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in-depth analysis of how COVID-19 is impacting the Acquisition System (DAQ)
Market
The global Data
Acquisition System (DAQ) Market
size is expected to grow from an estimated revenue of USD 1.9 billion in 2019
to USD 2.6 billion by 2024, at a CAGR of 5.9%. This growth is attributed to the
growing demand for high-speed connectivity among end-use industries such as
aerospace, defense, wireless communication, automation, and energy.
The
hardware segment is projected to have the largest share of the DAQ system
market during the forecast period
The DAQ system market is segmented, by
component type, into hardware and software. The hardware market type segment
accounted for the largest market share in 2018, driven by the growing emphasis
on data monitoring in end-users sectors such as aerospace and automotive in
North America, Europe, and Asia Pacific regions. The future growth of the
segment can be attributed to increased demand for highly accurate and precise
measurement applications for aerospace, automotive, and wireless communication
industries.
The
research and analysis segment is expected to be the fastest-growing market, by
application type, during the forecast period
The application segment of the DAQ system
market is segmented into research and analysis, manufacturing and quality,
asset condition monitoring and design validation and repair. Research and
Analysis expected to register the highest growth rate during the forecast
period. The growth in this segment is expected to be driven by an increasing
need for real-time analysis of data from key end-users such as automotive,
wireless communication, and aerospace and defense.
The
automotive segment is expected to be the fastest-growing market segment in the
data acquisition system industry, by end-user, during the forecast period
The DAQ system is segmented, by end-user,
into aerospace, defense & government services, automotive, energy, wireless
communication and infrastructure, and others. The automotive sector is
projected to grow at the fastest rate during the forecast period. The auto
sector is highly technology-driven and the DAQ system finds full applications
ranging from virtual load test to on-road data acquisition. DAQ systems are
extensively used to test the vehicles and components under real conditions of
use such as increased exposure to extreme ambient and temperature conditions
that reflect the real-world operational scenarios to measure further and
enhance their operations.
North
America is expected to be the largest market during the forecast period
The market is segmented, by region, into
North America, South America, Europe, Asia Pacific, and the Middle East &
Africa. North America comprising of the US, Canada, and Mexico had the largest
share of data acquisition system market share in 2018, and this trend is
expected to continue until 2024. The DAQ system market in the region is
expected to be driven by sectors such as aerospace, defense & government
services, automotive, wireless communication and infrastructure and energy.
Increasing the need for tracking real-time data, improved visibility, and
control on production activity are driving the adoption of the DAQ system in
this region.
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