Data Acquisition (DAQ) System Market Size & Share, by Component (Hardware, Software); Speed (High Speed (>100 KS/S); Low Speed (<100 KS/S)); Application (R&D, Field & Manufacturing, Asset Condition Monitoring, Design Validation & Repair); End-user (Aerospace & Defence, Energy & Power, Automotive & Transportation, Wireless Communication & Infrastructure, Water & Wastewater Treatment, Healthcare, Food & Beverages) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5195
  • Published Date: Aug 29, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Data Acquisition (DAQ) System Market size is expected to cross USD 3.7 Billion by the end of 2035, growing at a CAGR of 5.5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of the data acquisition system was over USD 1.8 Billion. 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.  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.


Data Acquisition System (DAQ) Market
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Data Acquisition System (DAQ) Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Emphasis on Data Monitoring in End User Sectors- Data monitoring enhances operational quality and aids in the early detection of production-stage faults in the aerospace & defence, 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.
  • Surging Demand for High-Speed Connectivity Technologies- 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.
  • Advancement in Sensor Technology- Advancements in sensor technology have revolutionized the field of data acquisition systems, fuelling their growth and adoption across various industries. These technological developments have led to the development of sensors with enhanced accuracy, reliability, and functionality, significantly expanding the capabilities of data acquisition systems.

Challenges

  • Highly Competitive Market- In order to address the rising demand for applications, various manufacturers are working to create new systems through advances in quality and service. The rising competition among OEMs to incorporate new technological developments in numerous areas has further fuelled this.
  • Increasing Capital Expenditure of the Data Acquisition Systems.
  • Surge in Complexity due to Technological Advancements in the Design and Development of this Equipment.

Data Acquisition System (DAQ) Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~ 5.5%

Base Year Market Size (2022)

 ~ USD 1.8 Billion

Forecast Year Market Size (2035)

 ~ USD 3.7 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Data Acquisition System Segmentation

Component (Hardware, Software)

The hardware segment is predicted to hold about 68% share of the global data acquisition (DAQ) system market.The movement towards USB and ethernet-based front-end systems, which provide PC processing power and functionality, is speeding up adoption rates. Hardware can be integrated into the motherboard or attached to the computer via a communication interface, such as a USB. The demand for this category is increasing as a result of these factors. The number of USB flash drives sold over the last few years has been fluctuating, with about 10.9 million units being sold in 2021. Compared with the previous year, this was a decrease.

Application (R&D, Field and Manufacturing, Asset Condition Monitoring, Design Validation & Repair)

data acquisition (DAQ) system market from the research & development application category is set to hold the greatest revenue share of about 38% during the forecast period. Committed test and measurement tools are necessary in R&D to ensure that the project performs in accordance with calculations and aids in problem-solving. Data acquisition systems are used in research and development to gather the component parameters and properties of prototypes and preproduction models. The US is expected to become the largest country in terms of R&D expenditures worldwide, with over 679 billion dollars spent on research and development by 2022. Research and development are estimated to be invested by China in around 554 billion U.S. dollars.

Our in-depth analysis of the global data acquisition (DAQ) system market includes the following segments:

  Component

  • Hardware
  • Software

  Speed

  • High Speed (>100 KS/S)
  • Low Speed (<100 KS/S)

  Application 

  • R&D
  • Field & Manufacturing
  • Asset Condition Monitoring
  • Design Validation & Repair

  End User

  • Aerospace & Defence
  • Energy & Power
  • Automotive & Transportation
  • Wireless Communication & Infrastructure
  • Water & Wastewater Treatment
  • Healthcare
  • Food & Beverages

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Data Acquisition System Industry - Regional Synopsis

North American Market Forecast

North America data acquisition (DAQ) system market is expected to hold 37% of the revenue share during forecast period due to its strong industrial sector development and technological infrastructure in the healthcare sector. For monitoring, analyzing, and optimizing their operations, this sector has a significant demand for data acquisition solutions. North America has become a leading participant in the market because of the adoption of modern data acquisition systems, which is fueled by the region's strong technological ecosystem and emphasis on innovation.

APAC Market Statistics

The data acquisition (DAQ) system market in Asia Pacific is anticipated to grow at significant CAGR with about 23% revenue share during the forecast period. This growth can be propelled by the rising adoption of new technologies like AI and IoT as well as the strict regulatory standards pertaining to product testing and measurement. Moreover, the strong government backing for manufacturing is another factor boosting the DAQ market expansion in the Asia Pacific region. As a result of the expanding e-commerce and retail sectors, Japan held a share of more than 15% in the Asia Pacific AI retail industry in 2020. By the end of 2021, 6.33 million more people are anticipated to purchase online than the 82.59 million current e-commerce users in the nation.

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Data Acquisition System (DAQ) Market Size
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Companies Dominating the Data Acquisition System (DAQ) Market

top-features-companies
    • Rockwell Automation Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Honeywell International Inc.
    • Spectris PLC
    • Dewesoft d.o.o
    • Teledyne Technologies Incorporated
    • ABB Group
    • Emerson Electric Co.
    • Keysight Technologies
    • Siemens AG
    • AMETEK Inc.

In-the-news

In The News

  • 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.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5195
  • Published Date: Aug 29, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for automation and product innovation are the major factors driving the growth of the data acquisition (DAQ) system market.

The market size of data acquisition (DAQ) system is anticipated to attain a CAGR of 5.5% over the forecast period, i.e., 2023 – 2035.

The major players in the market 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 others.

The hardware segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Data Acquisition System Market Report Scope
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