The global supervisory control and data acquisition (SCADA) market is extremely consolidated in nature and therefore a handful of players are holding their control over the entire market. These handful players keep a watch on each other so as to be aware of any progress of their competitor. Thus, there is intense rivalry and competition among the leading players. The top six players, viz Rockwell Automation Inc., Emerson Electric Co., ABB Ltd., Schneider Electric SE, Honey Well International Inc., and Siemens AG, accounted for 60% of the total market share in 2015. According to a new report by Transparency Market Research (TMR), the powerful presence of these companies has made it extremely difficult for new entrants to make their presence felt in the supervisory control and data acquisition market.
Electric Power Industry to Lead in Terms of End User
According to TMR, the global supervisory control and data acquisition market is expected to be worth US$40.18 bn by the end of 2024. On the basis of end users, the electric power industry is turning out to be a key consumer for SCADA. The electric power industry is leading end user application area for SCADA on account of the rising number of total grid automation projects. Another factor boosting the adoption of SCADA in the electric power industry is the rising incidences of loss of power during transmission and distribution, especially in China and India, for which efficient infrastructure is needed to be built. This is boosting the growth of the market within the electric power sector in Asia Pacific. This is also an indication that Asia Pacific is one of the most lucrative regional markets for SCADA. The rising automation across industries and the need for managing wastewater is boosting the growth of the supervisory control and data acquisition market in Asia Pacific. Nevertheless, it is North America which is leading in the market for SCADA.
Swift Detection and Minimization of Defects in Machinery to Boost Use of SCADA
The popularity of SCADA is increasing on account of the fact that it can help detect faults in machinery swiftly and minimization of defects is also possible. Also, the cost effectiveness of these systems is leading to a high demand for these systems. The demand for SCADA is also increasing as it helps in the even distribution of power by re-routing the power from excess capacity areas to regions where there is power shortage or need. SCADA also helps in remote control of electric power system, thereby reducing manpower.
The ability to restore power after an outage is another benefit of SCADA due to which it is increasingly becoming popular. Another important factor boosting the growth of the global supervisory control and data acquisition market is the rising deployment in oil and gas sector as it helps optimize the extraction output.
Growing Incidences of Cyber Attacks to Affect Market Negatively
On the other hand, the various risks associated with the execution of SCADA and the rising number of cyber threats, making these systems vulnerable are some of the factors behind decreased faith of consumers towards SCADA. However, the need to decrease power losses is expected to boost the deployment of these systems.
The review is based on a market research report by TMR titled ‘Supervisory Control and Data Acquisition (SCADA) Market (Components – Human Machine Interface, Programmable Logic Controller, Remote Terminal Unit, and SCADA Communication Systems; Architecture – Hardware, Software, and Services; End User – Electrical Power, Chemicals, Oil & Gas Industry, Food & Beverages Industry, Manufacturing Industry, Transportation Industry, Pharmaceutical Industry, Water & Wastewater Management Industry, and Telecommunications Industry) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024’
View TOC of This Report: https://www.transparencymarketresearch.com/report-toc/2773