Categories: Market Research

SCADA Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The SCADA Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s SCADA Global Market Report 2024, The SCADA market size has grown strongly in recent years. It will grow from $11.87 billion in 2023 to $12.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to industrial automation needs, critical infrastructure monitoring, efficiency and productivity gains, regulatory compliance requirements, enhanced operational visibility.

The SCADA market size is expected to see strong growth in the next few years. It will grow to $17.76 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to integration with IoT and big data analytics, focus on cybersecurity measures, renewable energy expansion, smart city initiatives, remote monitoring and control demands. Major trends in the forecast period include mobile SCADA applications, emphasis on open standards, renewable energy integration, remote monitoring and control, water and wastewater management.

The growth of the oil and gas sector is expected to propel the growth of the SCADA market. The oil and gas sector refers to the sector of industry focused on the exploration, observations, development, drilling, production, extraction, refining, distribution, and transportation of hydrocarbons from the oil rigs to the consumers. In the oil and gas industry, SCADA software monitors and controls pipelines, and measures gas well production remotely. It offers asset optimization with greater visibility of the field and enhances safety by streamlining the process. For instance, in October 2022, according to the World Oil Outlook report published by OPEC (Organization of the Petroleum Exporting Countries), an Austria-based intergovernmental organization for oil, global primary energy demand is expected to rise by 23% by 2045. Furthermore, global oil consumption is expected to rise from about 97 million barrels per day (mb/d) in 2021 to around 110 million barrels per day (mb/d) in 2045, with refining capacity is expected to be 15.5 million barrels per day (mb/d) between 2022 and 2045. Therefore, the growth of the oil and gas sector is expected to propel demand for the SCADA market.

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The SCADA market covered in this report is segmented –

1) By Offering: Hardware, Software, Services

2) By Component: Programmable Logic Controller (PLC), Remote Terminal Unit (RTU), Human-Machine Interface (HMI), Communication System, Other Components

3) By Deployment: On-Premise, Cloud

4) By Application: Chemical And Pharmaceuticals, Food And Beverage, Manufacturing, Oil And Gas, Transportation, Utility, Water And Sewage

Major companies operating in the SCADA market are focusing on innovating new technologies to strengthen their market position. For instance, in September 2022, OnLogic, a US-based global industrial computer manufacturer, has released a new device for collecting, processing and displaying industrial automation data. The IGN800 Raspberry Pi-powered Edge Gateway is certified for, and comes pre-loaded with, Ignition Edge software from SCADA specialists, Inductive Automation®. The IGN800 is an industrial IoT gateway that is powered by the Raspberry Pi Compute Module 4 and pre-imaged with Ignition Edge software. The device is designed for SCADA deployments that demand high reliability and connectivity options. The integration of Ignition Edge software enables users to consolidate disparate systems and devices into a single platform, providing a powerful HMI, SCADA, MES, and IIoT software solution.

The scada market report table of contents includes: