DAQ system market sales create incremental opportunity over 2032
As per a recent report, the global data acquisition (DAQ) system market is poised to grow at a CAGR of 5.3% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 1.2 Billion, expected to close at a valuation of US$ 3.0 Billion. From 2015 to 2021, the market grew at a CAGR of 6.0%. As of 2022, the industry is likely to reach US$ 1.8 Billion.
In the aerospace & defense, government, energy, and automotive sectors, data monitoring improves the quality of operations and helps in early fault detection at the production stage. In addition, data monitoring helps increase the operational efficiency of equipment with minimum human intervention. In the energy sector, data monitoring helps in evaluating the performance of assets such as solar PV, wind turbines, and other power generation equipment.
For instance, monitoring wind turbine data has become critical to wind power generation operations in the US in recent years. According to British Petroleum, the total wind generation in the US was 340.9 TWH in 2020, which was the highest to date. Also, the US was ranked second in terms of total wind consumption after China in 2020. With increasing wind power capacity, wind turbines need to be constantly monitored for parameters such as vibrations, wind speed, and temperature for efficient and reliable operations. In the aerospace industry, data monitoring helps in analyzing the flight aerodynamics characteristics and validating the design and safety parameters of the engine and other aircraft components.
Key Takeaways from the Market Study
- Global data acquisition system market to flourish 1.6x from 2022 to 2032
- By offering, data acquisition system hardware to be top offering type, flourishing at a 5.7% CAGR until 2032
- By vertical, the aerospace & defense segment to expand at a CAGR of 5.5% from 2022-2032
- The U.S to emerge as the fastest growing market, documenting a 5.1% CAGR
- China to be the second most opportunistic market, expected to be valued at US$ 215.8 Million in 2032
- Japan, UK & South Korea to yield $ opportunities worth US$ 174.0 Million, US$ 123.2 Million, and US$ 108.6 Million respectively
The global market for data acquisition systems is characterized by the presence of multiple vendors, aiming to offer extensive products to consumers. Additionally, key makers are focusing on developing devices supported by the implementation of stringent government regulations, and are offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage upgradation and product differentiation to gain an edge over other competitors in the market.
- In July 2021, Dewesoft signed a sales contract with an Austrian company ELIN Motoren GmbH. The company had fully integrated a mandatory vibration measurement of each produced machine, motor or generator – as part of the final inspection procedure. When searching for a suitable DAQ system, the requirements were to keep it portable, measure vibration and electrical power with just one system (raw data), and that the delivery of the data during the test should flow flawlessly to the KS Tornado testbed. Dewesoft provided the right solution – DewesoftX data acquisition software, and fulfilled its requirement.
- In July 2021, Spectris acquired Concurrent Real-Time, a provider of high-performance real-time computer systems, solutions, and software for commercial and government markets. Concurrent Real-Time’s RedHawk Linux solutions deliver hard real-time performance in support of the world’s most sophisticated hardware-in-the-loop and man-in-the-loop simulation, high-speed data acquisition, process control, and low-latency transaction processing applications. This will expand Spectris’s abilities to provide sales and support from offices throughout North America, Europe, and Asia.
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