Industrial Data Acquisition Systems Market Size, Share, Growth, And Industry Analysis, By Type (External chassis and modules, Plug-in analog I/O boards, Software), By Application (Power industry, Oil and gas industry, Water and wastewater industry, Chemical industry), And By Regional Insights and Forecast To 2031

Updated On: 29 April 2024

INDUSTRIAL DATA ACQUISITION SYSTEMS MARKET REPORT OVERVIEW

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The global industrial data acquisition systems market size was USD 29120 million in 2019 and will touch USD 40230 million by 2026, exhibiting a CAGR of 4.7% during the forecast period.

The industrial data acquisition systems market is witnessing significant growth driven by advancements in technology and increasing demand for real-time monitoring and control in various industries. These systems facilitate the collection, processing, and analysis of data from sensors, machinery, and other sources, enabling businesses to optimize operations, improve efficiency, and make informed decisions. Factors such as the proliferation of IoT devices, rising adoption of cloud computing, and the need for predictive maintenance further contribute to market expansion. With a wide range of applications across sectors such as manufacturing, energy, automotive, and healthcare, the industrial data acquisition systems market is poised for continuous expansion and innovation.

COVID19 Impact: Market Growth Restrained by Pandemic Due to Project Delays and Cancellations

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has had a negative impact on the industrial data acquisition systems market, disrupting supply chains, delaying projects, and causing economic uncertainty. With lockdowns and restrictions imposed globally, many industries faced reduced operations or shutdowns, leading to decreased investments in new technologies like data acquisition systems. Budget constraints and prioritization of essential expenditures further hindered market growth. Additionally, challenges such as remote working and limited access to facilities hampered deployment and maintenance activities. However, as industries gradually recover and adapt to new norms, the market is expected to rebound, driven by the growing need for automation, digitization, and efficiency optimization in a post-pandemic world.

LATEST TRENDS

"Integration of Artificial Intelligence (AI) and Machine Learning (ML) in Industrial Data Acquisition Systems to Expand the Market"

In the rapidly evolving landscape of industrial data acquisition systems, one prominent trend is the increasing integration of artificial intelligence (AI) and machine learning (ML) capabilities. This convergence empowers data acquisition systems to not only collect and process vast amounts of data but also to derive actionable insights, predict equipment failures, optimize processes, and enhance overall efficiency. By leveraging AI and ML algorithms, these systems can adapt to dynamic operating conditions, identify patterns, and provide real-time recommendations, thereby enabling industries to achieve higher levels of productivity, reliability, and competitiveness.

INDUSTRIAL DATA ACQUISITION SYSTEMS MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into external chassis and modules, plug-in analog I/O boards, software

• External chassis and modules: Physical enclosures and modular components used for housing and organizing data acquisition hardware.

• Plug-in analog I/O boards: Peripheral devices that connect directly to a computer system to enable analog input and output functionality for data acquisition.

• Software: Applications and programs designed to control, manage, and analyze data collected by data acquisition systems.

By Application

Based on application the global market can be categorized as power industry, oil and gas industry, water and wastewater industry, chemical industry

• Power industry: Utilizes data acquisition systems for monitoring and controlling electricity generation, transmission, and distribution processes.

• Oil and gas industry: Relies on data acquisition systems for real-time monitoring of drilling operations, production processes, and pipeline infrastructure.

• Water and wastewater industry: Uses data acquisition systems for managing water treatment, distribution, and wastewater treatment processes.

• Chemical industry: Deploys data acquisition systems for monitoring and optimizing chemical manufacturing processes, ensuring product quality and safety.

DRIVING FACTORS

"**Industry 4.0 Adoption Drives the Market** "

The widespread adoption of Industry 4.0 principles, characterized by the integration of digital technologies into industrial processes, is a major driving force in the industrial data acquisition systems market. As industries seek to enhance automation, connectivity, and data-driven decision-making, the demand for advanced data acquisition systems that can seamlessly integrate with smart sensors, IoT devices, and cloud platforms continues to rise.

