Increased Deployment of 5G Infrastructure and Wireless Technology Are Expected To Provide Opportunities for Data Acquisition Systems in Different End User Industries
United States, Rockville MD, June 12, 2022 (GLOBE NEWSWIRE) -- : As per a recent report, the global data acquisition (DAQ) system market is poised to grow at a CAGR of 5.3% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 1.2 Billion, expected to close at a valuation of US$ 3.0 Billion. From 2015 to 2021, the market grew at a CAGR of 6.0%. As of 2022, the industry is likely to reach US$ 1.8 Billion.
In the aerospace & defence, government, energy, and automotive sectors, data monitoring improves the quality of operations and helps in early fault detection at the production stage. In addition, data monitoring helps increase the operational efficiency of equipment with minimum human intervention. In the energy sector, data monitoring helps in evaluating the performance of assets such as solar PV, wind turbines, and other power generation equipment.
For Critical Insights on Data Acquisition (DAQ) System Market, Request a Sample Report
For instance, monitoring wind turbine data has become critical to wind power generation operations in the US in recent years. According to British Petroleum, the total wind generation in the US was 340.9 TWH in 2020, which was the highest to date. Also, the US was ranked second in terms of total wind consumption after China in 2020. With increasing wind power capacity, wind turbines need to be constantly monitored for parameters such as vibrations, wind speed, and temperature for efficient and reliable operations. In the aerospace industry, data monitoring helps in analyzing the flight aerodynamics characteristics and validating the design and safety parameters of the engine and other aircraft components.
Data Acquisition (DAQ) System Market Revenue Key Trends
The data acquisition system market is expected to grow on account of growing human machine interface applications, which is expected to hold a significant share during the forecast period.
HMIs are used in various locations, such as process control, factory floor, machines, portable handheld devices, etc. Applications of this technology include various appliances, automotive, machine health monitoring, and industrial automation, among others. An HMI solution improves the operator's productivity and provides insights into system control and maintenance. For instance, the HMI function of setting off alarms provides visual indicators of a machine's issue and severity.
Technologies, such as Open Platform Communications Unified Architecture, integrated into PC-based machine controls, have allowed the safe transmission of encrypted data from machine to cloud and enterprise-level systems.
Owing to the broadening of its functionality, through the integration with PLC applications or PC-based multi-user systems, HMI technology has also increased market adoption. In addition, the increasing adoption of Industrial IoT, coupled with these benefits of HMI, is expected to drive market growth.
To learn more about Data Acquisition (DAQ) System Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7443
Key Segments Covered in the Data Acquisition (DAQ) System Industry Survey
- Data Acquisition (DAQ) System Market by Offering :
- Data Acquisition (DAQ) System Hardware
- External Chassis and Modules
- Plug In I/O Analog Boards
- Data Acquisition (DAQ) System Software
- Third Party
- Data Acquisition (DAQ) System Hardware
- Data Acquisition (DAQ) System Market by Speed :
- High-Speed (>100 KS/S) Data Acquisition (DAQ) System
- Low-Speed (>100 KS/S) Data Acquisition (DAQ) System
- Data Acquisition (DAQ) System Market by Application :
- Data Acquisition (DAQ) Systems for R&D
- Data Acquisition (DAQ) Systems for Field Applications
- Data Acquisition (DAQ) Systems for Manufacturing
- Data Acquisition (DAQ) System Market by Vertical :
- Automotive & Transportation
- Aerospace & Defense
- Power & Energy
- Wireless Communication & Infrastructure
- Environmental Monitoring
- Food & Beverage
- Other Verticals
The global market for data acquisition systems is characterized by the presence of multiple vendors, aiming to offer extensive products to consumers. Additionally, key makers are focusing on developing devices supported by the implementation of stringent government regulations, and are offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage upgradation and product differentiation to gain an edge over other competitors in the market.
