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The global data acquisition (DAQ) system market reached a value of US$ 1.4 Billion in 2020. Looking forward, the market is expected to reach a value of US$ 2.62 Billion in 2026, growing at a CAGR of 11.98% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
A data acquisition (DAQ) system relies on various sensors to collect information regarding physical phenomena, such as voltage, current, temperature, pressure and sound, in the form of analog signals. It includes signal conditioning circuitry and analog-to-digital converters (ADC), which process the incoming signals for further review and analysis. It provides excellent control and fast response to failure while manufacturing commercial products, such as automobiles, aircraft, large machinery and medical devices. As a result, it finds applications in various areas, from quality management to combustion analysis, process control to research and development (R&D).
The integration of control systems with DAQ solutions, which provides real-time control and post-recording visualization and analysis of the data, represents one of the key factors driving the industry growth. Apart from this, the widespread adoption of supervisory control and data acquisition (SCADA) systems in the food and beverage (F&B) industry for improving food quality control is positively influencing the requirement for DAQ systems. The rising product demand can be also be attributed to the utilization of these systems with the internet of things (IoT) in home automation systems. Furthermore, the expanding product application in the healthcare industry is impelling the growth of the market, as DAQ systems facilitate the transmission of medical data and provide improved quality care. Other factors, such as increasing investments in the power transmission and distribution (T&D) sector, advancements in wireless communication technologies and increasing industrial automation, are expected to propel the market growth in the coming years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global data acquisition (DAQ) system market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on component type, speed, channel, end user and region.
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The report has also analysed the competitive landscape of the market with some of the key players being ABB Group, AMETEK Inc., Emerson Electric Co., Fortive Corporation, General Electric (GE) Company, Honeywell International Inc., Keysight Technologies, National Instruments Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Spectris PLC and Yokogawa Electric Company
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