The power SCADA market is projected to reach USD 2. 5 billion by 2026 from an estimated USD 1. 7 billion in 2021, at a CAGR of 7. 6% during the forecast period. Increasing adoption of industry 4. 0 principles is driving the power SCADA market are the main drivers for the power SCADA market.
New York, June 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Power SCADA Market by Architecture, Component, End User and Region - Global Forecast to 2026" - https://www.reportlinker.com/p06089476/?utm_source=GNW
Increasing use of big data analytics and 5G technology in industrial environment are expected to offer lucrative opportunities for the power SCADA market during the forecast period. However, risk of cyberattacks in power SCADA acts as a restraint for the solution.
The Remote Terminal Unit (RTU) component is expected to grow at the highest CAGR from 2021 to 2026.
Based on the components of power SCADA systems, the Remote Terminal Unit (RTU) component is estimated to be the fastest-growing market from 2019 to 2026.The segment includes the Master Terminal Unit (MTU), Human Machine Interface (HMI), Programmable Logic Controller (PLC), Communication System, Intelligent Electronic Device (IEDs) and other components like Historian software, data interface device system software, and supervisory system.
Growth of the industrial sector in Asia Pacific and the Middle East & Africa is expected to drive the power SCADA market.
Oil and gas industry are expected to emerge as the largest segment based on sales channel
The oil and gas industry, by end-user industry, is projected to hold the highest market share during the forecast period.Oil and gas manufacturers use power SCADA systems to monitor and control the processing of oil from oil wellsprings through a network of pipelines to refinery plants and end-users.
Power SCADA systems provide a powerful and proactive method of diagnosing problems, along with real-time data, to make on-spot decisions to optimize profits. Using power SCADA systems, oil and gas operators can easily monitor and collect data from remote areas to maximize facility control, optimize oil well production, increase accuracy, improve security and environmental safeguards, reduce energy consumption, and ensure compliance with policies and procedures at workplaces.
Asia Pacific: The largest power SCADA market
Asia Pacific is currently the largest power SCADA market, followed by North America and the Europe.China accounted for the maximum share of the Asia Pacific market in 2020.
It is also projected to grow at the highest CAGR from 2021 to 2026.Growth of the industrial sectors in countries such as China, India, South Korea, Australia, and Japan is expected to drive the Asia Pacific power SCADA market.
Countries such as China and India are focusing on oil & gas production activities and pharmaceutical business to reduce oil dependency, which is expected to increase demand for power SCADA in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
• By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: North America- 24%, Asia Pacific- 39%, Europe- 22%, the Middle East & Africa- 9%, and South America- 6%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The leading players in the power SCADA market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Emerson (US), and Rockwell Automation (US).
The report defines, describes, and forecasts the global power SCADA market, by architecture type, by component type, by end-user industry, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the power SCADA market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for power SCADA, which would help SCADA manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
Read the full report: https://www.reportlinker.com/p06089476/?utm_source=GNW
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