A Data Acquisition System Market Forecasts to 2028 - Global Analysis By Offering (Hardware and Software), Speed (High Speed (>100 KS/S) and Low Speed (<100 KS/S))

Data Acquisition System Market Forecasts to 2028 - Global Analysis By Offering (Hardware and Software), Speed (High Speed (>100 KS/S) and Low Speed (<100 KS/S)), Application (R & D, Field and Manufacturing), End User (Aerospace & Defense, Energy & Power and Other End Users) and Geography

According to Stratistics MRC, the Global Data Acquisition System Market is accounted for $1.82 billion in 2022 and is expected to reach $2.79 billion by 2028 growing at a CAGR of 7.4% during the forecast period. Systems for acquiring data are essential for making decisions in real time in the industrial sector. Data acquisition systems have transformed from simple processing systems to the key to achieving the full benefits of automation as businesses move toward a data-centric approach in production and operations to maintain a competitive edge while inspiring the users to access the data at any time, regardless of location.

According to British Petroleum, the total wind generation in the US was 340.9 TWH in 2020, which was the highest to date. Additionally, the US was ranked second in terms of total wind consumption after China in 2020. With increasing wind power capacity, wind turbines need to be constantly monitored for parameters such as vibrations, wind speed, and temperature for efficient and reliable operations.

Market Dynamics:

Driver:

Growing advancements and flexibility of DAQ systems

Integration of control systems with DAQ solutions, which enables real-time control and post-recording display and analysis of data, is one of the major elements promoting industrial growth. Furthermore, the widespread use of supervisory control and data acquisition (SCADA) systems by the food and beverage (F&B) industry to improve food quality management is positively influencing the demand for DAQ systems. Moreover, increased product demand may also be associated with the use of these systems with IoT in home automation systems.

Restraint:

Cost and complexity of DAQ systems

Price-conscious DAQ system buyers are looking for affordable, high-quality DAQ systems. On the other hand, crucial components like sensors, channel counts, and the requirement to build a DAQ system that can withstand demanding working environments determine the cost of a DAQ system. DAQ systems are growing more complex as a result of technological advancements in the creation and development of this equipment. To meet the requirements of particular applications, manufacturers must constantly improve their current equipment and develop stronger testing capabilities.

Opportunity:

Rising emphasis on data monitoring in end user sectors

Due to expanding data monitoring requirements globally and broadening demand for technology for strategic decision-making in businesses, the market for data acquisition (DAQ) systems is widening. In the aerospace and defence, government, energy, and automotive industries, data monitoring improves operations and helps with early fault identification. Additionally, human involvement and data monitoring helps in increasing the operational efficiency of equipment.

Threat:

Highly competitive market

The global market for data acquisition systems is extremely competitive, with many manufacturers competing for market share by creating new products that combine quality, innovation, and customer service. To stay competitive in the market, the engineers and designers of technological solutions frequently need to test and upgrade their machinery. To overcome that major OEM presence in the aerospace and automotive sectors in North America and Europe, adoption of 5G and IoT in manufacturing has been the main focus of development in recent years.

Covid-19 Impact:

The COVID-19 pandemic had an impact on every industry, including banking, financial services, insurance, ICT, agriculture, food and beverage, automotive and transportation, chemical and material industries, consumer goods, retail and e-commerce, energy and power, pharmaceutical and healthcare, packaging, construction, mining and gases, electronics and semiconductors, banking, and many others. This is because lockdowns have been implemented in some significant economies to halt the COVID-19 virus from spreading. Due to the lockdown, manufacturing activity has been severely hindered. The aerospace and defence industries, as well as the automotive and transportation industries, are the main verticals for DAQ system solutions.

The hardware segment is expected to be the largest during the forecast period

During the anticipated period, the hardware segment is expected to dominate the data acquisition system market. Due to its modular construction and the ability to arrange different combinations to satisfy a wide range of customized experimental setups, DAQ hardware is widely used. Additionally, the demand for DAQ hardware is being fueled by the acceleration of Ethernet adoption due to elements like interoperability and ease of integration. Because of their widespread use in manufacturing applications both process and discrete in the automotive, aerospace & defense, and laboratory/R&D industries, demand is on the rise. Moreover, productivity and performance in DAQ and control applications in industries are improved by the external chassis and module.

The aerospace & defense segment is expected to have the highest CAGR during the forecast period

During the forecast period, the aerospace and defence segment is anticipated to witness lucrative growth as the requirement for testing aircraft and their components with real-time monitoring features against a variety of parameters is fueling the growth of the DAQ system market for the aerospace and defence vertical. Additionally, DAQ systems are essential for ensuring that aerospace products and components meet the required functional specifications during various testing procedures. These tests are conducted as part of the design, development, and manufacturing processes for aerospace components and are essential in determining whether aerospace components, subsystems, and complete flight systems meet the required specifications.

Region with largest share:

The Asia Pacific region is expected to dominate the market during the forecast period due to factors such as the presence of nations such as China, Japan, and India, and the country's demand for DAQ solutions is expected to increase. Vehicle production in APAC is dominated by China. The APAC DAQ system market is being driven by an increase in the presence of various automotive OEMs and plants as a result of the region's rising demand for automobile production.

Region with highest CAGR:

Over the forecast period, the market in APAC will expand at the highest CAGR as it has strong government support for manufacturing and the adoption of new technologies such as Al and LoT. An increase in manufacturing facilities, strict regulatory policies pertaining to testing and measurement of products, and the significant presence of key industry players in the area are a few of the key factors propelling the DAQ system market growth in APAC.

Key players in the market

Some of the key players in Data Acquisition System market include Siemens, Ametek, ABB Group, Keysight Technologies, Fortive Corporation, Yokogawa, Honeywell International Inc., Fluke Corporation, National Instruments Corporation, Emerson Electric Co., HBM, Rockwell Automation Inc., Schneider Electric, General Electric Company and Tektronix.

Key Developments:

In April 2021, the global customer experience platform Piano entered into a partnership with ID5, InfoSum, LiveRamp, and Usercentrics to extend its First-Party Data Acquisition solution, that integrates its data management, identity, and customer journey orchestration capabilities and provides one system and one view that collects, unifies and activates user data across the entire digital ecosystem, preventing data leakage and poor ad performance while improving customer experience.

In April 2021, an automated external data platform, Explorium, announced the launch of its data acquisition product, Signal Studio, for advanced analytics and machine learning that allows the data and business analyst teams to quickly find and integrate the most relevant external data signals into their analytics pipeline.

Offerings Covered:
• Hardware
• Software

Speeds Covered:
• High Speed (>100 KS/S)
• Low Speed (<100 KS/S)

Applications Covered:
• R & D
• Field
• Manufacturing

End Users Covered:
• Aerospace & Defense
• Energy & Power
• Automotive & Transportation
• Wireless Communication & Infrastructure
• Environmental Monitoring
• Healthcare
• Food & Beverages
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements