Data Acquisition (DAQ) System Market Reached a Valuation of USD 1.6 Billion in 2020, which is Expected to Escalate Further at 5.9% CAGR by 2028 - Report by Market Research Future (MRFR)
Market Research Future
7 min read
New York, USA, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Data Acquisition System Market information by Type, by Speed,byVertical, by Application and Region – forecast to 2028” market size to grow at a compound annual growth rate of 5.9% by 2028.
Market Scope: A data acquisition system or DAQ system collect information that helps understand the electrical/ physical phenomenon using sensors, measurement device, and a computer. DAQ systems can capture data from an actual system and store it in an easily retrievable format for further engineering or scientific review.
Hence, these computer-based measurement systems (DAQs) are critically important in a variety of verticals that need precision, like automotive, construction, electronics, production, and manufacturing, to name a few. Modern DAQ systems are compact and more powerful.
Years of technological developments in electronics have made such compact and more powerful DAQ systems that do not compromise measurement accuracy. In terms of cybersecurity, defense in depth means addressing cybersecurity at every layer of the system, with each layer implementing mostly independent security measures. A high-speed data acquisition system, alongside the convergence of information technology (IT) and operational technology (OT), makes it possible to implement an effective policy and provisions to protect the booster testbed against cyberattacks.
Dominant Key Players on Data Acquisition System Market Covered are:
Market USP Exclusively Encompassed: Market Drivers Increasing Spending on Upgrades of Manufacturing Setups Drive the Market In addition to increasing spending on upgrades of manufacturing sectors, augmenting demand for remote management of IoT and IIoT devices and rising usage of cloud computing services are major trends. Also, the adoption of automation and IoT technology increases the DAQ application in the manufacturing sector.
Other factors that drive the DAQ system market include automation and digitalization and a rising inclination towards testing process optimization. Furthermore, the deployment of DAQ solutions to record complete data of various types of equipments installed in the manufacturing setups to improve their uptime performance and life cycle cost assessment substantiate market revenues.
Segmentation of Market Covered in the Research: The DAQ system market is segmented into components, speed, applications, verticals, and regions. The component segment is bifurcated into hardware and software/ solutions. The speed segment is bifurcated into high-speed (>100 KS/S) and low speed (<100 KS/S). The application segment is bifurcated into R&D, field, manufacturing, and others.
The vertical segment is bifurcated into aerospace & defense, automotive & transportation, wireless communications & infrastructure, environmental monitoring, power & energy, food & beverage, healthcare, and others. The region segment is bifurcated into the Asia Pacific, Americas, MEA, Europe, and rest-of-the-world.
Regional Analysis North America dominates the global data acquisition system market. Factors such as huge technological advances, high market penetration of automation, and the early adoption of advanced technologies influence the DAQ system market growth. Besides, the spurring rise in the manufacturing sector and the presence of key industry players in the region boost the market size.
Stringent regulatory policies for product testing and measurement, alongside the strong government support for the manufacturing sector and promoting new technologies such as AI and IoT, create the vast market demand. Moreover, high manufacturing infrastructure investments and increased cloud services adoption boost the DAQ system market size. Moreover, the high adoption of automation and control systems and the growing power sectors in this region fuel market growth.
Also, investments in the oil & gas sectors drive the growth of the market. The US and Canada hold the largest data acquisition system market share with rising investments in refineries and new oil & gas field exploration. Additionally, the high adoption of DAQ systems in the automotive and aerospace & defense sectors in this region influences the regional market growth.
COVID-19 Impact on the Global Data Acquisition System Market The COVID 19 disruptions impacted the data acquisition (DAQ) system market positively. Shortages of workforces led by the pandemic accelerated the demand for digitization and automation in manufacturing sectors worldwide. The increased use of IIoT and IoT devices dramatically fostered implementations of DAQ systems for proper testing and verification of all electronics fields.
On the other hand, the global energy demand remained robust throughout 2020 and 2021. Therefore, new automation and control technologies offering higher gains and increased efficiency became inevitable. Energy and power industry players started to increase their investments in automation and IoT implementations. All these factors cumulatively support the market and are estimated to keep contributing to the market value for the next few years.
Competitive Landscape Highly competitive, the data acquisition system market appears fragmented due to the presence of several well-established players. These players focus on expanding their global footprints and product developments & launches. To gain a larger competitive share, industry players acquire promising companies. They make substantial investments to form strategic collaboration and partnerships and drive R&D to innovate new technologies.
For instance, on Jan.20, 2022, CNES announced that it has chosen Clemessy to implement the Ariane rocket test bench with Syclone. The renovation of the Ariane rocket test bench includes replacing the real-time controller and the data acquisition (DAQ) tool with a new system for high-reliability control command and first-class cybersecurity.
Expert in the engineering and implementation of computer and control-command installations, Eiffage Energie Systemes would be the integrator of the European launcher powder thruster test bench system through its Clemessy brand.
In another instance, on July 21, 2021, ADLINK announced the development of a stand-alone data acquisition system for IIOT. Proper testing and verification of all fields of electronics have become paramount as IoT devices are often deployed in remote locations where they are not easily accessible for humans.
In such a situation, a data acquisition system (DAQ) can only understand and ensure proper functionality before deploying IoT into the field. Therefore, ADLINK addressed this need with a new DAQ explicitly designed for IoT applications. ADLINK's new DAQ solution – the MCM-216/218 DAQs are developed specifically for IIoT applications and come with some notable functionality.
Related Reports: Data Fabric Market: by Type (Disk based, In-memory), by Application (Business process management, GRC management, customer experience management), by service (managed and professional) and vertical (BFSI, automotive, manufacturing) - Forecast till 2027
Data Masking Market Research Report, by Type (Static and Dynamic), by Component (Service and Software), by Deployment (On Premise and Cloud), by Organization Size, by Business Function, and by End User- Forecast till 2027
About Market Research Future: Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
CONTACT: Market Research Future (Part of Wantstats Research and Media Private Limited) 99 Hudson Street, 5Th Floor New York, NY 10013 United States of America +1 628 258 0071 (US) +44 2035 002 764 (UK) Email: sales@marketresearchfuture.com Website: https://www.marketresearchfuture.com
