Research firm Research and Markets, Dublin, Ireland, says the global electrical market for supervisory control and data acquisition (SCADA) systems is expected to grow at a compound annual rate of 7.48% from 2017 to 2022 and to reach a projected $3.29 billion by 2022.
The report says growth will be mainly driven by the increasing investments in electrical power grids and government initiatives toward the adoption of industrial automation. It breaks the electrical SCADA market into hardware, software and services segments. The hardware segment led the electrical SCADA market in 2016. The hardware segment is followed by the software and services segments in terms of market share. Rising investments focused on automated devices in power infrastructure are expected to drive the hardware segment.
The report further segments the electrical SCADA market by application into generation, transmission, and distribution applications, of which transmission is the largest by value. Rising investments in transmission networks from countries such as the United States, China and India are expected to drive the market during the forecast period.
North America is projected to be the largest market for electrical SCADA due to increasing adoption of SCADA by power operators and service providers and the strong presence of prominent electrical SCADA software and system suppliers, especially in the US and Canada. The growth in R&D in the wireless sensor network and increased use of big data analytics offer lucrative opportunities for the market. Asia Pacific is the fastest growing market due to increasing investments in electrical networks, which would further raise the demand for electrical SCADA in the near future.