- In July 2021, Dewesoft signed a sales contract with an Austrian company ELIN Motoren GmbH. The company had fully integrated a mandatory vibration measurement of each produced machine, motor or generator – as part of the final inspection procedure. When searching for a suitable DAQ system, the requirements were to keep it portable, measure vibration and electrical power with just one system (raw data), and that the delivery of the data during the test should flow flawlessly to the KS Tornado testbed. Dewesoft provided the right solution – DewesoftX data acquisition software, and fulfilled its requirement.
- In July 2021, Spectris acquired Concurrent Real-Time, a provider of high-performance real-time computer systems, solutions, and software for commercial and government markets. Concurrent Real-Time’s RedHawk Linux solutions deliver hard real-time performance in support of the world’s most sophisticated hardware-in-the-loop and man-in-the-loop simulation, high-speed data acquisition, process control, and low-latency transaction processing applications. This will expand Spectris’s abilities to provide sales and support from offices throughout North America, Europe, and Asia.
Get Customization on Data Acquisition (DAQ) System Market Report for Specific Research Solutions
Key players in the Data Acquisition (DAQ) System Market
- Advantech Co. Ltd.
- Spectris PLC (HBM and Bruel & Kjaer and Omega)
- National Instruments Corporation
- Schneider Electric SE
- ABB Ltd
- Honeywell International
- Siemens AG
- Rockwell Automation Inc.
- Keysight Technologies
Key Takeaways from Data Acquisition (DAQ) System Market Study
- Global data acquisition system market to flourish 1.6x from 2022 to 2032
- By offering, data acquisition system hardware to be top offering type, flourishing at a 5.7% CAGR until 2032
- By vertical, the aerospace & defense segment to expand at a CAGR of 5.5% from 2022-2032
- The U.S to emerge as the fastest growing market, documenting a 5.1% CAGR
- China to be the second most opportunistic market, expected to be valued at US$ 215.8 Million in 2032
- Japan, UK & South Korea to yield $ opportunities worth US$ 174.0 Million, US$ 123.2 Million, and US$ 108.6 Million respectively
About the Technology Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
Explore Fact.MR's Coverage on the Technology Domain-
Cryptocurrency Market- Improved clarity of information about different types of cryptocurrencies available in the market is expected to be the foremost driving factor for the cryptocurrency market. The use of cryptocurrency wallets on online platforms has become a new trend among youngsters.
Computer Aided Engineering Market Forecast – Cloud computing's flexibility and cost-effectiveness are key factors in the increasing adoption of computer-aided engineering. For computer aided engineering systems, cloud computing avoids the significant expenses of hardware procurement, installation, and support infrastructure.
Computer Aided Detection Market Trends - Computer-assisted detections allow for the early detection of diseases that can be devastating, such as cancer. Patients have been encouraged to choose for random tests and check-ups as a result of this. As a result of these factors, the global computer-aided detection market is expected to experience rapid expansion.
Facility Management Market Forecast- Rising penetration of big data technologies, cloud computing and other advanced technologies have prompted Facility management to transform services into a whole new level.
Digital Experience Platform Market- The advent of Digital Experience Platforms or DXP has fully integrated the different channels to reach the customers through various multimedia devices with the help of digital experience platform service providers.
Commercial Drones Market Sales- According to Fact.MR, the global commercial drones market was valued at US$ 5.2 Billion in 2021, and is expected to exhibit incremental growth over the coming years. Manufacturers have recognized the application potential, and are introducing a variety of innovative product lines, offering highly customized solutions to meet specific industry needs.
Electronic Design Automation Market Analysis- As per the market research and competitive intelligence provider Fact. MR, the electronic design automation market witnessed a CAGR of 8.3% from 2015-2021. As the demand for complex integrated circuits (ICs) rises, the market for electronic design automation is strengthening.
Network Access Control Market Analysis - Network access control (NAC) has gone a long way, and a number of industry leaders have developed solutions to help it continue to evolve throughout the years. With an ever-increasing number of major and small and medium-sized businesses, North America will continue to be the most attractive market for network access control.
Big Data Technology and Services Market Scope - The growing importance of big data technology in Internet of Things is the most recent trend gaining pace in the big data and service business (IoT). As a result, several industries are adopting big data services in order to handle enormous amounts of data and generate useful insights.
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.