Rising Emphasis on Data Monitoring in End User Sectors are the Key Drivers Expected to Boost Data Acquisition (DAQ) System Market Growth During the Study Period: MRFR

MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Data Acquisition (DAQ) System Market.

Overview

The global data acquisition (DAQ) system market is expected to register a CAGR of ~5.9% during the forecast period, 2021–2028. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the data acquisition (DAQ) system market to offer a better glimpse into the coming years.

Rising emphasis on data monitoring in end user sectors, increasing implementation of Industry 4.0 across aerospace and automotive sectors are the primary factors driving the growth of the data acquisition (DAQ) system market. However, market expansion is being hampered by cost and complexity of DAQ systems. Despite this, growing demand for high-speed connectivity technologies like 5G is creating market opportunities. In the global data acquisition (DAQ) system market, well-established and expanding manufacturers in North America, Europe, and Asia Pacific are making rapid technological advancements and improvements.

Furthermore, the global adoption of industrial automation and smart manufacturing is propelling the data acquisition industry forward. To obtain more visibility of the machine as well as floor operations, these include tracking numerous system parameters and monitoring a number of data sources while sharing data in real-time, which includes PLCs, databases, maintenance apps, and existing data gathering systems.

Segmental Analysis

The global Data acquisition (DAQ) system market has been segmented into platform into type, speed, application, vertical and region/country.

Based on type, the data acquisition (DAQ) system market has been segmented into hardware and software type. Hardware is expected to lead the data acquisition system market during the forecast period. Because of its modular design and ability to arrange diverse combinations to fulfil a wide range of bespoke experimental setups, DAQ hardware is frequently employed. DAQ hardware is in high demand since it is widely used in manufacturing applications, including process and discrete, laboratory/R&D, automotive, and aerospace & military. In industries, the external chassis and module boost productivity and performance in DAQ. Faster adoption rates are emerging from the continuing migration to USB- and ethernet-based front-end systems that give PC computing power and capability, ultimately driving the market for external chassis and modules.

Based on speed, the data acquisition (DAQ) system market has been classified into high-speed (>100 KS/S), low speed (<100 KS/S). The High Speed (>100 KS/S) segment holds the largest market share and is estimated to observe the highest CAGR during the forecast years. DAQ software is used to intelligently evaluate, standardize, and report a large volume of data, as well as to test vehicles and components in real-world settings. These processes require a high rate of >100 KS/S.

Based on application, the data acquisition (DAQ) system market has been bifurcated into R&D, field, manufacturing. The Research & Development application segment is expected to have the largest market share during the forecast period. Committed test and measurement instruments are essential in R&D to ensure that the project performs according to the calculations and aids in problem solving. DAQ systems are used in R&D to gather component parameters and characteristics of prototypes and preproduction models.

By vertical, the data acquisition (DAQ) system market has been bifurcated into automotive & transportation, aerospace & defense, wireless communications & infrastructure, power & energy, environmental monitoring, healthcare, food & beverage, other. During the forecast period, the market for aerospace and defense vertical is expected to have the greatest market share. The necessity for testing aircraft and their components with real-time monitoring features against numerous metrics and extreme environmental difficulties is driving the growth of the DAQ system market for the aerospace & military vertical.

Competitive Analysis

The global data acquisition (DAQ) system market is characterized by the presence of several regional and local providers. Some of the key players in the market are National Instruments Corp (US), Siemens Digital Industries Software (US), Teledyne Technologies Incorporated (US), Yokogawa Electric Corporation (Japan), Spectris PLC (UK), Emerson Electric Co (US), General Electric (US), Honeywell International Inc (US), AMETEK, Inc (US), Graphtec Corporation (Japan), Hioki E.E. Corporation (Japan), Rockwell Automation Corporation (US), Schneider Electric (France), Curtiss-Wright Corporation (US), Dataforth Corporation (US).

Regional Analysis

The global data acquisition (DAQ) system market has been segmented into four regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The market in the Asia Pacific region would grow due to rising demand for DAQ systems in verticals such as automotive & transportation, growing acceptance of smart solutions in the automotive, power, industrial, oil & gas, pharmaceuticals, and ongoing projects.