ID: MRFR/ICT/9291-HCR | 100 Pages | Published By Aarti Dhapte on March 2023
Global Data Acquisition (DAQ) System market was valued at USD 1.6 billion in 2020 and projected to reach by 2028 with a CAGR of 5.9% during the forecast period, 2021–2028.
The global Data Acquisition (DAQ) System market was valued at USD 1.6 billion in 2020 and projected to reach by 2028 with a CAGR of 5.9% during the forecast period, 2021–2028.
Data acquisition is a technique for converting unit signals from real-world physical objects into digital values that can be analysed and manipulated in a computer system. The real-world signals and the computer machine are linked by the DAQ performance. A Data Acquisition System is made up of a hardware component that includes sensors and is connected to a computer. Sensors, also known as transducers, are devices that convert physical factors into electrical impulses that can be calculated. Sensor signals are converted to numerical grades by the signal circuitry.
DAQ hardware is an industrial control system that collects data from remote instruments and sensors, then describes and visualises it at a central location for monitoring and administrative reasons. Data will also be collected and analysed in real time. DAQ makes use of industry-standard computers' processing power and networking capabilities to create cost-effective, powerful, and adaptable measuring solutions. Aerospace & defence, energy & power, wireless communication, environment monitoring, food & beverage, automotive & transportation, healthcare, and other industries use data acquisition extensively.
The market for data acquisition (DAQ) systems is growing due to rising data monitoring requirements internationally and rising demand for technology for strategic decision-making in businesses. Data monitoring increases the quality of operations and aids in early fault identification in the aerospace and defence, government, energy, and automotive industries. Furthermore, data monitoring aids in increasing equipment operational efficiency with minimal human intervention.
One of the primary elements driving industrial growth is the integration of control systems with DAQ solutions, which allows real-time control and post-recording display and analysis of data. Apart from that, the food and beverage (F&B) industry's extensive adoption of supervisory control and data acquisition (SCADA) systems for increasing food quality management is positively influencing the need for DAQ systems. The use of these systems with the internet of things (IoT) in home automation systems can also be related to increased product demand.
Restraints & Challenges
Consumers of DAQ systems are price-conscious, and they seek low-cost, high-quality DAQ systems. The cost of a DAQ system, on the other hand, is determined by critical criteria such as sensors, channel counts, and the need to create a DAQ system that can withstand hard working environments. Due to technological breakthroughs in the design and development of this equipment, DAQ systems are getting increasingly sophisticated. As a result, stronger testing capabilities are necessary, and manufacturers must continually enhance their present equipment to meet the demands of specific applications.
To improve high-speed communication, electronics utilised in autonomous vehicle development, such as image recognition systems, speech detection systems, and other digital devices, require 5G technology. Similarly, 5G technology is being employed in the aircraft industry to improve the reliability of avionics equipment by reducing latency and increasing communication speed. Moreover, a number of countries have already begun to invest in 5G technology in order to improve their digital infrastructure and remain competitive in the digital economy. South Korea, China, the United States, and Germany are among the major countries that have adopted and deployed 5G wireless infrastructure.
Impact of COVID-19
Every industry has been affected by the COVID-19 pandemic, including aerospace & defence, agriculture, food & beverage, automobile & transportation, chemical & material, consumer goods, retail & ecommerce, energy & power, pharma & healthcare, packaging, construction, mining & gases, electronics & semiconductor, banking financial services & insurance, ICT, and many others. In 2020, the market for DAQ systems is expected to decline. This is due to the fact that some major economies have imposed lockdowns in order to prevent the spread of COVID-19. Manufacturing activity have been severely hampered as a result of the lockdown. The key verticals for DAQ system solutions include aerospace and defence, as well as automotive and transportation.
Companies including General Motors, Ford, and Fiat Chrysler had to discontinue manufacturing. Companies like General Motors and Toyota have been following tight standards to reduce the danger of infections, making it impossible for them to return to normal production levels and begin replenishing vehicle supplies. In the aerospace and defence sector, there was also a significant drop. Between April and June, more than 25 airlines, including large Latin American carriers like LATAM Airlines, regional powerhouses like South Africa Airways, and important US and European carriers like Air Berlin, Flybe, and Miami Air, among others, filed for bankruptcy due to the pandemic outbreak. During the pandemic, all of these variables influenced the need for DAQ systems.
Value Chain Analysis/Technology Analysis/Regulatory Implications
The global data acquisition (DAQ) system market supply chain has evolved from a traditional approach to a set of highly efficient processes, including procurement, system integration, and distribution. The supply chain of the data acquisition (DAQ) system market involves conventional approach to highly efficient supply chain processes. The value chain includes the stages of design & development, system integration, and end-use industry.
The global data acquisition (DAQ) system market has been segmented into type, speed, application, vertical and region/country.
Based on type, the data acquisition (DAQ) system market has been segmented into hardware and software type.
Based on speed, the data acquisition (DAQ) system market has been classified into high-speed (>100 KS/S), low speed (<100 KS/S).
Based on application, the data acquisition (DAQ) system market has been bifurcated into R&D, field, manufacturing.
