SCADA Market To Reach USD 16,994 Million by 2030, Says P&S Intelligence

NEW YORK, May 10, 2023 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the size of the SCADA market was USD 9,600 million in 2022, and it will power at a CAGR of 7.4%, to touch USD 16,994 million by 2030.

This is because of the high acceptance of Industry 4.0 solutions, the increasing use of software platforms, for example, IoT and AI; the growing requirement for industrial mobility solutions for operational process management, and the expanding usage of wireless sensor networks.

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AI and IoT have enhanced the operations of sectors all over the world. Through the usage of SCADA systems, IoT is enabling massive networks of smart systems to achieve industrial production efficiently and cost-effectively.

IoT and AI-based systems allow businesses to monitor and control their applications and processes, precisely predict the failure of machines, and attain faster response times, thus augmenting efficiency and lowering the costs of operations.

Thus, the increase in the usage of Industry 4.0 technologies across both process and discrete industries quickens the growth of the industry. Moreover, because of their high technology acceptance, industries have a strong requirement for updating their existing SCADA systems.

The RTU category will be the fastest growing, with an about 8% CAGR, in the years to come. This will be due to the fact that the RTU is one of the essential components of a SCADA system, collecting data, formatting it for transmission, and then sending it to the device to be controlled. A SCADA system employs numerous RTUs for accomplishing these operations.

Among the end users, SCADA adoption is the highest in the automotive sector, which is increasingly automating and digitizing its manufacturing process, to achieve a higher output at lower operational costs.

An automobile factory nowadays has multiple programmable logic controllers, which govern the operations of conveyor belts, assembly process, and paint jobs. Factory workers and technicians with proper SCADA training can diagnose and resolve faults in the machinery remotely.

North America has a significant market share because of the stable management of power by SCADA, heavy investments in digital manufacturing technologies, growing industrial sector in the continent, and rising acceptance of automation technology.

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Another key reason for the region's significant share in the market is the growing offshore oil & gas E&P activities here. Deep-sea exploration is a key application of SCADA systems, wherein they are used for remote maintenance.

Furthermore, the requirement for supervisory control and data acquisition products would be boosted by governments' strong focus on the development of smart cities, as these systems are employed for improving the transportation and management of wastewater.

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