Data Acquisition (DAQ) System Market

Report Scope & Overview:

The Data Acquisition (DAQ) System Market Size was valued at USD 8.20 billion in 2022, and expected to reach USD 14.96 billion by 2030, and grow at a CAGR of 7.8% over the forecast period 2023-2030.

Data acquisition is the process of converting unit signals from real-world objects into digital values ​​that can be analyzed and used in a computer program. Real-world symbols and a computer machine are linked to DAQ functionality. The Data Recovery System is made up of part of the hardware that connects the sensors and is connected to the computer. Sensors, also known as transducers, are devices that convert physical features into countless electrical impulses. Sensor signals are converted into numerical grades by signal frequency. DAQ software is an industrial control system that collects data from remote sensor tools, then interprets and visualizes the central location for monitoring and management purposes. Data will also be collected and analyzed in real time. The DAQ uses industrial standard computers and processing capabilities to create cost-effective, robust, and flexible measurement solutions. Aerospace and defense, energy and power, wireless communications, environmental monitoring, food and beverage, automotive and transportation, health care, and other industries uses extensive data acquisition.

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MARKET DYNAMICS:

KEY DRIVERS:

• DAQ system improvements and adaptability are increasing.

• End-user sectors are placing a greater focus on data monitoring.

• Increased use of Industry 4.0 in the aerospace and automotive industries.

RESTRAINTS:

• Greater processing capacity is required for real-time data analysis.

OPPORTUNITIES:

• Increased demand for high-speed communication technologies such as 5G

• Growing need for automated data acquisition systems.

CHALLENGES: 

• Fiercely competitive market.

IMPACT OF COVID-19:

The DAQ system market is down by 2020. This is because the governments of several major economies have enforced lockdowns to curb the spread of COVID-19. As it closes the boundries, production activities are severely affected. Aerospace and defense and automotive and transport are the top solutions for DAQ system solutions. Many countries, including the US, China, Japan, and South Korea, had suspended automotive production for a few weeks by 2020 due to the COVID-19 epidemic. Exported parts of China, disruptions to production throughout Europe, and assembly plants in the US have been affected by the epidemic. A significant decrease was observed in aerospace and defense. As a result of the outbreak, more than 25 airlines companies applied for bankruptcy between April and June. All of these factors impacted to the market demand for the DAQ program during the epidemic.

In addition, reduced economic activity due to the outbreak and spread of COVID-19 has resulted in changes in power and energy, wireless connectivity with infrastructure, the need for construction and diversification of supply chains. However, with the ease of closure in countries such as China, India, the US and Germany, as well as vaccines widely distributed, the manufacturing industry is expected to slow down in the coming months, as well as the DAQ market system.

Based on Offering, the Data Acquisition (DAQ) System market is segmented into Hardware and software.

Hardware is expected to lead the market for a data acquisition system during forecasting. DAQ hardware is widely used due to its modular design and the ability to configure various combinations to satisfy a wide range of custom test settings. Additionally, Ethernet adoption is accelerated due to features such as integration and easy integration, thereby exacerbating the need for DAQ hardware. Demand for DAQ hardware is growing as it is widely distributed in the production of applications in both sophisticated processes, laboratory / R&D, automotive, and aerospace and defense markets. External chassis and module increase productivity and performance in the DAQ and control industrial applications. Continuous migration to USB- and advanced ethernet systems that enable PC computing and performance leads to faster discovery rates, ultimately driving the market of external chassis and modules.

Based on Industry Vertical, the Data Acquisition (DAQ) System market is segmented into Aerospace & Defense, Wireless Communications & Infrastructure, Automotive & Transportation, Power & Energy, Environmental Monitoring, Food & beverage, Healthcare and Others.

The aerospace defense vertical market is expected to have the largest market share at the time of forecasting. The market growth of the DAQ system for aerospace & defense vertical is driven by the need to test aircraft and their components with real-time monitoring features against various boundaries and extreme environmental challenges. DAQ systems serve a vital role in ensuring that aerospace products and components fulfil particular performance criteria during various testing procedures. These tests are performed during the design, development, and production stages of aerospace components and play a key role in ensuring that the aerospace components, ground systems, and complete aircraft systems meet the stated requirements. These reasons have all led to the growing need for DAQ systems in the aerospace and military industries.

KEY MARKET SEGMENTS:

BY OFFERING

• Hardware

• Software

BY SPEED

• High-speed (>100 KS/S)

• Low-speed (<100 KS/S)

BY INDUSTRY VERTICAL

• Aerospace & Defense

• Wireless Communications & Infrastructure

• Automotive & Transportation

• Power & Energy

• Environmental Monitoring

• Food & beverage

• Healthcare

• Others

BY APPLICATION

• Manufacturing

• R&D

• Field

• Others

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REGIONAL ANALYSIS:

Various continents are expected to earn considerable income from the data acquisition (DAQ) system market throughout the forecast period. North America, Europe, Asia-Pacific, the Middle East and Africa, and South America are all included in the market analysis of the data acquisition (DAQ) system. North America includes the US, Canada, and Mexico. The UK, Germany, France, and other European countries make up Europe. Asia-Pacific includes countries such as China, Japan, India, and throughout Asia-Pacific. The market for the DAQ system in Asia Pacific is expected to grow at a rapid pace. Rapid technological advancement, expansion of production units, strong regulatory policies regarding product testing and evaluation, strong government support for the production and adoption of new technologies such as AI and IoT, as well as the presence of significant industry players in the area, are some of the primary drivers driving APAC DAQ system market growth. Due to the presence of countries such as China, Japan, and India, the country may have a growing need for DAQ solutions.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The key players in the Data Acquisition (DAQ) System market are National Instruments Corp, Spectris PLC, Honeywell International Inc, Siemens Digital Industries Software, Dataforth Corporation, Teledyne Technologies Incorporated, ADLINK Technology, Yokogawa Electric Corporation, Keysight Technologies, Rockwell Automation Corporation & Other Players.

Honeywell International Inc-Company Financial Analysis