SCADA or supervisory control and data acquisition is a network of hardware & software elements that helps firms in effectively controlling industrial processes locally as well at distant locations. Precisely, SCADA comprises of network data communications, computers, and GUI along with peripheral instruments, including PLC and PID controllers. Onset of industrial 4.0 revolution has made the power SCADA more popular across the globe. Furthermore, SCADA is used for effectively managing & operating project-based processes in the construction sector. The key function of SCADA tool is to carry supervision of a slew of proprietary equipment. However, high costs associated with initial setup and maintenance and upgrade of power SCADA solutions are the major restraint for the market.
COVID-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and had a big impact on the power SCADA market in 2020.
- The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the power SCADA to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
Top Impacting Factors
Power SCADA supports industrial processes, facility processes, and infrastructure processes. This, in turn, will steer the growth of the power SCADA market in the foreseeable future. Apart from this, the growing need for improving human-machine interaction, communication infrastructure, and alarm handling functions is expected to prompt the market demand. Furthermore, the need to strengthen the computer security results in massive increment in size of the power SCADA market in the recent years. With many of the systems as well as processes in the power sector being automated, the power units are required to operate 24x7 with no human errors and high efficiency. This will proliferate the expansion of power SCADA industry over the assessment period. Moreover, large-scale acceptance of industry 4.0 principles across myriad sectors will enhance the expansion of power SCADA industry in the years ahead. Massive use of power SCADA systems for monitoring as well as processing of oil from oil reserves in refineries will result in the growth of the power SCADA market value over the years ahead.
- Increase in Adoption of Industry 4.0 Principles Expected to Boost Power SCADA Market
- 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 24x7 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. In a power plant, the operational components include mechanical and electronic components, sensors, and actuators; these components communicate with each other through a network and share information related to problems and faults, changes in generation schedule, and other parameters. With the proliferation of such interconnected devices in various end-use industries, power SCADA systems have become an indispensable part of various end-use industries. This predictive maintenance strategy boosts efficiency optimizes throughput times and improves the use of resources and improves the efficiency of transmission and distribution. Thus, the aforementioned factors are likely to boost the demand for power SCADA systems.
- Convergence of Power SCADA Systems and Wireless Sensor Networks (WSNs) Expected to Lead to Market Expansion
- 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, transportation, and water & wastewater treatment. Oil and gas plants are generally located in remote areas with rough environmental conditions. In an oil and gas plant, tanks, compressors, generators, and separators are monitored, managed, and controlled by a power SCADA system with the help of sensors deployed in a WSN. The use of a WSN reduces costs associated with the implementation of a sensor network and communication system. Moreover, wired technologies are comparatively costlier than their wireless counterparts due to the increased hardware requirements such as cables, networking devices, routers, and network adapters. Several parameters, such as pressure, temperature, flow and level of systems, in plant operations are measured and detected using a WSN.
- Rise in Adoption of Power SCADA in Manufacturing Industries of Emerging Economies is A Key Driver
- The growth of power SCADA industry in Asia-Pacific over the assessment period is due to the thriving manufacturing sector in the countries such as India and China. In addition to this, increase in the oil & gas exploration activities in India and China for raising the oil & gas production capacities is expected to prompt the industry growth in Asia-Pacific during the forecast period. Moreover, huge investments in offshore projects are anticipated to further boost the regional market. Apparently, the flourishing pharma industry in South Korea, China, Australia, and India will promote market penetration in the region during the forecast period.
Key Benefits of Report
This study presents the analytical depiction of the power SCADA industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the power SCADA market share.
- The current market is quantitatively analyzed to highlight the power SCADA market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed power SCADA market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in Power SCADA Market Report
- Who are the leading market players active in the power SCADA market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Power SCADA Market Report Highlights