Power SCADA Market - Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2020-2030
Power SCADA Market: Overview
The power SCADA market is estimated to observe steady growth during the forecast period of 2020-2030. The growing adoption of industry 4.0 and the advancements in the power generation sector will serve as growth accelerators for the power SCADA market.
Supervisory control and data acquisition (SCADA) is a system of hardware and software elements that enable industrial organizations to monitor, gather, and process real-time data and control industrial processes locally or at remote locations. SCADA systems are significant in various industrial applications as they help process data for smarter decisions and maintain efficiency. Thus, these factors bode well for the growth of the power SCADA market.
The power SCADA system has various components such as the remote terminal unit, master terminal unit, programmable logic controller, human machine interface, communication system, data interface device system software, supervisory system, historian software, and intelligent electronic device. The utilization of power SCADA systems in various industries such as metal and mining, oil and gas, water and wastewater, transportation, pharmaceutical, defense, telecommunications, and chemicals. On the basis of architecture, the power SCADA market can be segmented into hardware, software, and services.
The growing use of power SCADA in the power generation sector will bring substantial growth for the power SCADA market. The increasing focus of various countries on power generation is expected to have a positive impact on the growth of the power SCADA market.
Power SCADA Market: Competitive Insights
The power SCADA market is highly competitive. The players indulge in new launches and technological upgrades. These factors help increase the growth prospects of the power SCADA market to a substantial extent. Furthermore, the players invest in research and development activities to formulate and devise strategies and add new features to attract an extensive consumer base. These factors eventually increase the growth rate of the power SCADA market. Mergers, acquisitions, joint ventures, and partnerships form an important part of the power SCADA market growth structure. The players indulge in these activities to increase their influence across the power SCADA market.
Some key players into the power SCADA market are General Electric, Yokogawa Electric Corporation, Ovak Technologies, Advantech Co., and Rockwell Automation.
Power SCADA Market: Key Trends
Growing Popularity of Industry 4.0 to Bring Considerable Growth for Power SCADA Market
The emergence of Industry 4.0 will serve as a growth booster for the power SCADA market. The increasing adoption of Industry 4.0 by various industries will multiply the demand for power SCADA systems to a considerable extent. Furthermore, the features of power SCADA systems make them one of the preferable systems in industries. Benefits like predictive maintenance strategy and enhanced resource usage will have a profound impact on the growth of the power SCADA market.
Threat of Cyberattacks to Serve as Hindrance to Growth of Power SCADA Market
Some threats are expected to hinder the growth of the power SCADA market. Sensor-based networks have the problem of cyberattacks and can ruin the entire system. The power SCADA systems are no exception. The players in the power SCADA market are striving to add new methods and technologies that can improve the security aspect of the power SCADA systems. This factor will decrease the losses occurred due to cyberattacks and ultimately contribute to the growth of the power SCADA market.
Power SCADA Market: Regional Dimensions
The power SCADA market in the Asia Pacific is prognosticated to observe a dominant stance during the forecast period. The emergence of countries like India and China as industrial hubs will serve as growth boosters. Furthermore, the rising awareness about these systems will also assure extensive growth opportunities.
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