6.1.11 General Electric Ltd
6.1.12 Omron Corporation
6.1.13 Yokogawa Electric Co.
6.1.14 Emerson Electric Co.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ww7yif