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 from USD 1.7 billion in 2021, 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.
The concept of 4th generation industrial revolution (Industry 4.0) started in Germany and evolved in Europe and the Americas. The wide adoption of Industry 4.0 principles by various sectors is likely to be a key factor encouraging the growth of the market. Most of the processes and systems in the power industry are being automated, which allows power plants to operate 24/7 with zero human errors, high efficiency, and full accuracy. It has well-shaped the future of the power sector by reducing errors associated with the involvement of humans in processes, as automated systems work with greater efficiency. Power SCADA systems are key enablers of automation of industrial processes. Various machines can be controlled and operated using automation solutions such as Power SCADA solutions.
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The oil and gas industry is the largest contributor in the power SCADA market
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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The leading players in the Power SCADA Market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Emerson (US), and Rockwell Automation (US).
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