Power SCADA Market Worth $2.5 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2021 /PRNewswire/ -- According to the 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 relays), End User and Region – Global Forecast to 2026", published by MarketsandMarkets™, the Power SCADA Market size will grow to USD 2.5 billion by 2026 (forecast year) from USD 1.7 billion in 2021 (estimated year), at a CAGR of 7.6% during the forecast period. Need for monitoring and controlling data from remote location, is one of the key factors driving the growth of the Power SCADA Market. Increasing use of big data analytics and 5G technology in industrial environment to offer lucrative opportunities for the 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 projected to hold the highest market share during the forecast period. The hardware segment of power SCADA is an integrated system comprising different kinds of mechanical and electronic devices attached to different networking platforms. It includes all types of analog, digital, or hybrid devices used for real-time data controlling 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. The hardware of power SCADA consists of many RTUs collecting field data and sending that data back to a master station via a communication system. The master station displays the acquired data and allows the operator to perform remote control tasks and take a supervisory decision by using HMI.
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The 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 projected to hold the highest market share during the forecast period. Oil and gas manufacturers use power SCADA systems to monitor and control the processing of oil from oil wellsprings 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-spot decisions to optimize profits. Using power 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 security and environmental safeguards, reduce energy consumption, and ensure compliance with policies and procedures at workplaces.
Asia Pacific is expected to lead 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 lead the Power SCADA Market, by region, during the forecast period. Asia Pacific consists of developing countries such as India and China. The growing manufacturing sectors in these countries is expected to be the main driver. Also, the growth of the oil & gas and pharmaceutical sectors in China, India, Australia and South Korea has played a significant role in the growth of the Power SCADA Market in Asia Pacific. Nearly all the countries in the region are augmenting their oil & production capacity. China and India are investing heavily in their offshore projects. This has led to a rise in deploying power SCADA systems in the substations in the oil & gas sector which is expected to drive the growth of the Asia Pacific Power SCADA Market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Power SCADA Market.
The key players include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Emerson Electric (US), and Rockwell Automation (US). The leading players are adopting various strategies to increase their share in the Power SCADA Market.
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