The global data acquisition (DAQ) system market was valued at US$ 1.7 Billion in 2021 and is projected to be valued at US$ 1.8 Billion in 2022. During the 2022-2032 period of assessment, demand is expected to rise at a 5.3% value CAGR, likely to reach US$ 3.0 Billion by the end of the said forecast period.
Overall, the data acquisition system landscape is poised to yield an absolute dollar opportunity worth US$ 1.2 Billion by 2032.
Sales of Data Acquisition (DAQ) System will continue to flourish, with a documented CAGR of 6.0% from 2015-2021.
Moreover, hardware data acquisition (DAQ) system and aerospace & defense will continue to remain the primary beneficiaries of the data acquisition systems market, likely to register a CAGR worth 5.7% and 5.5% respectively, from 2022 to 2032. The U.S is projected to represent the highest growth across the global market.
Data Acquisition (DAQ) System Market Revenue Key Trends
The global Data Acquisition (DAQ) System Market is expected to experience substantial growth over the forecast period. The demand for DAQ systems is increasing due to their ability to capture and analyze data in real-time. DAQ systems are used in various industries such as automotive, aerospace, healthcare, and manufacturing. The increasing demand for automation in various industries is one of the key drivers of the DAQ system market.
Moreover, the increasing use of data analytics in various applications such as predictive maintenance, quality control, and monitoring is also driving the demand for DAQ systems. The growing importance of data-driven decision making in various industries is also contributing to the growth of the market. The market is expected to witness significant growth in the coming years due to the increasing adoption of Industry 4.0 and the Internet of Things (IoT).
North America is expected to hold the largest share in the global DAQ system market, followed by Europe and Asia Pacific. The growth in the North American market is attributed to the increasing demand for DAQ systems in the manufacturing and automotive industries. The Asia Pacific region is expected to witness significant growth due to the increasing adoption of automation in various industries.
The key players operating in the global DAQ system market include National Instruments Corporation, Keysight Technologies, Inc., Honeywell International Inc., ABB Ltd., Advantech Co., Ltd., Yokogawa Electric Corporation, Emerson Electric Co., and Siemens AG. These companies are focusing on product innovation and strategic partnerships to strengthen their market position.
In conclusion, the global DAQ system market is expected to witness significant growth in the coming years due to the increasing demand for automation, data analytics, and Industry 4.0. The market is highly competitive, and key players are focusing on strategic partnerships and product innovation to maintain their market position.
Key Data Acquisition (DAQ) System Service Providers
- Advantech Co. Ltd.
- Spectris PLC (HBM and Bruel & Kjaer and Omega)
- National Instruments Corporation
- Schneider Electric SE
- ABB Ltd
- Honeywell International
- Siemens AG
- Rockwell Automation Inc.
- Keysight Technologies
- General Electric Ltd.
- Omron Corporation
- Yokogawa Electric Co.