Thursday 9 December 2021

SCADA Market : Increasing adoption of Industry 4.0 across both manufacturing and process industries

 

According to the new market research report "SCADA Market with COVID-19 Impact by Offering (Hardware, Software, Services), Component (Programmable Logic Controller, Remote Terminal Unit, Human‒Machine Interface, Communication System), End User, and Region - Global Forecast to 2026", the global SCADA market size was valued at USD 9.2 billion in 2021 and is projected to reach USD 13.2 billion by 2026; it is expected to grow at a CAGR of 7.6% from 2021 to 2026. The key factors fueling the growth of this market include increased adoption of Industry 4.0 solutions using SCADA systems, high demand for industrial mobility solutions for efficient management of process industry, and use of software platforms such as IoT and artificial intelligence.

• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=19487518

Browse 158 market data Tables and 87 Figures spread through 230 Pages and in-depth TOC on "SCADA Market with COVID-19 Impact by Offering (Hardware, Software, Services), Component (Programmable Logic Controller, Remote Terminal Unit, Human‒Machine Interface, Communication System), End User, and Region - Global Forecast to 2026"

COVID-19 impact on the SCADA market

COVID-19 is an infectious disease caused by the novel coronavirus. Largely unknown before this outbreak across the world, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020.

COVID-19 has impacted almost all the industries across the world by disrupting supply chains and hindering various industrial operations. Most companies have halted their manufacturing activities or have reduced it to the bare minimum. COVID-19-responsive measures undertaken by governments, such as lockdown and social distancing, led to the closure of manufacturing and processing plants in the initial stage of the pandemic. With very few industrial operations allowed, the demand for various input products in the industrial sector has declined significantly. The aforementioned factors seem imperative to affect the market for SCADA as very few new SCADA systems are expected to be deployed by these industries during the ongoing crisis.

Driver: Increasing adoption of Industry 4.0 across both manufacturing and process industries

The rising importance of real-time data to perform process analysis and predictive maintenance in industrial environments and the growing demand for industrial robots are the major factors that drive the adoption of Industry 4.0. With Industry 4.0, most industrial processes and systems can be automated, allowing production units to operate round the clock. It also eliminates the human errors associated with production processes. Industry 4.0 is an integration of cyber-physical systems, IoT, and cloud computing.

Restraint: Continuous decline in oil prices

Oil and gas prices have been declining globally since 2011. With this decline, oil and gas companies have experienced a dip in revenue, profits, and operating margins. This has led to a decline in capital investments toward infrastructure projects. Process automation is a part of infrastructure projects such as new pipeline construction, exploration of hydrocarbons, or development of new refineries. Hence, the decline in capital investments affects the overall process automation and instrumentation ecosystem.

Opportunity: Growing number of developments in wireless sensor networks and their adoption in SCADA

A wireless network integrated with distributed autonomous devices consisting of sensors to monitor physical or environmental conditions is known as a wireless sensor network (WSN). WSNs are used in various industries, such as oil & gas, pharmaceuticals, and water & wastewater treatment. Oil & gas plants are generally located in remote areas with rough environmental conditions. In an oil & gas plant, tanks, compressors, generators, and separators are monitored, managed, and controlled by a SCADA system with the help of sensors deployed in a WSN. The use of a WSN reduces the costs associated with implementing a sensor network and communication system.

Challenge: Vulnerability to cyberattacks

Cyberattacks are among the primary issues to be addressed while developing a sensor-based network to monitor and control critical infrastructures. As SCADA systems comprise a network of sensors, mainframe computers, communication systems, and storage systems, they are vulnerable to cyberattacks. SCADA systems manage the operational aspects of critical infrastructure by using logical processes and physical operations. Failure of these systems can affect an organization, a community, and subsequently an economy.

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