According to the report, the global SCADA market was valued at $29.3 billion in 2017 and is projected to reach $41.6 billion until 2023, registering a CAGR of 6.0% through 2023.
Increased adoption of cloud-based SCADA systems and the rapid pace of infrastructural developments such as smart cities and transportation in emerging countries are expected to boost the growth of the global SCADA market.
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The high adoption rate of cloud-based SCADA systems and the increase in infrastructural developments such as smart cities and transportation are the major drivers of the global SCADA market. In addition, the high penetration of mobile SCADA systems supplements the growth of the market.
However, increasing cases of cybercrimes and the high initial cost of SCADA systems have hampered the global SCADA market. On the contrary, increased R&D activities in wireless sensor networks in SCADA coupled with growth in the big data sector are expected to create lucrative opportunities for the market players.
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The services segment captured about half of the total market share in 2017 and is expected to maintain its lion’s share during the forecast period. However, the software segment is expected to grow at the fastest CAGR of 6.4% through 2023. In addition, the hardware segment would show gradual growth from 2017 to 2023.
In terms of revenue, the electric power segment dominated the global market in 2017 and is projected to maintain its dominance through 2023 by contributing about 16% of the total market. However, the telecommunication segment would manifest the fastest growth at a CAGR of 8.2% during the study period.
The other application areas of the global SCADA market included in the report are oil & gas, water & wastewater, manufacturing, transportation, chemicals, food & beverages, pharmaceuticals, and others.
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North America contributed about one-third of the market share in 2017, owing to reliable and improvised power management solutions in the region coupled with massive investment in technologies. Moreover, it is expected to maintain its dominance through 2023.
However, Asia-Pacific would be the fastest growing segment, registering a CAGR of 7.15% by 2023, owing to a surge in the adoption of SCADA systems across developing countries such as India to decrease in power transmission & delivery losses. Europe and LAMEA are the other regions considered in the scope of the study.
The leading market players profiled in the report include IBM Corp, Alstom, ABB LTD., Mitsubishi Electric Corporation, Rockwell Automation, Hitachi LTD., Honeywell International, JFE Engineering Corporation, Emerson Electric Co., and Schneider Electric.
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