Data Acquisition System Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3406
Data Acquisition System Market size is experiencing growth through 2027 as more and more companies focus on adopting a more data-centric approach in production and operations. The adoption of smart manufacturing and factory automation practices is growing worldwide, creating a need for smarter industrial controls supported by seamless access to real-time data.
A data acquisition system is comprised of integrated devices such as sensor networks used to collect information in real-time. These sensors measure electrical or physical phenomenon to monitor connected systems and devices. Besides industrial monitoring, testing & measurement, imaging & ultrasound, and research & development are some of the major applications of these systems.
The automotive & transportation sector is expected to capture a fair share of data acquisition system industry by 2027. Data acquisition technologies are witnessing rapid adoption in aerospace and automotive applications. These trends can be associated with ongoing developments in autonomous driving, electric mobility, and connected vehicle technologies. Aerospace engineers are implementing the latest data acquisition hardware and software to meet the engineering, testing & measurement, maintenance, and condition monitoring requirements of commercial, government, and military sectors.
North America is poised to be a promising data acquisition systems market during 2021-2027. The regional growth trends can be linked with constant developments in automotive and aerospace sectors. North America is one of the world’s largest manufacturers of automobiles and aircraft and is home to some of the most established automakers and aerospace manufacturers. Rapid integration of smart factory and industrial automation will continue to proliferate the regional market trends.
ABB Ltd., Schneider Electric SE, Siemens, Rockwell Automation, General Electric Ltd., Emerson Electric, Honeywell International, Omron Corporation, Mitsubishi Electric Corporation, Yokogawa Electric, Data Translation Inc. (Measurement Computing Corporation), MathWorks Corporation, Keysight Technologies, Campbell Scientific Inc., Kistler, AMETEK Inc., Agilent Technologies, HBM (Spectris), Advantech Co., Ltd., National Instruments, and Alstom are a few notable data acquisition systems market.
Market players are constantly observing new opportunities in the form of long-term supply contracts. Citing an instance, in April 2021, ABB had secured a contract to deliver its Ability Asset Vista Condition Monitoring software, which comprises a data acquisition system, for streamlining maintenance, optimizing capacity, and minimizing capacity at the Shanyang Coal Mine located in China’s Shaanxi province.
Companies are also focusing on innovation to bring new data acquisition solution to the market. In April 2021, for example, Siemens Digital Industries Software had unveiled a new data acquisition system – Simcenter SCADAS RS hardware. The system is designed for fast and accurate testing under severe conditions, allowing test engineers to optimize data acquisition in harsh environments.
Impact of COVID-19 pandemic on data acquisition system industry forecast
The outbreak and rapid spread of the coronavirus pandemic in 2020 has impacted nearly all industry verticals significantly, creating several roadblocks for the data acquisition system market. The biggest factors affecting the demand for data acquisition systems has been the suspension of manufacturing activities, decline in production, and supply chain disruption. These impacts are still prevalent, forcing many automakers, aircraft manufacturers, and others to shut down production temporarily.
For instance, Honda and Toyota had suspended vehicle production in Malaysia in June 2021 citing COVID-19 concerns. Earlier in March, Ford had shut down automotive manufacturing across Europe. The German auto giant Volkswagen had also temporarily suspended production activities for a short duration during the same month.
Similar trends are projected to be witnessed in the near future, affecting the industry forecast slightly. The healthcare sector, however, is likely to create positive opportunities for data acquisition system market, as new COVID-19 cases continue to emerge in many regions.
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