Dublin, Oct. 15, 2020 (GLOBE NEWSWIRE) -- The "Electrical SCADA Market - By Components, By Applications and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
Global Electrical SCADA Market was valued at USD 1900 Million in 2019 and is expected to reach over USD 3470 Million by 2026, growing at a CAGR of around 9% during the forecast period from 2020 to 2026.
The demand for Electrical SCADA Market is increasing significantly due to increase in the deployment of automation system and remote control application in industries across the spectrum. Developments in IoT technology and Cloud computing has increased the scope for the growth of Electrical SCADA Market.
Global Electrical SCADA Market: Overview
SCADA is basically a system of software as well as hardware elements that let the industrial organizations gather, monitor, and process real-time information and to run industrial processes at remote locations. Furthermore, it lets the end users to directly interact with devices such as valves, sensors, motors, and pumps by human-machine interface software.
Global Electrical SCADA Market: Growth Factors
Recent developments in the electrical SCADA due to incessant efforts from the major key players in order to expand ground over other competitors in the global electrical SCADA market has extensively increased the effectiveness of the system. Furthermore, improvements, as well as developments in the electrical SCADA system, are anticipated which will likely open up new opportunities and prospects for the stakeholders. Developing field of the ubiquity of smartphones and the Internet of Things, to which electrical SCADA systems can be easily implanted in order to get accessibility work development and progress of employees, are other factors that are driving the global electrical SCADA market.
Rising demand and popularity for process automation in various energy divisions and integration of SCADA along with IT corporate are also projected to propel the expansion of the market. On the other hand, cybersecurity might hold back the expansion of the market. Moreover, opportunities and prospects from different small enterprises particularly from up-coming economies and cloud-based SCADA are likely to offer growth and development opportunities for the market in the coming years.
Global Electrical SCADA Market: Segmentation
In terms of components, the global electrical SCADA market can be fragmented into the remote terminal unit, communication systems, PLC (programmable logic controller) and human-machine interface. In terms of architecture, the global market can be classified into services, hardware, and software.
In terms of application, the market is divided into different industries, for instance, food & beverages, electrical power, oil & gas, water & wastewater management, manufacturing, telecommunication, and pharmaceuticals. Among all the sectors, the electric power division is projected to be the highest market share contributor in the years to come due to increasing execution of grid automation all over the world in the power division.
Global Electrical SCADA Market: Regional Analysis
North America is likely to lead the global electrical SCADA market with a maximum market share. It is expected that this regional market is likely to retain its leading position in the coming years, due to the growing demand and popularity for process automation systems in several sectors, for instance, the oil and gas and the electrical power sectors. The rising financial and technological ventures for reliable power management are also projected to fuel the global electrical SCADA market in the North American region.
It is anticipated that Germany will be the leading contributor; Europe is likely to come up as the second highest global market. The growing demand and popularity for developed power, wastewater and water management, and the increasing requirement for efficient power generation are projected to fuel the global electrical SCADA market in Europe.
Global Electrical SCADA Market: Competitive Players
Some of the most important market players in the global electrical SCADA market are Hitachi Ltd., IBM Corp., Honeywell International, Alstom, JFE Engineering Corporation, ABB Ltd., Emerson Electric Co., Mitsubishi Electric Corporation, Schneider Electric., and Rockwell Automation, among others.
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