Data Acquisition (DAQ) System Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030

The global data acquisition (DAQ) system market is projected to expand at a compounded annual growth (CAGR) of 6.5% during the forecast period of 2022-2030.

A data acquisition system involves the integration of hardware components to acquire information with the help of a computer. The system uses various sensors to collect real-time information regarding physical phenomena, such as temperature, pressure, voltage, current, and sound, in the form of analog signals in various industrial sites. It is predominantly used for diagnostics and repair, research and analysis, manufacturing, automation, and quality management across several end-user verticals.

Growth Drivers:

Factors responsible for the growth of this market include: the burgeoning data monitoring requirements globally; the surging adoption of DAQ solutions in various end-user verticals; the rising implementation of Industry 4.0 globally; the soaring investments in the power transmission & distribution, and infrastructure & renewable energy power plants; the escalating demand for high-speed connectivity technologies; the growing adoption of enterprise data acquisition systems owing to the high industrial automation demand for real-time data processing; and the rapid adoption of supervisory control and data acquisition systems in the F&B industry.

Moreover, due to the ever-growing competition in the manufacturing sector, the focus on monitoring the status of assets and quality of manufacturing operations in manufacturing companies to enhance the financial performance is increasing. Alongside, the surging need for remote monitoring of data, regardless of time and place, is also boosting the adoption of data acquisition systems. These factors play a crucial role in augmenting the growth of the global data acquisition (DAQ) system market.

Additionally, the rapid adoption of smart manufacturing and factory automation worldwide; which includes the tracking of various system parameters, and the monitoring of a plethora of data sources to achieve higher clarity of the floor operations and machines, is also leading to enhanced growth of the data acquisition (DAQ) system market.

Furthermore, other factors such as the rapid emergence of Ethernet; the growing need to enhance real-time decision-making in the industrial sector; the rising advancements in wireless communication technologies and industrial automation; the enhancing shift towards the adoption of electric vehicles coupled with the increasing emphasis of OEMs on offering advanced vehicles with improved efficiency, and the proliferating adoption of Industrial IoT (IIoT) across the globe is expected to further augment the growth of the global data acquisition (DAQ) system market during the forecast period.

However, the high costs associated with the implementation of data acquisition systems and the complexities related to interfacing, software compatibility, and signal conditioning are expected to hinder the growth of the global data acquisition (DAQ) system market during the forecast period.

Data Acquisition (DAQ) System Market Segmentation:

By Offering:

·         Hardware

o   External Chassis and Modules

o   Plug-in I/O Analog Boards

·         Software

o   Bundled

o   3rd Party

 

By Speed:

·         High-speed (>100 KS/S)

·         Low-speed (<100 KS/S)

 

By Channel:

·         < 32 Channels

·         32-128 Channels

·         > 128 Channels

 

By Application:

·         R&D

·         Field

·         Manufacturing

 

By Vertical:

·         Automotive & Transportation

·         Aerospace & Defense

·         Power & Energy

·         Wireless Communications & Infrastructure

·         Environmental Monitoring

·         Healthcare

·         Food & beverage

·         Others

 

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

Based on offering, the hardware segment captured the largest share of the global data acquisition (DAQ) system market in 2021. The segment is anticipated to retain its lead further in the market during the forecast period of 2022-2030. The high usage of data acquisition hardware owing to its modular design and the rising adoption of Ethernet is the major factor behind the large share of this segment.

Based on vertical, the aerospace & defense segment led the global data acquisition (DAQ) system market in 2021. The segment is predicted to continue to lead the market during the forecast period of 2022-2030. The massive requirement for testing aircraft and related components with real-time monitoring features against various parameters and adverse environmental challenges is majorly driving the growth of this segment. However, the automotive & transportation segment is anticipated to attain the highest growth in the market during the forecast period.

Based on application, the R&D segment held the largest share in the global data acquisition (DAQ) system market in 2021. The segment is projected to maintain the trend over the forecast period owing to the increasing number of R&D activities across all end-user verticals across the globe and the burgeoning influx of investments in R&D due to the never-ending requirement for innovation and development of products across these verticals.

 

Regional Outlook:

The North American region acquired the largest share of the global data acquisition (DAQ) system market in 2021. The region is likely to remain dominant throughout the forecast period of 2022-2030. The spiraling demand for advanced manufacturing technologies; the presence of leading market players; the early adoption of new and advanced technologies; the high generation of data in the manufacturing sector; the rapidly expanding automotive industry; and the growing industrial automation in the region are the major factors attributable to the large market share of this region. The U.S. and Canada are the major contributors to the growth of the market in the region.

 

The Asia Pacific region is slated to witness the highest growth in the global data acquisition (DAQ) system market during the forecast period. The growth of the market in the region can be well attributed to the presence of rapidly emerging economies; the fast-paced advancements in technologies; the expanding vehicle manufacturing units coupled with the entry of various leading OEMs; the heavy investments in automation of control & monitoring equipment, the escalating government support towards manufacturing and adoption of new technologies in the region. India, China, Japan, and South Korea stand as the leading contributors in the region.

 

The European region accounted for the second-largest share of the global data acquisition market in 2021. The region is estimated to experience significant expansion during the forecast period owing to the increasing number of government initiatives, the growing adoption of IoT, and the rising industrial automation in the region. The U.K. and Germany are the major growth providers in the region.

 

 

Key Companies in Data Acquisition (DAQ) System Market:

·         Curtiss-Wright Corporation

·         Emerson Electric Co.

·         National Instruments Corp.

·         Keysight Technologies

·         Siemens Digital Industries Software

·         Spectris PLC

·         Gantner Instruments

·         General Electric

·         Honeywell International Inc.

·         AMETEK Inc.

·         Dewesoft d.o.o

·         Teledyne Technologies Incorporated

·         Yokogawa Electric Corporation

·         AstroNova Inc.

·         Rockwell Automation Corporation

·         Schneider Electric 

·         ABB Ltd.

·         HBM

·         General Electric

·         Other Players