The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Data Acquisition System (DAQ) Market.
It was estimated prior to this unanticipated outbreak that the Data Acquisition System (DAQ) Market will reach CAGR of 5.7 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Data Acquisition System Market Insights
Data acquisition system market is likely to witness an impressive CAGR of 5.7% during the forecast period. The demand for data acquisition systems is driven mainly by the increasing demand for high-speed connectivity among various end-use industries.
Market Share Analysis
Data Acquisition System Market Share: By Component Type
Based on the component type, the market is segmented as hardware and software. The hardware segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. The higher share is attributed to the growing emphasis on data monitoring coupled with the increasing demand for accuracy and precision in measurement applications for various end-use industries.
Data Acquisition System Market Share: By Application Type
Based on the application type, the market is segmented as research and analysis, manufacturing and quality, asset condition monitoring, and design validation and repair. The research and analysis segment is projected to expand with the highest CAGR over the forecast period owing to the rising requirement for real-time analysis of data from industries, such as automotive, wireless communication, aerospace, and defense.
Data Acquisition System Market Share: By End-User Type
Based on the end-user type, the market is segmented as aerospace, defense & government services, automotive, energy, wireless communication and infrastructure, and others. The automotive segment is projected to grow at the fastest rate during the forecast period owing to the growing applications in the industry such as virtual load test and on-road data acquisition.
Data Acquisition System Market Share: By Region
In terms of regions, North America is expected to be the largest market for data acquisition systems during the forecast period. The North American market is expected to expand with a lucrative CAGR due to high adoption of advanced technology, presence of dominant market players, and huge demand from the US.
Some of the major players in the data acquisition system market are National Instruments, Keysight Technologies, Siemens, Schneider Electric, HBM, Yokogawa, Ametek, Tektronix, Fluke Corporation, Brüel & Kjær, Emerson Electric, GE, Honeywell, Rockwell Automation, Omron Corporation, Macrodyne, and Teledyne Technologies.