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The growing popularity of various control systems in industrial processes, organizational procedures, and internal workings of the business environment only lay greater emphasis on the importance of automation.
The rise in the need for automation across several industry verticals has fueled the demand for Supervisory Control and Data Acquisition (SCADA) as an efficient automated tool.
It has emerged as a type of data monitoring system that has found increased relevance in improving the performance of today’s business organizations.
The global SCADA market is poised for a significant growth in the next few years. Several factors drive its progress.
One of the main reasons it has gained importance is due to a large number of proven benefits of moving data to the cloud, coupled with the high requirement for data and network safety.
A close estimation of the entire industry by experts at Allied Market Research reveals that the market is expected to reach a value of $40,240 million by the year 2022.
This would be feasible with a projected CAGR of 5.1 per cent during the forecast period 2016–2022.
The markets see an opportunity to flourish with the exponential rise in the use of SCADA with renewable energy platforms.
Energy expansion projects call for SCADA systems Several nations around the world are looking towards the expansion of energy projects that would cater to the ever-increasing energy needs of their country.
It has become imperative for economies to tap the utmost potential of their energy projects and employ processes and methods that can yield maximum energy production at an optimum cost.
The emerging economies of LAMEA (Latin America and Middle East) nations are catching in on the energy expansion projects while collaborating with data monitoring systems for added efficiency.
Factory automation systems are heavily reliant on the symbiosis of various interconnection controls that are instrumental to ensuring the proper functionality of the automation project.
Communication is the key to the seamless connection of all these controls.
The criticality of communication software in a factory automation system is responsible for connecting a system’s computers to the programmable logic controllers (PLCs) that are accountable for the actual work.
Based on the SCADA component’s success, it is the communication systems segment that is thriving in the global SCADA market, with an estimated growth rate of nearly 5.5 per centduring the next few years.
The number of competitors engaged in the market realize the importance of an efficient and reliable communication link in a factory automation system.
This is why a large number of players are including product offerings in their product profiles that offer an excellent solution.
For instance, Megawin has a product named ScadaPush, which is a monitoring and control system for allowing users to communicate remotely with the plant control equipment, as well as SCADA software.
The operators can even access real-time and historical data, alarms, and events to allow room for accurate decision-making, in order to keep the systems running and fully functional.
The global SCADA market has the potential to scale new heights with the advent of processes that are on the cusp on automation.
Factory automation projects, data deployment to the cloud, and the requirement for full-time supervisory control over various processes has augmented the progress of the SCADA market.
The competitive scenario is vibrant as several players have engaged in the industry dynamics and included innovative strategies to emerge the top of their game.
Companies, such as Honeywell International, ABB, Mitsubishi, IBM Corporation, Hitachi, Rockwell Automation, Schneider, and Emerson Electric Co. are keen on tapping the potency of the Asia-Pacific and LAMEA market for earning significant revenues.
All in all, the industry is poised for considerable growth in the next few years.