MOUNTAIN VIEW, Calif., Jan. 5, 2016 /PRNewswire/ -- The emergence of global smart grid projects is widening the usage scope of supervisory control and data acquisition (SCADA) systems in energy and utility industries. Some of the main areas of application for these systems are outage management, demand forecasting and analytics, and the single biggest market; the electric power industry with a share of 64.3 percent.
Recent analysis from Frost & Sullivan, Analysis of the Global Supervisory Control and Data Acquisition (SCADA) Systems Market in the Energy and the Utility Industries (http://www.frost.com/nf5d), finds that the market earned revenues of $4.55 billion in 2014 and estimates this to reach $7.34 billion in 2021.
For complimentary access to more information on this research, please visit: http://bit.ly/1WSeooL
While the emerging markets will prove attractive to SCADA suppliers due to their high energy demand, the European Union too is fostering a favorable investment climate with its focus on renewable projects.
"On the one hand, the escalating energy requirements have created opportunities for greenfield expansions, while on the other, the need to modernize aging pipelines, power grids and water infrastructure have stoked brownfield opportunities," said Frost & Sullivan Manufacturing 4.0 Senior Industry Analyst Piyush Dewangan. "In addition, shale gas exploration activities in North America are accelerating the deployment of SCADA systems."
Although SCADA system vendors are making an effort to keep pace with changing trends, advancements in communication technologies will significantly disrupt SCADA architecture. As devices now directly communicate with next-generation enterprise software in real-time and all business processes are integrated, there will be a drop in the share of hardware revenue. However, demand for application software will gather momentum.
The ongoing global oil price fluctuations and economic crisis in Europe, the Middle East and Africa will further dampen market growth rates. In addition, concerns regarding cybersecurity will shift end-user priorities from capacity development to security-related projects, limiting the adoption of SCADA systems.
"To appeal to a larger pool of end users, suppliers are offering strong value propositions with value-added application software and associated services," noted Dewangan. "Suppliers are also building service portfolios that manage cybersecurity in order to suppress apprehensions and ensure success in the global SCADA market."
Analysis of the Global Supervisory Control and Data Acquisition (SCADA) Systems Market in the Energy and the Utility Industries is part of the Industrial Automation & Process Control (http://ww2.frost.com/research/industry/industrial-automation-process-control/industrial-automation-process-control) Growth Partnership Service program. Frost & Sullivan's related studies include: Change is the Only Constant - How Internet of Things Could Restructure Existing Automation Ecosystems, Changing Dynamics of the Global Simulation Market, Cybersecurity Implications in the US Chemical Industry, and Connected Industries and Asset Analytics-as-a-Service. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Join Us: Join our community
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
Analysis of the Global Supervisory Control and Data Acquisition (SCADA) Systems Market in the Energy and the Utility Industries
Corporate Communications - North America
Photo - http://photos.prnasia.com/prnh/20160105/8521600027