"**Regulatory Compliance and Safety Standards Drives the Market** "

Stringent regulatory requirements and safety standards imposed by governing bodies across various industries drive the adoption of industrial data acquisition systems. Compliance mandates necessitate accurate data monitoring, recording, and reporting to ensure product quality, environmental protection, and workplace safety. Consequently, industries invest in robust data acquisition solutions to meet regulatory obligations while mitigating risks and liabilities associated with non-compliance.

RESTRAINING FACTORS

"**High Initial Investment Costs Restrains the Market Growth** "

A significant restraining factor in the industrial data acquisition systems market growth is the high initial investment costs associated with implementing these systems. The deployment of sophisticated data acquisition solutions often requires substantial capital expenditure for hardware, software, installation, and training. Especially for small and medium-sized enterprises (SMEs) with limited budgets, the perceived financial burden can act as a barrier to adoption. Additionally, ongoing maintenance and upgrade expenses further contribute to the total cost of ownership, deterring some organizations from investing in advanced data acquisition technologies despite their potential long-term benefits.

INDUSTRIAL DATA ACQUISITION SYSTEMS MARKET REGIONAL INSIGHTS

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"Asia Pacific Emerges as the Pivotal Driver in the Market Due to Rapid Industrialization"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

The region expected to play a dominant role in the industrial data acquisition systems market share is Asia-Pacific. With rapid industrialization, growing manufacturing activities, and increasing adoption of automation technologies, countries in the Asia Pacific region such as China, Japan, South Korea, and India are witnessing significant demand for data acquisition systems. Moreover, government initiatives promoting digitalization, investments in infrastructure development, and the presence of key players in the region further contribute to its prominence in the market. As industries across various sectors prioritize efficiency, productivity, and quality control, Asia Pacific emerges as a key hub for the deployment and expansion of industrial data acquisition systems.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Key industry players shaping the market through innovation and market expansion include Siemens AG, Rockwell Automation, Inc., Honeywell International Inc., ABB Ltd, and Emerson Electric Co. These companies offer advanced data acquisition systems integrated with AI, IoT, and cloud computing technologies. Through continuous innovation, strategic partnerships, and investments in R&D, they drive growth and leadership in the industrial automation sector. Their solutions enable real-time monitoring, control, and optimization of industrial processes, supporting operational efficiency, safety, and compliance across diverse industries.

List of Market Players Profile

• AMETEK (U.S.)
• Keysight Technologies (U.S.)
• Spectris (U.K.)
• Yokogawa (Japan)
• ABB (Switzerland)
• Acromag (U.S.)
• ADLINK Technology (Taiwan)
• Advantech (Taiwan)

INDUSTRIAL DEVELOPMENT

October 2022: A significant industrial development in the data acquisition systems market is the increasing adoption of wireless technology. Traditional wired data acquisition systems require extensive cabling infrastructure, which can be costly and challenging to install in large industrial environments. The emergence of wireless data acquisition systems eliminates the need for physical cables, offering greater flexibility, scalability, and ease of deployment. Wireless systems enable real-time data collection from remote or hard-to-reach locations, improving accessibility and efficiency in industrial monitoring and control processes. This development opens up new opportunities for industries to streamline operations and optimize resource utilization.

REPORT COVERAGE

The industrial data acquisition systems market is experiencing notable advancements and transformations driven by technological innovation, regulatory requirements, and industry demand for efficiency and optimization. Key trends such as the integration of AI and ML, Industry 4.0 adoption, and the shift towards wireless technology are reshaping the landscape of data acquisition solutions. Despite challenges like high initial costs and the impact of the COVID-19 pandemic, the market continues to expand globally, with Asia-Pacific emerging as a dominant region. Key industry players are leading the way through innovation and market expansion efforts, driving further growth and evolution in the industrial data acquisition systems market.