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The Data Acquisition (DAQ) System Market size is estimated to grow by USD 560.39 million between 2022 and 2027, accelerating at a CAGR (Compound Annual Growth Rate) of 5.6% during the forecast period. The market is propelled by mounting demand for monitoring across various end-user sectors. Stringent regulations aimed at ensuring equitable and safe resource distribution further drive market growth. Moreover, the dominance of the power and energy industry as a major end-user underscores the significance of data acquisition systems in maintaining operational efficiency and safety standards.
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This market growth analysis report extensively covers market segmentation by end-user (power and energy, automotive, aerospace and defense, education and research, and others), type (hardware and software), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The market share growth of the power and energy segment will be significant during the forecast period. In the power and energy sector, data acquisition systems are used to gather, store, and analyze information about the production, distribution, and consumption of electricity. These systems typically include sensors, loggers, and software that can track various variables, such as voltage, current, power, energy, and temperature.
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The power and energy segment was valued at USD 579.11 million in 2017 and continued to grow until 2021. The performance, dependability, and efficiency of the power and energy sectors can all be improved with the help of data acquisition (DAQ) systems. They enable utilities and other businesses to comprehend their systems better and take proactive action to fix issues and improve performance. Owing to these factors, the segment is recording the fastest growth, which is expected to be continued between 2023 and 2027. Such factors will propel the growth of the market during the forecast period.
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North America is estimated to contribute 36% to the growth of the global DAQ system market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
During the forecast period, a number of factors are anticipated to drive the North American market. As more and more devices are connected to the Internet and produce data that needs to be collected, stored, and analyzed, the Internet of Things (IoT) is anticipated to propel the growth of the market in North America. The demand for these systems in North America is fueled by the growing use of data acquisition systems in the power and energy sector to monitor and enhance energy efficiency. As organizations are required to monitor and report on their environmental impact, government regulations relating to environmental protection and energy conservation are also anticipated to increase the demand in North America.
The market is witnessing significant growth driven by the proliferation of Internet of Things (IoT) technology and the increasing demand for industrial automation in various sectors. Industrial Ethernet and field buses facilitate rapid data transmission, enhancing speed and efficiency. With advancements in machine learning and advanced analytics tools like Explorium and Signal Studio, DAQ systems offer insights into complex structure parameters and enable predictive maintenance applications. These systems, integrated with PLCs (Programmable Logic Controllers) and databases, cater to diverse needs in smart manufacturing environments. Moreover, they meet the requirements of hard-working environments with their robust testing capabilities and adherence to technical standards, empowering data-driven decision-making across industries.
The increasing demand for monitoring in end-user industries is notably driving the DAQ system market growth, although factors such as data acquisition (DAQ) system complexity and CAPEX costs may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market growth is significantly propelled by the increasing demand for monitoring across various end-user industries. Data monitoring plays a crucial role in enhancing operational quality and enables early fault detection, particularly in sectors like aerospace and defense, government, energy, and automotive. This approach reduces human intervention, ensuring more efficient production processes. In the energy sector, data monitoring is particularly valuable for evaluating the performance of assets such as solar PV systems and wind turbines. Continuous monitoring of wind turbines, including parameters like vibrations and wind speed, is essential for their reliable operation. Similarly, in the aerospace industry, data monitoring validates design parameters and safety standards for engine and aircraft components, contributing to improved aerodynamics during flight. As such, the rising demand for data monitoring from various end-user industries is expected to drive the growth of the DAQ system market in the forecast period.
Increasing demand for 5G and other high-speed connectivity technologies is the primary trend in the market. The increasing demand for 5G and other high-speed connectivity technologies is being adopted more frequently by sectors such as manufacturing, aerospace, and wireless communication. For instance, to improve high-speed connectivity, autonomous vehicle development devices such as image recognition systems, voice detection systems, and other digital devices need 5G technology. Similarly, 5G technology is used in the aerospace industry to improve avionics equipment reliability by decreasing latency and boosting connectivity speed.
To improve the digital infrastructure and maintain their competitiveness in the digital economy, several nations have already started investing in 5G technology. Some major nations implementing and deploying 5G wireless infrastructure are South Korea, China, the US, and Germany. These nations are anticipated to offer market system opportunities across a range of end-user industries, including wireless infrastructure and communication. Such factors are anticipated to open up new opportunities for the DAQ system market during the forecast period.
Data acquisition system complexity and CAPEX costs are the major challenges impeding the market growth. Consumers of data acquisition market systems are very concerned with costs and seek out affordable, higher-quality data acquisition systems. However, a data acquisition (DAQ) system's price is influenced by important factors such as sensors, channel counts, and the need to build a data acquisition (DAQ) market system that can withstand challenging working conditions. The price will increase as channel count and speed increase.
Due to technological advancements in these equipment's design and development, the market system is becoming more complex. Higher testing capabilities become necessary as a result, and manufacturers are constantly forced to update their current technology to meet the requirements of particular applications. The cost of a data acquisition system rises due to the need for market system manufacturers to follow numerous technical standards. Such factors may impede the growth of the market during the forecast period.
The market research and growth report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the DAQ system market.
National Instruments Corp. - The company offers data acquisition systems such as PC-Based Systems, CompactDAQ, and CompactRIO.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The Data Acquisition Systems (DAQ) market is experiencing significant growth driven by factors such as the proliferation of Ethernet and Industrial Ethernet, which enable seamless connectivity in industrial automation and smart manufacturing environments. This growth is further fueled by the cost-effectiveness of field buses and the rapid expansion of the internet, facilitating real-time data analysis and data-driven decision-making. Major players in the industry are developing low-cost, high-quality information acquisition systems to cater to price-conscious consumers. Technical advancements in sensor technology, coupled with advancements in Machine Learning (ML) and Artificial Intelligence (AI), are enhancing data processing capabilities and enabling remote monitoring through cloud-based systems. The versatility of DAQ systems extends their applicability across various industries, including manufacturing, automotive, aerospace, healthcare, and environmental monitoring.
The advent of Internet growth has revolutionized data acquisition systems, enabling the acquisition and analysis of vast amounts of data across various industries. With the integration of PLCs (Programmable Logic Controllers) and databases, these systems can efficiently monitor and control complex processes in the manufacturing, automotive, aerospace, and healthcare sectors. Advanced analytics tools like Explorium and Signal Studio provide insights into structure parameters and facilitate predictive maintenance applications. Cloud-based data acquisition systems offer scalability, flexibility, and affordability, making them suitable for hard-working environments. Incorporating artificial intelligence and machine learning enhances data processing capabilities, particularly in high-speed data acquisition systems used in the energy, transportation, and wireless infrastructure industries. This evolution continues to drive innovation in industrial IoT (IIoT) data acquisition systems, catering to diverse applications across industries.
The market forecasting report covers market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Data Acquisition System Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.6% |
Market growth 2023-2027 |
USD 560.39 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.25 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ADLINK Technology Inc., ALTHEN GmbH, AMETEK Inc., AstroNova Inc., Campbell Scientific Inc., Curtiss Wright Corp., Dataforth Corp., Dewesoft d.o.o., Emerson Electric Co., Fortive Corp., Gantner Instruments Environment Solutions GmbH, General Electric Co., Honeywell International Inc., imc Test and Measurement GmbH, Keysight Technologies Inc., National Instruments Corp., Schneider Electric SE, Siemens AG, Spectris Plc, and Yokogawa Electric Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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