PUBLISHER: The Business Research Company | PRODUCT CODE: 1484805
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484805
An industrial data acquisition system is a comprehensive technology and service framework utilized in industrial environments to gather, process, and analyze real-time data from machinery, equipment, and processes. This enables monitoring, control, optimization, and decision-making, ultimately enhancing industrial efficiency, productivity, and reliability. These systems play a crucial role in identifying faults, optimizing processes, ensuring safety, and facilitating compliance with regulatory standards.
The primary types of industrial data acquisition systems include external chassis and modules, plug-in analog I/O boards, and software. External chassis and modules encompass the physical housing and interchangeable components designed to expand the functionality or connectivity of electronic devices, such as computers or industrial equipment. They are typically connected externally via interfaces such as USB, Ethernet, or other standardized connectors. These systems offer various channel configurations, including less than 32, 32-128, and greater than 128 channels, tailored to different end-user verticals such as water and waste treatment, power and energy, automotive, education and research, aerospace and defense, paper and pulp, chemicals, among others.
The industrial data acquisition system market research report is one of a series of new reports from The Business Research Company that provides industrial data acquisition system market statistics, including industrial data acquisition system industry global market size, regional shares, competitors with an industrial data acquisition system market share, detailed industrial data acquisition system market segments, market trends and opportunities, and any further data you may need to thrive in the industrial data acquisition system industry. This industrial data acquisition system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial data acquisitions system market size has grown strongly in recent years. It will grow from $38.48 billion in 2023 to $40.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed during the historical period can be attributed to several key factors, including the increasing demand for wireless data acquisition systems, a heightened focus on industrial automation and digitization, stringent government regulations and standards pertaining to data collection and monitoring, the need for real-time monitoring and control in industrial processes, and the growing demand for cloud-based data acquisition solutions offering scalability and accessibility.
The industrial data acquisitions system market size is expected to see strong growth in the next few years. It will grow to $52.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period is expected to be driven by several factors, including the growing complexity of industrial processes, expansion of industrial infrastructure, increased emphasis on energy efficiency and sustainability initiatives, rising demand for predictive maintenance solutions to optimize asset performance, and the continuous need for improved process efficiency and productivity. Major trends projected for this period encompass technological advancements in data acquisition systems, the increasing adoption of Internet of Things (IoT) and Industry 4.0 technologies to enable seamless connectivity and data exchange, integration of artificial intelligence (AI) and machine learning algorithms to enhance data analysis and decision-making capabilities, expansion of industrial IoT ecosystems to support diverse applications, and ongoing product innovation to meet evolving industry needs.
The anticipated surge in factory automation is set to drive growth within the industrial data acquisition system market. Factory automation involves the integration of advanced machinery, robotics, artificial intelligence (AI), and digital technologies to automate production processes, optimize efficiency, and minimize human intervention in manufacturing environments. The uptick in factory automation is driven by the imperative to enhance efficiency, reduce costs, elevate product quality, ensure regulatory compliance, and uphold competitiveness in the market. Automation within industrial data acquisition systems enables the real-time collection, monitoring, and analysis of manufacturing data from various sensors and equipment. This facilitates informed decision-making, process optimization, and predictive maintenance, thereby enhancing overall operational efficiency and productivity in industrial settings. For example, according to a study conducted by the Department for Digital, Culture, Media & Sport (DCMS) and Capital Economics in January 2022, there is a projected significant rise in AI technology adoption, with an expected increase from 15.1% in 2020 to 22.7% in 2025, and an additional 267,000 businesses integrating AI into their processes. It is anticipated that around 34.8% of businesses will have embraced AI by 2040, totaling approximately 1.3 million companies utilizing this technology. Consequently, the adoption of factory automation is propelling the growth of the industrial data acquisition system market.
Key players in the industrial data acquisition system market are actively developing data-acquisition systems tailored for specific industries, such as Ship Connect for ships, to maintain a competitive edge. Ship Connect is a robust, flexible, and unified data-transmission framework designed to enable the processing and visualization of real-time and historical data both onboard and ashore. For instance, in November 2021, METIS Cyberspace Technology SA unveiled the next generation of Ship Connect, an automated data-acquisition system specifically designed for ships. This enhanced version features a sturdy data-transmission framework, facilitating seamless real-time and historical data processing and visualization both onboard and onshore. Leveraging technologies such as message queuing telemetry transport (MQTT) and Google's Protocol Buffers for data transfer and serialization, Ship Connect ensures rapid, secure, and standardized data transmission, enabling sophisticated ship performance analytics.
In March 2021, AVEVA, a UK-based industrial software company, completed the acquisition of OSIsoft for $5 billion. This strategic acquisition combines AVEVA's industrial performance applications with OSIsoft's industrial data platform, creating a digital transformation powerhouse in the industrial sector. OSIsoft, a US-based software company, specializes in developing a real-time industrial data platform that records data from process control systems.
Major companies operating in the industrial data acquisitions system market are Siemens AG, Schneider Electric SE, Honeywell International Inc., ABB Ltd., TE Connectivity Ltd., Emerson Electric Co., Rockwell Automation Inc., Omron Corporation, Fluke Corporation, Keysight Technologies Inc., Endress+Hauser Group, Yokogawa Electric Corporation, Phoenix Contact GmbH & Co. KG, Advantech Co. Ltd., National Instruments Corporation, Weidmuller Interface GmbH & Co. KG, Digi International Inc., Dwyer Instruments Inc., Omega Engineering Inc., Beckhoff Automation GmbH & Co. KG, Campbell Scientific Inc., Dataforth Corporation, DEWETRON GmbH, HBM Inc., Lufft GmbH, Moxa Inc.
North America was the largest region in the industrial data acquisitions system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial data acquisitions system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial data acquisitions system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial data acquisition system market consists of revenues earned by entities by providing services such as consultation and system design, installation and configuration, customization and integration, maintenance and support, data analysis, and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. The industrial data acquisition system market also includes sales of sensors, controllers, and data acquisition devices. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Data Acquisitions System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial data acquisitions system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial data acquisitions system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial data acquisitions system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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