SCADA Market to Reach a Market Size of $43.1 Billion by 2024 - KBV Research

NEW DELHI, September 25, 2018 /PRNewswire/ --

According to a new report SCADA Market (2018-2024), published by KBV Research, the SCADA market is expected to attain a market size of $43.1 billion by 2024, growing at a CAGR of 5.4% during the forecast period. The growing complexity in the industrial processes of the century has significantly contributed to the adoption of SCADA systems. Addressing the complexity is a need of the hour for the modern businesses and industrial plants in virtually all the sectors. Product design, inventory, production equipment and support system create complicated process environment, which needs to be simplified or optimized.

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Geographically, the Asia Pacific and Latin America, Middle East and Africa (LAMEA) markets are potential markets all through the forecast period. Growing end-user applications such as telecommunication and manufacturing are the major factors driving the growth of SCADA market in the Asia Pacific region. North America is a major region for the growth of SCADA, as major industries such as power, oil & gas, chemical and pharmaceuticals are present in the region.

Access Full Report: https://kbvresearch.com/scada-market/

The Oil & Gas market dominated the Global SCADA Market by Vertical in 2017, and would continue to be a dominant market till 2024, growing at a CAGR of 4.4 % during the forecast period. The soaring demand for application-specific modifications has led to growing number of services such as SCADA system recommendations, regulatory compliance services, re-commissioning or restart assistance, and legacy system support and migration. The Energy & Power market is expected to witness a CAGR of 4.8% during (2018 - 2024). Additionally, The Pharmaceuticals & Chemicals market would attain market value of $2,369.1 million by 2024.

The report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key influencing factors of the global SCADA Market have been discussed in the report along with the elaborated company profiles of ABB Group, Emerson Electric Co., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Alstom, General Electric (GE), Honeywell International, Inc., Omron Corporation, and Yokogawa Electric Corporation. Based on the Analysis presented in the Cardinal matrix, GE, Honeywell and Siemens AG are the forerunners in the SCADA market. Companies such as ABB Ltd. and Emerson Electric Co. are the some of the key innovators in SCADA Market.