Power SCADA Market Worth $ 2.5 Billion By 2026
CHICAGO, May 24, 2021 / PRNewswire / – According to New Market Research Report “Power SCADA market by architecture (hardware, software, services), component (remote terminal unit, programmable logic controller, human-machine interface, communication system protection relay), end-user and region – Global forecasts up to 2026 “, published by MarketsandMarkets â¢, the Power SCADA market size will increase to 2.5 billion USD by 2026 (forecast year) from 1.7 billion USD in 2021 (estimated year), at a CAGR of 7.6% over the forecast period. The need to monitor and control data remotely is one of the key factors in the growth of the Power SCADA Market. Growing use of big data analytics and 5G technology in industrial environment to provide lucrative opportunities for Power SCADA market during the forecast period.
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The hardware segment is expected to dominate the Power SCADA market, by architecture, during the forecast period.
The hardware segment, by architecture, is expected to hold the highest market share during the forecast period. The hardware segment of SCADA power is an integrated system comprising different types of mechanical and electronic devices attached to different network platforms. It includes all types of analog, digital or hybrid devices used for real-time data control and manipulation. Various I / O devices, sensors and PLCs combine to form a complete hardware system used as a compact controller for a power SCADA system. Power SCADA hardware consists of many RTUs that collect field data and send that data back to a master station through a communication system. The master station displays the acquired data and allows the operator to perform remote control tasks and make a supervision decision using the HMI.
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Oil and gas in industry is expected to dominate the Power SCADA market, by architecture, during the forecast period.
The oil and gas industry, by end-user industry, is expected to hold the highest market share during the forecast period. Oil and gas manufacturers use electrical SCADA systems to monitor and control the processing of oil from petroleum sources 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-the-spot decisions to maximize profits. Using electric 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 safety and environmental safeguards. , reduce energy consumption and ensure compliance with workplace policies and procedures. .
Asia Pacific expected to dominate the Power SCADA market
In this report, the Power SCADA market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to be the Power SCADA market leader, by region, during the forecast period. Asia Pacific consists of developing countries such as India and China. The growing manufacturing sectors in these countries are expected to be the main driver. In addition, the growth of the oil and gas and pharmaceutical sectors in China, India, Australia and South Korea has played an important role in the Power SCADA market growth in Asia Pacific. Almost all countries in the region are increasing their oil and production capacity. China and India invest heavily in their offshore projects. This has led to an increase in the deployment of power SCADA systems in substations in the oil and gas industry, which is expected to drive the growth of the energy SCADA market in Asia-Pacific.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the Power SCADA market.
The main players are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Emerson Electric (United States) and Rockwell Automation (United States). Major players are adopting various strategies to increase their share of the Power SCADA market.
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