CHICAGO, Nov. 19, 2021 /PRNewswire/ -- According to a research report "Data Acquisition (DAQ) System Market with Covid-19 Impact Analysis by Offering (Hardware and Software), Speed (High Speed (>100 KS/S), Low Speed (<100 KS/S)), Application (R&D, Field and Manufacturing), Vertical, and Region - Global Forecast 2026", published by MarketsandMarkets™, the market size is expected to grow from USD 1.7 billion in 2021 to USD 2.3 billion by 2026, at a CAGR of 5.5%. The market has a promising growth potential due to growing adoption of testing solutions especially in automotive & transportation and aerospace & defense and power & energy vertical in the near future. Rising emphasis on data monitoring in end user sectors, increasing implementation of Industry 4.0 as well as rising demand for high-speed connectivity technologies like the implementation of 5G and so on are driving the growth of DAQ system market.
The market has declined in 2020, mainly due to the impact of COVID-19. The supply chain was disrupted in 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, that affected the DAQ system market. Though the market was impacted in 2020, it is expected to fully recover by 2021.
R&D is estimated to have the largest market share in application type in the said market during the forecast period
R&D is expected to contribute to the largest market size in the DAQ system market. R&D is carried out by all resident companies, research institutes, universities, and government laboratories all over the world. In R&D, DAQ systems acquire the component parameters and characteristics of prototypes and preproduction models. Heavy investments in R&D and the constant need for innovation and development of products are expected to grow the demand for DAQ systems in R&D applications. Many countries in APAC, such as India, China, Japan, and the Republic of Korea, are heavily investing in R&D, which is likely to increase the demand for DAQ systems.
Automotive & transportation vertical is estimated to be the fastest-growing market during the forecast period
The automotive & transportation vertical is expected to grow at the fastest rate due to the need for data analysis at various stages of the product's lifecycle, ranging from R&D to field trials. DAQ systems are the ideal solutions for a variety of rail and transportation systems where data is used for the effective operation of transportation systems. By introducing DAQ systems, the substantial risks and costs associated with failures in transportation systems can be fixed by conducting advanced tests over normal product reliability tests. Furthermore, automobile manufacturers are focusing on reducing the time required to develop new products, which drives the need for real-time process monitoring during the design phase of components and motor vehicles. In addition, the increasing momentum toward widespread electrification of vehicles (EVs/HEVs), especially passenger vehicles, is also driving the DAQ system market for the automotive & transportation vertical.
Asia Pacific is expected to grow at the highest rate
The market in APAC is expected to grow at the highest rate during 2021–2026. The global market players are experiencing increased demand for DAQ systems and solutions from countries such as China, Japan, India and South Korea. High investments in development of manufacturing facilities in countries such as China and India is also driving the growth of the said market in APAC. Furthermore, growing urbanization, rising disposable income, replacement needs, strict safety regulations, and technological innovations also help to drive the demand for DAQ system ad solutions in APAC.
Major players in the DAQ system market include National Instruments Corp (National Instruments, US), Keysight Technologies (US), Siemens Digital Industries Software (US), Spectris PLC (UK), Fortive (US), ADLINK Technology (Taiwan), AMETEK, Inc (US), Dewesoft d.o.o (Slovenia), Teledyne Technologies Incorporated (US) and Yokogawa Electric Corporation (Japan), among others.
Industrial Control & Factory Automation Market by Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Component (Industrial Robots, Industrial 3D Printing, Process Analyzer, Machine Vision, HMI), Industry, Region - Global Forecast to 2026
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