Data Acquisition System (DAQ) Market

Global Data Acquisition System (DAQ) Market Size (2024 to 2029)

As per our analysis report, the global Data Acquisition System (DAQ) Market is expected to reach USD 2.74 billion by 2029 from USD 2.1 billion in 2024, growing at a compound annual growth rate (CAGR) of 5.5% during the forecast timeline.

The data acquisition system is used in the process of sampling signals that measure real-world physical conditions and converting the resulting samples into digital numeric values that can be manipulated by a computer. These systems have been abbreviated by the acronyms DAS or DAQ which typically can convert analogue waveforms into digital values for processing.

These data acquisition systems play a crucial role in decision-making in real-time in the industrial sector. To maintain a competitive edge while facilitating the users to access the data at any time, irrespective of the location. These data acquisition systems have evolved from mere processing systems to the key to achieving the comprehensive benefits of automation, and companies are evolving towards a data-centric approach in production and operations.

Many organizations are seeking to introduce new systems to address the rising demand for applications with the help of innovation, quality, and service in the worldwide DAQ system market, which is highly competitive. This is further driven by the increased competition among OEMs to adopt new technological advancements in the automotive, aerospace & defence, and energy sectors. To be competitive in the market, engineers and designers of these technical solutions must frequently test and upgrade their equipment. In recent years, major OEMs in the aerospace and automotive sectors in North America and Europe have focused their development efforts on the implementation of 5G and IoT in manufacturing. Top aerospace companies like Airbus and Boeing, for example, use IoT technology to do sophisticated analytics, which improves manufacturing performance by using live tracking and complex simulations to predict the equipment's lifecycle.

Global Data Acquisition System Market Drivers:

In the aerospace and defence, government, energy, and automotive industries, data monitoring improves operational quality and aids in early fault detection. Furthermore, data monitoring is essential to improve equipment operational efficiency while requiring minimal human interaction. Data monitoring aids in the evaluation of assets such as solar PV, wind turbines, and other power-producing equipment in the energy sector. Monitoring wind turbine data, for example, has become increasingly important to wind power-producing operations in the United States in recent years. According to British Petroleum, overall wind generation in the United States reached 340.9 TWH in 2020, the highest level ever. In addition, after China, the United States ranked second in overall wind consumption in 2020. Wind turbines must be regularly monitored for characteristics such as vibrations, wind speed, and temperature in order to operate efficiently and reliably as wind-generating capacity grows. Data monitoring is used in the aerospace industry to analyse flight aerodynamics and validate the design and safety parameters of engines and other aircraft components.

Aerospace, wireless communication, automotive, and manufacturing are just a few of the industries that have embraced 5G technology quickly. For example, the present 4G technology is insufficient to support the development and acceptance of autonomous vehicles in the automotive industry. Electronics used in autonomous vehicle development, such as image recognition systems, speech detection systems, and other digital devices, require 5G technology to enable high-speed communication. In the same way, 5G technology is being used in the aerospace sector to increase avionics equipment reliability by reducing latency and increasing transmission speed. Furthermore, several countries have begun to invest in 5G technology in order to strengthen their digital infrastructure and remain competitive in the digital economy. The major countries that have embraced and deployed 5G wireless infrastructure include South Korea, China, the United States, and Germany. These countries are likely to offer DAQ systems prospects in a variety of end-user industries, including wireless communication and infrastructure. During the forecast period, this is projected to open up new prospects for the DAQ system market.

Global Data Acquisition System Market Restraints:

DAQ system buyers are price-conscious, looking for low-cost, high-quality solutions. Critical parameters such as sensors, channel counts, and the requirement to develop a DAQ system that can resist harsh working environments, on the other hand, determine the cost of a DAQ system. The higher the channel count and speed, the more expensive it will be. DAQ systems are becoming increasingly sophisticated as a result of technological advancements in the design and development of this equipment as a result of technological breakthroughs in the design and development of this equipment. So, more robust testing capabilities are required, and manufacturers must constantly improve their existing equipment to suit the demands of individual applications. Manufacturers of DAQ systems must also adhere to a number of technical criteria, which drive up the price of a DAQ system.

REPORT COVERAGE:

This research report on the global data acquisition system market has been segmented and sub-segmented based on application, type, end-user and region.

Global Data Acquisition System Market - By Application:

• Research and Analysis
• Manufacturing and Quality
• Asset Condition Monitoring
• Design Validation and Repair

Research and analysis are the prominent applications of DAQ, which is supposed to expand with a considerable growth rate in the coming years.

Global Data Acquisition System Market - By Type:

• Hardware
• Software

In the type segmentation of the global data acquisition system (DAQ) market, the hardware segment is anticipated to expand at a higher rate during the estimated period. The growth of this segment is attributed to the massive investments in the infrastructure, the growing demand for automated processes to simplify the operations in the industry and the increasing demand for real-time decision-making and analysis.

Global Data Acquisition System Market - By end-user:

• Government
• Power & Energy
• Automotive
• Aerospace & Defence
• Wireless Communication & Infrastructure
• Others 

Based on the end-user, the aerospace and defence segment has the largest market share and is anticipated to continue its dominance during the projection period. The growth of the sector is due to the substantial investment in the US, France and the UK and the advent of new technologies like flying public taxis, connected cars, and autonomous vehicles.

Also, the automotive is expected to progress as the largest segment during the outlook period. Increasing demand for highly accurate, fast and precise DAQ systems for testing these new technologies in fields of wireless communication, autonomous vehicles, and connected cars is boosting the segment's growth.

Global Data Acquisition System Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America 
• Middle East and Africa

Geographically, the North America data acquisition systems market has the largest regional share in the global revenue, followed by the Asia Pacific, and Europe. It is also projected to be the fastest-growing segment during the prediction period due to the rising investments in aerospace and defence, wireless communication, infrastructure and energy in the US and Canada.

Also, Asia-Pacific and Europe data acquisition systems markets are witnessing rapid growth owing to the rise in the IT industry in emerging economies like China and India of Asia Pacific and the rising investments in developed countries like the UK, Switzerland, and others in Europe.

KEY MARKET PLAYERS:

Major Key Players in the Global Data Acquisition System (DAQ) Market are ABB Ltd, National Instruments, Keysight Technologies, Fortive Corporation, Teledyne, Schneider Electric SE, Ametek, Siemens AG, Rockwell Automation Inc., Tektronix, General Electric Ltd, Omron Corporation, Yokogawa Electric Co., Emerson Electric Co and others.

RECENT HAPPENINGS IN THE MARKET:

• In July 2021, DeweSoft signed a sales contract with an Austrian company ELIN Motoren GmbH. The company has fully implemented a required vibration measurement of each produced machine – motor or generator – as part of the final inspection technique. When searching for a suitable DAQ system, the requirements were to keep it portable, measure vibration and electrical power with just one system (raw data), and that the data transport to the KS Tornado testbed during the test should be perfect. Dewesoft delivered the proper solution - DewesoftX data collecting software – and met the client's needs.
• Concurrent Real-Time, a developer of high-performance real-time computer systems, solutions, and software for commercial and government industries, was bought by Spectris in July 2021. Concurrent Real-RedHawk Time's Linux solutions offer the world's most advanced hardware-in-the-loop and man-in-the-loop simulation, high-speed data acquisition, process control, and low-latency transaction processing applications with hard real-time performance Spectris will be able to deliver sales and support from offices across North America, Europe, and Asia as a result of this.
• Teledyne SP Devices, a Teledyne Technologies business subsidiary, announced the release of ADQ32, a fourth-generation modular data acquisition board intended for high-throughput applications, in February 2021.