The Global Data Acquisition System (DAQ) Market is anticipated to grow in a significant way recording the CAGR of 7.28% during the forecast period of 2021 to 2026. The target market is estimated to increase from the current value of USD 1.96 billion to USD 2.73 billion by 2026.
Data Acquisition System (DAQ) Market Overview
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 abbreviated by the acronyms DAS or DAQ which typically can convert analog 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 achieve the comprehensive benefits of automation, and companies are evolving towards a data-centric approach in production and operations.
Data Acquisition System (DAQ) Market Recent Developments
• ABB Ltd., a Swiss-Swedish multinational corporation headquartered in Zurich, Switzerland, operating mainly in robotics, power, heavy electrical equipment, and automation technology areas, has announced that it is going to partner with Silicon Valley AI startup Covariant for bringing AI-enabled robotics solutions to market, starting with a fully autonomous warehouse order fulfillment solution.
• Schneider Electric, a French multinational corporation specializing in electrical equipment that is headquartered in Rueil-Malmaison, France, has partnered with the Cybersecurity Tech Accord, a watershed agreement among its signatories to develop the cybersecurity ecosystem and for defending the digital economy from cyberattacks.
• Rockwell Automation has announced that it has signed an agreement to acquire privately-held US-based software delivery and consulting firm Kalypso, LP which specializes in the digital transformation of industrial companies with a strong client base in life sciences, consumer products, and industrial high-tech.
Data Acquisition System (DAQ) Market Drivers and Restraints
The increasing adoption of Ethernet which is enabling standardization of industrial control and automation is fuelling the demand for advanced data acquisition solutions which is one of the primary drivers of the global data acquisition (DAQ) market. Also, factors, like growing industrial automation needs and increasing investments on renewable energy power plants and the infrastructure of them, are propelling the target market growth. Increased usage of these systems in the process of sampling signals which measures real-world physical conditions and converting the resulting samples into digital numeric values that can be manipulated by a computer is a crucial factor for the adoption of them.
Rising analysis and design activities like new product design and modeling behavior of scientific phenomenon coupled with the higher growth rate of industrial operations are expected to penetrate the data acquisition systems market.
However, complexities related to the signal conditioning & compatibility and the increasing complexity in the data acquisition market are the significant challenges that were hindering the growth of this market.
Data Acquisition System (DAQ) Market Segmentation
Global Data Acquisition System (DAQ) Market, By Application
• Research and Analysis
• Manufacturing and Quality
• Asset Condition Monitoring
• Design Validation and Repair
Research and analysis is the prominent application of DAQ, which is supposed to expand with a considerable growth rate in the coming years.
Global Data Acquisition System (DAQ) Market, By type
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, growing demand for automated processes to simplify the operations in industry and the increasing demand for real-time decision making and analysis.
Global Data Acquisition System (DAQ) Market, By end-user
• Power & Energy
• Aerospace & Defence
• Wireless Communication & Infrastructure
Based on the end-user, the aerospace and defense 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 advent of new technologies like flying public taxies, 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.
Data Acquisition System (DAQ) Market Regional Analysis
• North America
• South America
• Middle East & Africa
Geographically, 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 defense, 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 the emerging economies like China and India of Asia Pacific and the rising investments in the developed countries like UK, Switzerland, and others in Europe.
Key Players of Data Acquisition System (DAQ) Market
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Data Acquisition System (DAQ) Market, By Component
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Data Acquisition System (DAQ) Market, By End-User
6.2.1 Aerospace & Defense
6.2.3 Power & Energy
6.2.5 Wireless Communication and Infrastructure
6.2.6 Market Size Estimations & Forecasts (2019-2024)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
6.3 Data Acquisition System (DAQ) Market, By Application
6.3.1 Research and Analysis
6.3.2 Manufacturing and Quality
6.3.3 Asset Condition Monitoring
6.3.4 Design Validation and Repair
6.3.5 Market Size Estimations & Forecasts (2019-2024)
6.3.6 Y-o-Y Growth Rate Analysis
6.3.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Component
7.2.3 By End-User
7.2.4 By Application
7.3.1 By Country
126.96.36.199 Rest of Europe
7.3.2 By Component
7.3.3 By End-User
7.3.4 By Application
7.4 Asia Pacific
7.4.1 By Country
188.8.131.52 South Korea
184.108.40.206 South East Asia
220.127.116.11 Australia & NZ
18.104.22.168 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By End-User
7.4.4 By Application
7.5 Latin America
7.5.1 By Country
22.214.171.124 Rest of Latin America
7.5.2 By Component
7.5.3 By End-User
7.5.4 By Application
7.6 Middle East and Africa
7.6.1 By Country
126.96.36.199 Middle East
7.6.2 By Component
7.6.3 By End-User
7.6.4 By Application
8. Key Player Analysis
8.1 National Instruments
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Keysight Technologies
8.5 Fortive Corporation
8.7 Siemens AG
8.8 Schneider Electric
8.10 Emerson Electric Co.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures