Power SCADA Market: Rising use of SCADA in Oil & Gas Sector

 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).

Electrical SCADA Market: Increasing Investment in Electrical Networks

The global Electrical SCADA Market is expected to grow from an estimated $2.29 billion in 2017 to $3.29 billion by 2022, at a CAGR of 7.48%, during the forecast period. This growth is primarily driven by the increasing investments in electrical networks, adoption of remote monitoring and control solutions, digitalization of the power sector, need for automation in the power industry, and rising pressure to reduce losses in transmission and distribution. North America is likely to continue to hold the largest share in the electrical SCADA market. The second-largest market share was held by Europe.

The electrical SCADA segmented by application into generation, transmission, and distribution. Transmission is the largest segment of the market, by value. Rising investments in transmission networks from countries, such as the US, China, and India, are expected to drive the electrical SCADA market during the forecast period.

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North America is expected to be the largest market for electrical SCADA

North America is the largest and one of the most advanced markets for electrical SCADA. The increasing adoption of investments by Transmission System Operators (TSOs) and Distribution System Operators (DSOs) in electrical networks and a strong presence of prominent SCADA suppliers, especially in the US and Canada, drive the market growth in the region.

North America is projected to be the largest market for electrical SCADA due to increasing adoption of SCADA by power operators and service providers and the strong presence of prominent electrical SCADA software and system suppliers, especially in the US and Canada.

Asia Pacific expected to be the fastest-growing market for electrical SCADA

Asia Pacific is the fastest-growing market for electrical SCADA due to the recent T&D developments in India and China. The increase in automation and digitalization activities is likely to boost the demand for electrical SCADA during the forecast period. The increasing investments in electrical networks would further raise the demand for the electrical SCADA market in the near future.

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The master terminal unit (MTU) is expected to be the largest segment in the electrical SCADA market, by component, in 2017. MTU basically operates as a master controller and hence it is one of the most important components for remote monitoring. Countries such as India, China, and Germany are showing a rapid growth in the MTU segment due to recent developments of generation plants and increase in the dependency on renewable sources in remote areas.

Some of the global players in this Electrical SCADA Market include ABB (Switzerland), Siemens (Germany), Schneider (France), Rockwell Automation (US), Emerson (US), and Mitsubishi (Japan).