Latest News - SCADA Market: Oil and gas is expected to lead the End-user segment during 2024-2028

The SCADA Market is being driven by Increasing adoption in manufacturing industry

The SCADA Market is expected to grow at a CAGR of 7.34% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4265.5 million. The open-source SCADA market trend is gaining significant traction in the global SCADA industry. Open-source SCADA software offers businesses flexibility, cost-effectiveness, and customization options, making it an attractive choice for various industries and organizations. This trend is fueled by the increasing demand for scalable and adaptable SCADA systems capable of integrating with diverse technologies and delivering real-time monitoring and control capabilities. Open-source SCADA solutions provide vendors with the flexibility to differentiate their applications through interface applications, development libraries, and front-end and back-end applications, thereby enabling them to penetrate the market and cater to unique customer requirements. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Oil and gas
  • Manufacturing
  • Power
  • Water and wastewater treatment
  • Others
• Type
  • Solution
  • Services
• Geography
  • APAC
    • China
    • Japan
  • North America
    • US
  • Europe
    • France
    • Germany
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing adoption in manufacturing industry
• Increasing importance of smart grid systems
• Need to reduce energy losses in metal, mining, and mineral industries

However, the market also witnesses some limitations, which are as follows:

• Lack of awareness
• Threat caused by cyberattacks
• High initial cost of implementation

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Market Scope in SCADA Market Research Report

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Research Analysis Overview

The SCADA (Supervisory Control and Data Acquisition) market is witnessing significant growth in various industries, including machine technology and operational technology sectors, driven by the adoption of Industry 4.0 solutions. The pharmaceuticals industry and power industry are major contributors to this market's expansion. SCADA systems enable real-time monitoring, control, and data acquisition, making them essential for industrial automation. Networked data communications, graphical user interfaces, cloud-based solutions, wireless sensor networks, and services are key components of modern SCADA systems. Temasek, a global investment company, and Orca Security, a cybersecurity firm, have shown interest in this market, recognizing its potential. However, the increasing use of cloud computing technology in SCADA systems and the integration of wireless sensor networks pose new challenges, such as cyberattacks and investment costs. To address these concerns, hardware and software vendors are developing robust communication systems and advanced security features. In conclusion, the SCADA market is poised for continued growth, driven by the demand for advanced machine technology and operational technology solutions in various industries. The integration of Industry 4.0 technologies and cloud-based solutions is transforming the market, offering new opportunities and challenges.

Market Research Overview

The industrial machinery and supplies and components market, encompassing manufacturers of equipment and components such as presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications, is a significant segment of the global industrial machinery industry. According to Technavio's market analysis, the market size is determined by the combined revenue generated by these manufacturers supplying to industrial sectors. The market's expansion is attributed to the increasing industrial output in process and discrete industries, driven by the growing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing countries. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/