Due to the increased requirement for monitoring and control facilities, the data acquisition market has been growing across many industries such as oil and gas, power production, manufacturing, and others.
Covid-19 Impact & Market Status
Due to travel prohibitions and business closures, the COVID-19 has had a negative impact on economies and businesses in a number of countries. The closure of various plants and factories has had a severe influence on global supply chains, negatively affecting manufacturing, delivery schedules, and product sales in the worldwide market. Most sectors, with the exception of medical supplies and life support items, had been severely hit, and data acquisition unit market had also been severely impacted and the growth of the market was hampered due to the reduced demand for data acquisition unit during this period. The stoppage of manufacturing activities, the fall in production, and supply chain disruption have been the most significant factors affecting demand for data acquisition systems. These effects continue to be felt, prompting numerous automakers, aircraft manufacturers, and others to temporarily halt production.
Hardware segment in High Demand
Hardware and Software are the different types of data acquisition units available in the market. Hardware segment has currently earned the highest revenue share in the market and is predicted to continue during the analysis period as it can be connected to a computer via a communication interface.
Research & Development segment to earn Highest Revenue
Research & Development, Manufacturing & Quality, Asset Condition Monitoring and others are some the applications of data acquisition units. The Research and Development segment currently earns the highest revenue share in the market, and it is predicted to continue to rise during the analysis period as it aids in problem solving and the calculations for instrumentation measurement which is essential for research and development.
Aerospace & Defence segment to lead from the front
Aerospace & Defence, Energy, Automotive, Wireless Communication & Infrastructure and others are some the end users of data acquisition unit market. The Aerospace & Defence segment currently earns the highest revenue share in the market, and it is predicted to continue to rise during the analysis period as the data acquisition units are being used in several flight experiments to obtain real-time data from ground experiments and also form flight simulators.
North America to be Dominant
North America currently earns the highest revenue share in the data acquisition unit market and is predicted to have significant expansion during the analysis period due to the rising demand for these systems in various industries to implement with complex technologies and get real time data.
The Asia Pacific market is predicted to rise at a rapid pace due to the various technological advancements, presence of large corporations and increasing demand for adoption of new technologies such as AI and IoT in these regions.
The need for data acquisition units that can measure and evaluate physical changes to equipment while it is functioning is also being driven by the changing nature of production processes.
The data acquisition performance connects real-world signals to the computer machine. A Data Acquisition Unit is a physical component that is linked to a computer and contains sensors.
The data acquisition unit market is predicted to grow from USD 1.89 billion in 2022 to about USD 2.52 billion by 2029 during the analysis period with a CAGR of 5.5 percent.
Apart from that, the food and beverage (F&B) industry's widespread use of supervisory control and data acquisition (SCADA) systems to improve food quality management is affecting the demand for DAQ systems in a positive way. These units are also being implemented with various complex technologies like IoT which have increased the popularity of the data acquisition units. However, greater implementation costs are projected to provide a hindrance to the market's growth due to the complex development procedure of a data acquisition unit.
The market has intense competition due to the high demand and consists of several big corporations such as Siemens AG, ABB Ltd, Advantech Co. Ltd, Agilent Technologies, Schneider Electric SE, Honeywell International, National Instruments Corp etc.
Latest Innovations in the Data Acquisition Unit Market: A Snapshot
- In July 2021, Concurrent Real-Time, a producer of real-time computational hardware and software, was acquired by Spectris. Thus, Concurrent Real-Time joined HBK (Hottinger Brüel & Kjaer) as part of the company's aim to improve and expand its simulator platform businesses, as well as completely incorporate hardware-in-the-loop technology. Concurrent Real-Time, VI-grade, and Imtec Engineering will merge to form HBK's Virtual Test Division, with an emphasis on delivering complete solutions for digitally testing products throughout the development cycle.
Data Acquisition Unit Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 2.52 billion|
|Growth Rate||CAGR of 5.5 % during 2021-2028|
|Segment Covered||Type, Application, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Siemens AG, ABB Ltd, Advantech Co. Ltd, Agilent Technologies, Schneider Electric SE, Honeywell International, National Instruments Corp etc.|
Key Segments of the Data Acquisition Unit Market
Type Overview, 2022-2029 (USD Billion)
Application Overview, 2022-2029 (USD Billion)
- Research & Development
- Manufacturing & Quality
- Asset Condition Monitoring
End User Overview, 2022-2029 (USD Billion)
- Aerospace & Defence
- Wireless Communication & Infrastructure
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa