DUBLIN--(BUSINESS WIRE)--The "Data Acquisition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The data acquisition market registered a CAGR of 7.28% during the forecast period 2021-2026.
Data acquisition systems play a crucial role in real-time decision-making in the industrial sector. As companies evolve toward a data-centric approach in production and operations to maintain a competitive edge while facilitating the users to access the data at any time, irrespective of the location, data acquisition systems have evolved from mere processing systems to the key to achieve the complete benefits of automation.
Key Highlights
- One of the major drivers of the data acquisition market is the promising growth of Ethernet. Industrial Ethernet has grown faster than traditional field buses during the last few years and has 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 acquisition market. These include the tracking of multiple system parameters and monitoring a multitude of data sources while exchanging data in real-time, which includes PLCs, databases, maintenance applications, and existing data acquisition systems, to gain greater visibility of 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 supported by the economies of Germany and the United Kingdom that are adopting the next generation of industrial solutions.
- However, higher implementation cost is expected to 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 improves the operator's productivity and 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.
- Furthermore, 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 increased market adoption.
- Moreover, the increasing adoption of Industrial IoT, coupled with these benefits of HMI, is expected to drive 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 automobile 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 may lead to drastic losses to the industry.
Market Drivers
- Growing Adoption of Industrial Ethernet Solutions
- Increasing Complexity in Manufacturing Establishments is Driving Operators Towards Adoption of DAQ for Design Validation and Testing
- Technological Advancements Such as Edge Computing and TSN
Market Restraints
- Cost Implications and Saturation in Key Markets Could Hinder Growth Over the Forecast Period
Company Profiles:
- Advantech Co. Ltd
- Spectris PLC (HBM and Bruel & Kjaer and Omega)
- National Instruments Corporation
- Schneider Electric SE
- ABB Ltd
- Honeywell International
- Siemens AG
- Rockwell Automation Inc.
- Keysight Technologies
- General Electric Ltd
- Omron Corporation
- Yokogawa Electric Co.
- Tektronix
- AMETEK (VTI Instruments)
- Bustec
- Emerson Electric Co.
- Curtiss-Wright Corporation
- DAQ Systems Co, Limited
- Imc Dataworks, LLC
- ADLINK Technology, Inc.
- Beijing GEMOTECH Intelligent Technology
- DATAQ Instruments
For more information about this report visit https://www.researchandmarkets.com/r/3y7m4m
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