The
report "Data
Acquisition System Market by Offering
(Hardware, Software), Lifecycle Application (R&D, Field, Manufacturing),
Vertical (Automotive & Transporation, Aerospace & Defense, Energy &
Power, Environmental Monitoring, Food & Beverages), Region - Global
Forecast to 2024", is expected to grow from USD 1.8 billion in 2019 to USD
2.2 billion by 2024, at a CAGR of 5.0%. Major factors driving the DAQ system
market include the rising adoption of Industry 4.0, Industrial Internet of
Things (IIOT) and Smart Factory, using the data acquisition system.
The hardware segment is expected to hold
the largest share in the global DAQ system market during the forecast period
The
DAQ system market has been segmented on the basis of offering into 2
categories: Hardware and Software. Among hardware, external chassis and module
holds the largest size of the DAQ system market. Moreover, the growth of DAQ
system hardware is attributed to its wide use due to the modular design and
various combinations can be arranged to satisfy a wide range of customized
experimental setups with the help of data acquisition hardware.
The Field DAQ is expected to grow at the
highest CAGR in the global DAQ system market during the forecast period
Among
all lifecycle applications, the market for field DAQ is expected to grow at the
highest CAGR during the forecast period. This growth is due to increasing use
of DAQ system on field in testing various automotive components thereby
reducing the development time of the product. Competitive pressure is forcing
engineers to perform product development faster, thus driving demand for field
data acquisition. Field data acquisition includes rugged devices that allows to
take accurate measurements as close to sensors as possible, even under a full
range of environmental conditions. Data acquisition on field is used to record
data such as strain, force, displacement, acceleration, pressure, temperature,
speed and noise. These data are further filtered and analyzed to verify design
parameters verses the actual performance of the product. Furthermore, the same
data help decide test criteria for laboratory conditions. Data acquisition
devices in field application help reduce the developmental time of the product.
Asia Pacific is expected to hold the
largest share of the DAQ system market during the forecast period
The
market in APAC is expected to witness the highest CAGR during the forecast
period. The market in China is expected to grow mainly because the number of
automotive manufacturing units in China is increasing, which is expected to
create a huge demand for DAQ system. The demand for process automation &
instrumentation is very high in APAC owing to the increasing investment in
power transmission and distribution. China, India, and Japan are considered as
largest electricity generators in the APAC.
Key
players in the DAQ system ecosystem include National Instruments (Texas), Keysight
Technologies (US), Siemens (Germany), HBM (Germany), Yokogawa Electric (Japan),
ABB Ltd (Switzerland), Honeywell International (US), Rockwell Automation (US),
AMETEK Inc (US), Emerson Electric (US),etc.
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