Global Data Acquisition Market - Segmented by Product Type (Peripheral component interconnect, LAN Extensions for Instrumentation, VME Extensions for instrumentation), Architecture (Hardware, Software, Services) Component (Human Machine Interface, PLC, Remote Terminal Unit), End-User, and Region - Growth, Trends and Forecasts (2018 - 2023)
The Global Data Acquisition Market is expected to register a CAGR of 7.28% during the forecast period of 2018-2023. North America accounted for the largest share of around 36.24% of the global market, in 2017. The scope of the report is limited to products offered by major players, including the providers of hardware, software, and services. The regions considered in the scope of the report include North America, Europe, Japan, and others. The study emphasizes on how the emergence of Big Data is facilitating the growth of the market and how data security concerns affect the market. Further, it focuses on various types of products, such as peripheral component interconnect, PCI extensions for instrumentation, etc.
Data acquisition devices play a crucial role in connecting and validating devices. The demand for the integration of these products is on the rise, with increasing requirements from customers, for a wide range of features and functionalities. Moreover, numerous opportunities are emerging from the increasing use of Ethernet in the market. Furthermore, the adoption of Ethernet is gaining momentum, with growing assurance around interoperability and ease of integration, thus fueling the demand for data acquisition hardware and software. In addition, the advent of Big Data analytics, which is being used to test products developed to ensure quality, is significantly boosting the growth of data acquisition software. In addition, the increasing use of Big Data analytics is driving technical advancements in software-based data acquisition products.
Increasing Investments in the Infrastructure and Renewable Energy Sectors
Over the last seventy years, the consumption of oil and other hydrocarbon resources has increased tremendously. With rapid economic growth happening around the world, the energy consumption of the average global citizen has increased. Further, developments in industrialization have enabled the exploitation of more resources, such as renewable energy, in order to run the business. Owing to the increasing awareness about the significance of data and energy management technologies, with the help of data acquisition systems and their impact on increasing energy efficiency, energy companies have been deploying these systems as a part of their process enhancement strategies.
Aerospace to Record the Highest Market Share
Due to the improved real-time capabilities of data acquisition systems, the data acquisition market has witnessed substantial growth in the aerospace & defense sector in the recent years. This can also be attributed to the growing need of high bandwidths for quick access of large amounts of data. Due to the large size of the regional aerospace & defense industries, North America and Europe account for the majority share in the market. However, due to improving economic conditions and incorporation of advanced technologies, Latin America, China, and India are also expected to witness a growth in this industry.
Asia-Pacific to Register the Highest Growth Rate
The government initiative to support state-owned- enterprises and the establishment of the state-owned assets supervision and administration commission as a monitoring organization, is leading to a surge in data acquisition solutions, through the implementation of certain regulations by the governments, regarding the safety and monitoring. In India, the implementation of the government policies toward establishing a base for the use of renewable energy sources through the use of smart infrastructure, is anticipated to be a major factor driving the growth of the data acquisition market.
Key Developments in the market