By vertical, the data acquisition (DAQ) system market has been bifurcated into automotive & transportation, aerospace & defense, wireless communications & infrastructure, power & energy, environmental monitoring, healthcare, food & beverage, other.Global Data Acquisition (DAQ) System Market, 2018–2028 (USD Billion)Source: MRFR Analysis
During the forecast period, the global data acquisition (DAQ) system market is estimated to generate considerable revenue from various continents. North America, Europe, Asia-Pacific, the Middle East and Africa, and South America were all included in the geographic analysis of the data acquisition (DAQ) system market. North America includes US, Canada, and Mexico. The UK, Germany, France, and the rest of Europe make up Europe. Asia-Pacific includes countries such as China, Japan, India, and the Rest of Asia-Pacific. The DAQ system market in Asia Pacific is expected to develop at the fastest growth rate. Rapid technological advancements, increased manufacturing units, stringent regulatory policies pertaining to product testing and measurement, strong government support for manufacturing and adoption of new technologies such as AI and IoT, and the presence of key industry players in the region are just a few of the major factors driving the DAQ system market growth in APAC. Due to the presence of countries such as China, Japan, and India, the country is likely to have a growing demand for DAQ solutions.
The global market for data acquisition (DAQ) system has witnessed significant growth over the forecast period due to the growing number of data acquisition (DAQ) system players. In the data acquisition (DAQ) system market, there are a number of domestic, regional, and worldwide competitors vying for a major portion of the total market. To promote organic growth and enhance their market shares, prominent industry participants are investing in research and development initiatives. Furthermore, these companies are investing in new product development in order to broaden and reinforce their present product portfolios and attract new customers.
The global data acquisition (DAQ) system market is characterized by the presence of several regional and local providers. Some of the key players in the market are National Instruments Corp (US), Siemens Digital Industries Software (US), Teledyne Technologies Incorporated (US), Yokogawa Electric Corporation (Japan), Spectris PLC (UK), Emerson Electric Co (US), General Electric (US), Honeywell International Inc (US), Rockwell Automation Corporation (US), Curtiss-Wright Corporation (US), Dataforth Corporation (US), Schneider Electric (France), AMETEK, Inc (US), Graphtec Corporation (Japan), Hioki E.E. Corporation (Japan)
Key Developments in Global Data Acquisition (DAQ) System Market:
This study estimates revenue growth at the global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2028. For this analysis, MRFR segmented the data acquisition (DAQ) system market has based on type, speed, application, vertical and region/country.
|Market Size||Significant Value|
|Historical Data||2018 & 2019|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||• By Type (Hardware, Software) • By Speed (High-speed (>100 KS/S), Low speed (<100 KS/S)) • By Application (R&D, Field, Manufacturing) • By Vertical (Automotive & Transportation, Aerospace & Defense, Power & Energy, Wireless Communications & Infrastructure, Environmental Monitoring, Healthcare, Food & beverage, Others)|
|Geographies Covered||• North America (US, Canada, and Mexico) • Europe (UK, Germany, France, and Rest of Europe) • Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific) • Middle East & Africa • South America|
|Key Vendors||• National Instruments Corp (US) • Siemens Digital Industries Software (US) • Teledyne Technologies Incorporated (US) • Yokogawa Electric Corporation (Japan) • Spectris PLC (UK) • Emerson Electric Co (US) • General Electric (US) • Honeywell International Inc (US) • Rockwell Automation Corporation (US) • Schneider Electric (France) • AMETEK, Inc (US) • Graphtec Corporation (Japan) • Hioki E.E. Corporation (Japan) • Curtiss-Wright Corporation (US) • Dataforth Corporation (US)|
|Key Market Opportunities||• Growing demand for high-speed connectivity technologies like 5G|
|Key Market Drivers||• Drivers • Growing emphasis on data monitoring in end user sectors • Increasing implementation of Industry 4.0 across aerospace and automotive sectors • Growing advancements and flexibility of DAQ systems • Opportunities • Growing demand for high-speed connectivity technologies like 5G • Restraints • Cost and complexity of DAQ systems • Impact of COVID-19 • Impact on the overall Market • Impact on the industry verticals • Impact on the market players|
The global data acquisition (DAQ) system market was valued at USD 1.6 billion in 2020.
The global data acquisition (DAQ) system market is expected to exhibit an 5.9% CAGR rate by 2028.
The Asia Pacific region currently dominates the market and is expected to retain its dominance throughout the forecast period.
Major factors expected to drive the growth of the data acquisition (DAQ) system industry include growing emphasis on data monitoring in end user sectors, increasing implementation of Industry 4.0 across aerospace and automotive sectors, growing advancements and flexibility of DAQ systems.
National Instruments Corp (US), Siemens Digital Industries Software (US), Teledyne Technologies Incorporated (US), Yokogawa Electric Corporation (Japan), Spectris PLC (UK), Emerson Electric Co (US), General Electric (US), Honeywell International Inc (US), Rockwell Automation Corporation (US), Schneider Electric (France), AMETEK, Inc (US), Graphtec Corporation (Japan), Hioki E.E. Corporation (Japan), Curtiss-Wright Corporation (US), Dataforth Corporation (US).are the key companies of the global data acquisition (DAQ) system market.