According to the latest report by IMARC Group, titled "Data Acquisition (DAQ) System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global data acquisition (DAQ) system market size reached US$ 1.40 Billion in 2020. Data acquisition (DAQ) refers to the process of measuring an electrical or physical phenomenon and converting it into digital forms that can be conveniently manipulated using a computer and software. DAQ systems consist of sensors, signal conditioning, and analog to digital converters (ADC) to collect and convert information regarding voltage, current, temperature, pressure and sound. These solutions aid in processing the incoming signals for further review and analysis. Their function is to acquire and store the data while providing real-time and post-recording visualization and analysis of the same. Consequently, they are increasingly used for the testing of diverse products, including automobiles, aircraft and medical devices.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Data Acquisition (DAQ) System Market Trends:
The global market is primarily driven by the rising need to analyze real-time data for control purposes across numerous industries. The use of DAQ systems provides excellent control and quick response to failure during the manufacturing of diverse commercial products. Since these systems find extensive applications in quality management, process control, combustion analysis, and research and development (R&D), this is providing an impetus to the market growth. Moreover, the widespread adoption of automation across various industrial processes and the escalating requirement for central monitoring are also contributing to the uptake of DAQ systems. The market is further driven by the increasing deployment of supervisory control and data acquisition (SCADA) systems in the food and beverages sector in an attempt to monitor food quality. This has impelled the need for efficient DAQ systems in the sector, thereby creating a positive outlook for the market. Apart from this, the growing integration of these devices with the internet of things (IoT) in home automation applications is also acting as a growth-inducing factor. Some of the other factors contributing to the market growth include rising product utilization in the healthcare sector, advancements in wireless communication technologies and increasing investments in renewable energy power plants. On account of the aforementioned factors, the market is expected to reach a value of US$ 2.62 Billion in 2026, expanding at a CAGR of 11.98% during 2021-2026.
- On the basis of the component type, the market has been divided into hardware (external chassis and modules and plug-in analog I/O boards) and software (bundled and 3rd party).
- Based on the speed, the market has been bifurcated into high speed (>100 ks/s) and low speed (<100 ks/s).
- On the basis of the channel, the market has been classified into < 32, 32-128, and > 128 channels.
- Based on the end user, the market has been segmented into aerospace and defense, energy and power, automotive and transportation, wireless communication and infrastructure, water and wastewater treatment, healthcare, food and beverages, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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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