The data acquisition system market is expected to grow from USD 1.8 billion in 2019 to USD 2.2 billion by 2024, at a CAGR of 5.0%. A data acquisition system (DAQ) is an information system that collects, stores, and distributes information. It is used in industrial and commercial electronics, and environmental and scientific equipment to capture electrical signals or environmental conditions on a computer device. A data acquisition system is also known as a data logger. The data acquisition system finds extensive application in industries such as aerospace & defense, transportation, energy and power, environmental monitoring, food and beverages, healthcare and academic and research, with operations distributed geographically. Several industry incumbents are currently focusing on developing new use cases for DAQ system with upcoming technologies in the electronics and semiconductor sector; this might increase the demand during the forecast period.
National Instruments (Texas), Keysight Technologies (US), Siemens (Germany), HBM (Germany), Yokogawa Electric (Japan), ABB Ltd (Switzerland), Honeywell International (US), Rockwell Automation (US), AMETEK Inc (US), and Emerson Electric (US) are major players contributing to the growth of the DAQ system market.
Among DAQ system offering, DAQ hardware holds the largest size of the DAQ system market; DAQ hardware is classified into external chassis and module and plug-in analog I/O board. Moreover, the market for external chassis and module is expected to grow at the highest CAGR as external chassis offers standardized modular architectures which are mechanically robust, easy to configure, and provide for a variety of measurement and control functions. For high channel counts required chassis, modules, and accessories are cost-effective.
Among all DAQ lifecycle applications, the market for field DAQ system application is expected to grow at the highest CAGR during the forecast period. This growth is due to increasing use of DAQ system on field in testing various automotive components thereby reducing the development time of the product. Competitive pressure is forcing engineers to perform product development faster, thus driving demand for field data acquisition.
Among all verticals, the DAQ system market for automotive & transportation is expected to grow at the highest CAGR during the forecast period. Automotive is one of leading industry when it’s come to the data acquisition and data analysis at various stage of product lifecycle raging from R&D to field trials, which makes it a growing segment in the DAQ system market for the automotive vertical. Automotive is expected to become a lucrative market for DAQ system during the forecast period.
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Among all regions, the market in APAC is expected to witness the highest CAGR during the forecast period. The market in China is expected to grow mainly because the number of automotive manufacturing units in China is increasing, which is expected to create a huge demand for DAQ system. The demand for process automation & instrumentation is very high in APAC owing to the increasing investment in power transmission and distribution. China, India, and Japan are considered as largest electricity generators in the APAC. Several key players in the DAQ system market are already trying to tap these opportunities by increasing the R&D budget to focus more on providing better performance and reducing the development time of the product lifecycle. The growing traction of industrial IoT devices and equipment has also instigated many DAQ system manufacturers to develop products specific to this application area.
