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The data acquisition system market size is estimated to grow by USD 541.70 million between 2023 and 2028, accelerating at a CAGR (compound annual growth rate) of 5.23% during the forecast period. In today's business landscape, the demand for resource monitoring in end-user industries is on the rise. This trend is driven by the need for an equal and safe supply of resources, as well as increasing regulations that mandate transparency and accountability. One of the most significant end-user industries is the power and energy sector, which relies heavily on the efficient and reliable supply of resources to meet the demands of consumers. Resource monitoring solutions enable these industries to optimize their operations, reduce costs, and ensure compliance with regulations. By leveraging advanced technologies such as IoT sensors, data analytics, and artificial intelligence, these solutions provide real-time insights into resource usage and help identify inefficiencies and potential issues before they become major problems.
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The data acquisition system market growth analysis report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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 591 million in 2018. 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 continue between 2023 and 2027. These factors will fuel data acquisition system market growth during the forecast period.
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North America is estimated to contribute 33% 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 Daq market is witnessing significant growth due to the increasing demand for real-time data in various industries such as transportation, aerospace, defense, power, and energy. The integration of 5G technology and wireless communication in Daq systems is driving market growth, enabling faster and more efficient data transfer. IoT and ethernet technologies are also playing a crucial role in the market's expansion, facilitating automation and digitization of business operations. Cloud computing and AI are key trends in the Daq market, providing precision, accuracy, and data excellence for strategic business decisions. The market is also gaining traction in emerging economies due to the growing adoption of Information technology and the need for data redundancy and efficiency.
The transportation sector, in particular, is expected to witness strong growth, as Daq systems are essential for collecting and analyzing data from vehicles and infrastructure for optimization and maintenance. Overall, the Daq market is poised for continued growth, offering significant opportunities for players in the wireless, automation, and AI industries. Our researchers analyzed the data with 2023 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 driven 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 growth 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. These factors may impede data acquisition system market growth during the market forecasting period.
The data acquisition system 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 Daq system 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 Daq system 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 system market is witnessing significant growth due to the increasing adoption of automation, digitization, and wireless communication in various industries. The integration of 5G technology and artificial intelligence (AI) is driving the market, particularly in sectors like transportation, aerospace, defense, power, and energy. In the transportation sector, DAS is used for real-time monitoring of vehicle performance and traffic management. In the aerospace and defense industries, DAS is employed for precision and accuracy in strategic business decisions, ensuring data redundancy and excellence for mission-critical applications.
The power and energy sectors are leveraging DAS for efficient management of renewable energy resources such as wind energy and solar energy. The manufacturing industry is using wireless sensor networks for automation and productivity enhancement. Cloud technology and ethernet are essential components of DAS, enabling seamless data transfer and analysis. The installation process of DAS is becoming easier with the availability of pre-configured solutions and plug-and-play hardware. Emerging economies are expected to provide significant growth opportunities for the DAS market due to the increasing focus on digitization and business operations efficiency. The market is also witnessing growth in the environmental monitoring sector, particularly in smart cities, for real-time monitoring of AV systems and other environmental parameters.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2017 - 2021 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.23% |
Market growth 2024-2028 |
USD 541.7 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.57 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 33% |
Key countries |
US, China, UK, Germany, and India |
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, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our DAS market 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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