DUBLIN--(BUSINESS WIRE)--The "Data Acquisition System (DAQ) Market by Component Type (Hardware, Software), Application (Research and Analysis, Manufacturing and Quality, Asset Condition Monitoring, Design Validation and Repair), End-user, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global DAQ system market size is projected to reach USD 2.6 billion by 2024 from estimated revenue of USD 1.9 billion in 2019, at a CAGR of 5.9% during the forecast period.
The increasing importance of the DAQ system and monitoring in sectors like aerospace, energy, power, automotive, and telecom are driving the market in North America, Asia Pacific, and Europe.
Research and analysis segment is expected to dominate the DAQ system market
The research and analysis segment is expected to be the largest market, by application type, during the forecast period. The growth is evident owing to the rising demand for highly accurate, fast and precise DAQ systems for testing these new technologies in fields of wireless communication, autonomous vehicles, and connected cars.
Aerospace, defence, and the government is expected to dominate the DAQ system market
The aerospace and defence segment of the market, by end-user type, is estimated to be the largest during the forecast period. The growth is attributed to heavy investment in the US, France and the UK and advent of new technologies like flying urban taxies, connected cars, and autonomous vehicles.
North America to lead the DAQ system market in terms of value
North America is the largest market in the DAQ system, followed by Asia Pacific, and Europe. The market is projected to be the fastest-growing market during the forecast period owing to rising investments in aerospace and defence, wireless communication, infrastructure and energy in the US and Canada.
- Growing Emphasis on Data Monitoring in End-User Sectors
- Increased Implementation of Industry 4.0 Across Aerospace and Automotive Sectors
- Technological Advancement and Flexibility of Data Acquisition Systems
- Need for Increased Computational Power for Real-Time Analysis of Data
- Capex Cost and Complexity of Data Acquisition Systems
- Growing Demand for Automated Data Acquisition Systems
- Demand for High-Speed Connectivity Such as 5G in End-Use Sectors
- Highly Competitive and Mature Data Acquisition Systems Market
- Rapid Technological Changes for DAQ Testing in End-User Sector
- National Instruments
- Keysight Technologies
- Siemens AG
- Schneider Electric
- Fluke Corporation
- Brel & Kjr
- Emerson Electric Co.
- Rockwell Automation
- Omron Corporation
- Teledyne Technologies
- Campbell Scientific
- Data Translation
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