Major data acquisition (DAQ) system market players include Honeywell International Inc, Spectris PLC, Dewesoft d.o.o, Teledyne Technologies Incorporated, ABB Group, Emerson Electric Co., Keysight Technologies, Siemens AG, and AMETEK Inc.
New York, Nov. 07, 2023 (GLOBE NEWSWIRE) — The global data acquisition (DAQ) system market size is projected to expand at ~5.5% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 3.7 billion by the end of 2035, up from a revenue of ~USD 1.8 billion in the year 2022.The demand for industrial Ethernet, which addresses the particular issues faced by factory environments, such as noise, specialized process requirements, and severe circumstances, is on the rise, thus resulting in the growth of the global market.
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According to estimates, the data transmission rate ranges from 10 Mbps to 1 Gbps with the industrial Ethernet. The data acquisition (DAQ) system market is expanding as a result of the increasing adoption of Internet of Things (IoT)-based systems in a variety of industries. These systems enable businesses to monitor inventory in real time and receive prompt warnings in case of any deviations, enabling proactive and effective management. China, Western Europe, and North America account for 67% of IoT usage. 94 % of retailers who use IoT say the benefits exceed the risks. There will be a concentration of 40% of the value that IoT creates in developing economies. The Data Acquisition (DAQ) System Market is a vital component of the broader measurement and automation industry. A DAQ system is a set of hardware and software that collects, measures, and analyzes data from various sensors and instruments.
Increasing Emphasis on Data Monitoring across the Globe to Boost Market Growth
Data monitoring enhances operational quality and aids in the early detection of production-stage faults in the aerospace & defense, government, energy, and automotive industries. Additionally, with the least amount of human involvement, data monitoring increases the operating efficiency of equipment. Data monitoring is useful in the energy business for assessing the operation of assets like solar PV, wind turbines, and other power-producing machinery. Today, more than 70,000 wind turbines are producing clean, dependable energy all over the nation. The fourth-largest source of electricity generation capacity in the nation, wind power has a capacity of 146 GW. This is equivalent to 46 million American homes’ worth of wind energy. Industries are increasingly adopting 5G technology. In the automotive sector, for instance, the current 4G technology is fast enough to support the development and adoption of autonomous cars. According to research, currently, there are about 236 million 5G network subscribers worldwide, however, the number is anticipated to grow to 3 billion by 2025. Advancements in sensor technology have revolutionized the field of data acquisition systems, fueling their growth and adoption across various industries.
Data Acquisition (DAQ) System Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Industrial Automation Boom to Drive the Market Growth in North America Region
The market in North America region is estimated to garner the largest revenue by the end of 2035. The surge in industrial automation is a pivotal driver of growth in the data acquisition (DAQ) system market in North America. Industries are increasingly adopting automation solutions to enhance productivity, ensure product quality, and streamline operations. DAQ systems play a crucial role by providing real-time data collection and control capabilities, enabling businesses to make informed decisions and optimize their manufacturing processes. The industrial automation industry in North America is projected to reach USD 88.27 billion by 2026. The region’s thriving research and development activities across various sectors, including electronics, materials, life sciences, and aerospace, are driving the demand for sophisticated DAQ systems. These systems provide the means to collect precise data for experiments, product development, and scientific research, contributing to innovation and technological progress. The increasing awareness of environmental issues and regulations is fostering the demand for advanced DAQ systems in North America. These systems are crucial for monitoring air and water quality, weather patterns, and pollution levels. Accurate data collection is essential for making informed decisions and implementing measures to address environmental challenges.
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Thriving Research and Development to Propel the Growth in the Asia Pacific Region
The Asia Pacific data acquisition (DAQ) system market is estimated to garner the highest CAGR by the end of 2035. The region’s vibrant R&D ecosystem across various industries, including electronics, materials science, biotechnology, and aerospace, is driving the demand for advanced DAQ systems. These systems provide the means to collect precise data for experiments, product development, and scientific research, contributing to innovation and technological advancements. The Asia Pacific region is experiencing significant growth in research and development activities, with R&D spending expected to reach USD 900 billion by 2028. Increasing environmental concerns and stringent regulations are fueling the demand for advanced DAQ systems in the Asia Pacific. These systems are crucial for monitoring air quality, water quality, weather patterns, and pollution levels. Accurate data collection is essential for informed decision-making and the implementation of measures to address environmental challenges. The automotive industry in Asia Pacific is witnessing remarkable growth, with a focus on electric and autonomous vehicles. DAQ systems are instrumental in the testing and validation of these innovative vehicles and their components, ensuring safety and performance. The region’s automotive evolution is a significant driver of advanced DAQ system adoption.
Data Acquisition (DAQ) System, Segmentation by Component
- Hardware
- Software
Amongst these segments, the hardware segment is anticipated to hold the largest share over the forecast period. The rapid proliferation of IoT devices is a primary driver of growth in the hardware segment. IoT involves a vast ecosystem of interconnected devices, from sensors to gateways, all requiring hardware components. The growth in IoT applications, across smart homes, industrial automation, healthcare, and more, spurs the demand for sensors, microcontrollers, and communication hardware. The integration of artificial intelligence (AI) and machine learning is another pivotal driver of hardware growth. AI relies on powerful processors, specialized accelerators, and memory solutions. These hardware components enable AI applications in industries ranging from healthcare and finance to autonomous vehicles and robotics. The global AI hardware industry is projected to reach USD 65.3 billion by the year 2027. The rollout of 5G networks is driving the demand for hardware, particularly in the telecommunications sector. 5G requires advanced network infrastructure, including base stations, antennas, and routers. The hardware segment benefits from this surge in infrastructure development, positioning itself as an essential enabler of high-speed, low-latency communication.
Data Acquisition (DAQ) System, Segmentation by Application
- R&D
- Field & Manufacturing
- Asset Condition Monitoring
- Design Validation & Repair
Amongst these segments, the research & development segment in data acquisition (DAQ) system market is anticipated to hold a significant share over the forecast period. A primary driver of growth in the R&D segment is the global increase in R&D investment. Governments, corporations, and research institutions are allocating substantial resources to support scientific and technological advancements. This growth in funding enables the expansion of R&D activities across various industries. The relentless pace of technological advancements is propelling R&D efforts across sectors. Innovations like artificial intelligence, quantum computing, and advanced materials are inspiring new research initiatives. Organizations are investing in R&D to stay competitive and harness the potential of cutting-edge technologies. Ongoing technological innovations are driving increased R&D activities worldwide, with the global technology industry expected to reach USD 17.8 trillion by 2027.
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Few of the well-known industry leaders in data acquisition (DAQ) system market that are profiled by Research Nester are Honeywell International Inc, Spectris PLC, Dewesoft d.o.o, Teledyne Technologies Incorporated, ABB Group, Emerson Electric Co., Keysight Technologies, Siemens AG, AMETEK Inc., and other key market players.
Recent Development in the Data Acquisition (DAQ) System Market
- ABB offered Technology solutions that helped in supporting the clean energy transition and EV adoption. ABB recognized the urgent need to address climate change and reduce greenhouse gas emissions, leading to their commitment to developing and providing sustainable solutions.
- Emerson has tracked and benchmarked energy usage at more than 200 global sites that are designated ‘major energy-consuming facilities,’ as well as over 500 other offices and service centres. This proactive approach helped Emerson gain insights into their energy usage patterns and also enabled them to implement targeted strategies and initiatives to enhance energy efficiency and sustainability across their operations worldwide.
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