Data Acquisition System Market Trends

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)

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 â€“ 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 Trends