Data Acquisition DAQ System Market Analysis

Data Acquisition System Market Overview

The Data Acquisition System Market is projected to grow from USD 2.12 billion in 2024 to USD 3.18 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.15% during the forecast period (2024 - 2032). Additionally, the market size for Data Acquisition System was valued at USD 2.01 billion in 2023.

With evolving technology and the advent of Industry 4.0, where all industries are being automated, looking for digital replacements to analogue systems is essential are the key market drivers enhancing the market growth.

Data Acquisition System Market Trends

Growing data monitoring is driving the market growth

Market CAGR for data acquisition system is being driven by the rising data monitoring. The data acquisition (DAQ) systems market is expanding due to increased data monitoring requirements globally and increased demand for technology for strategic decision-making in enterprises. Data monitoring improves operational quality and assists in the early detection of faults in the aerospace and defense, government, energy, and automotive industries. Furthermore, data monitoring helps to improve equipment operating efficiency while requiring little human interaction. Integration of control systems with DAQ solutions, which provides real-time control and post-recording data presentation and analysis, also drives industrial growth. Aside from that, the food and beverage (F&B) industry's widespread use of supervisory control and data acquisition (SCADA) systems for improving food quality management is affecting the need for DAQ systems. Using these technologies in home automation systems with the Internet of Things (IoT) can also be linked to increasing product demand.

5G technology is progressively being adopted by aerospace, wireless communication, automotive, and manufacturing industries. In the automobile industry, for example, existing 4G technology needs to be faster to enable the development and acceptance of self-driving cars.The image recognition, speech detection, and other digital devices utilized in autonomous vehicle development require 5G technology to increase high-speed communication. Similarly, 5G technology is utilized in the aircraft industry to improve avionics equipment dependability by lowering latency and improving communication speed. Furthermore, some nations have already begun investing in 5G technology to improve digital infrastructure and remain competitive in the digital economy. South Korea, the United States, China, and Germany are among the main countries adopting and deploying 5G wireless infrastructure. These nations will likely present prospects for DAQ systems in various end-user industries, such as wireless communication and infrastructure. Thus, driving the Data Acquisition System market revenue.

Data Acquisition System Market Segment Insights

Data Acquisition System Type Insights

The global Data Acquisition System market segmentation, based on type, includes hardware and software. The hardware segment dominated the market, accounting for 66% of market revenue. Information-gathering method hardware is often utilized because of its modular architecture and ability to create diverse combinations to fulfill a broad range of unique experimental settings. Furthermore, Ethernet adoption is growing because of its interoperability and ease of integration, pushing increased demand for DAQ equipment. DAQ hardware is in high demand because of its broad use in industrial applications such as process and discrete, laboratory/R&D, automotive, and aerospace & military.

Data Acquisition System Speed Insights

Based on speed, the global Data Acquisition System market segmentation includes high-speed (>100 KS/S) and low-speed (<100 KS/S). The high-speed (>100 KS/S) segment dominated the market. DAQ software is used to intelligently analyze, standardize, and report massive amounts of data and to test vehicles and components under real-world performance situations. These procedures require high speeds of more than 100 KS/S.

Data Acquisition System Application Insights

Based on application, the global Data Acquisition System market segmentation includes R&D, field, and manufacturing. The R&D segment dominated the market. Committed tests and measurement equipment are necessary for R&D to ensure that the project performs according to calculations and aids in issue resolution. DAQ systems are used in R&D to determine the component parameters and characteristics of prototypes and preproduction models.

Data Acquisition System Vertical Insights

Based on Vertical, the global Data Acquisition System market segmentation includes automotive & transportation, aerospace & defense, wireless communications & infrastructure, power & energy, environmental monitoring, healthcare, food & beverage, and others. The aerospace & defense category generated the most income. The necessity for testing aircraft and their components with real-time monitoring features against numerous metrics and harsh climatic difficulties is driving the growth of the DAQ system market for the aerospace and defense sector. DAQ systems are critical throughout testing methods to ensure that aerospace products and components satisfy functional criteria.

Data Acquisition System Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Data Acquisition System market area will dominate this market, The growing demand for DAQ systems in verticals such as automotive and transportation, as well as the growing use of smart solutions in the power, automotive, oil & gas, industrial, and pharmaceutical industries, will drive the market in North America.

Further, the major countries studied in the market report are The US, Canada, German, Japan, India, France, the UK, Italy, Spain, China, Australia, South Korea, and Brazil.

Europe has the second-largest market share for Data Acquisition Systems. Positive legislative changes, widespread industrial automation, and new clever manufacturing ventures would increase the European Union's market share. Furthermore, the German Data Acquisition System market dominated, while the UK Data Acquisition System market was the fastest expanding in the European area.

The Asia-Pacific Data Acquisition System Market is estimated to expand at the quickest CAGR between 2023 and 2032. The utilization of emerging technology, such as artificial intelligence (AI) and the Internet of Things, increased production capacity, stricter laws governing product testing and measurement, and major government backing for manufacturing. Furthermore, China's Data Acquisition System market had the greatest market share, while India's Data Acquisition System market was the fastest expanding in the Asia-Pacific region.

Data Acquisition System Key Market Players & Competitive Insights

Leading market companies are making significant R&D investments to diversify their product offerings, which will drive the Data Acquisition System market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants also engage in several strategic actions to increase their worldwide presence. The market for Data Acquisition System industry is becoming more competitive. Therefore, it needs to offer reasonably priced products to grow and thrive.

Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers employ in the worldwide Data Acquisition System industry to assist customers and expand the market sector. The market for Data Acquisition System industry has recently provided some of the most important benefits. Major players in the Data Acquisition System market, including Major players in the Data Acquisition System market, including ABB,Explorium' and others, are attempting to increase market demand by investing in research and development operations.

ABB is a technology leader in electrification and automation, paving the path for a more resource-efficient and sustainable future. The company's solutions combine Engineering know-how and software to optimise how objects are created, transported, powered, and operated. ABB's 105,000 workers are dedicated to creating innovations that drive industrial change, building on more than 130 years of excellence. In December 2021, ABB India collaborated with Indore smart city evelopment to implement digital technology that ensures uninterrupted power supply to households and businesses. Through digitally enabled SCAD solutions, ABB's Compact Secondary Substations (CSS) employed in the project save downtime by ensuring a consistent and stable power supply.

Explorium's External Data Cloud links you to the greatest data sources in the world, all on one platform. It automatically identifies important, impacting data signals and utilises them to provide strong analytical solutions and revolutionary go-to-market activities. In April 2021, Explorium, has released Signal Studio, a data acquisition product for developed analytics and machine learning that allows data and analyst teams quickly recognise and transform the most relevant external information signals into their data analysis pipeline.

Key Companies in the Data Acquisition System market include

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  National Instruments Corp (US)

  
  


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  Siemens Digital Industries Software (US)

  
  


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  Teledyne Technologies Incorporated (US)

  
  


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  Yokogawa Electric Corporation (Japan)

  
  


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  Spectris PLC (UK)

  
  


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  Emerson Electric Co (US)

  
  


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  General Electric (US)

  
  


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  Honeywell International Inc (US)

  
  


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  Rockwell Automation Corporation (US)

  
  


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  Schneider Electric (France)

  
  


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  AMETEK, Inc (US)

  
  


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  Graphtec Corporation (Japan)

  
  


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  Hioki E.E. Corporation (Japan)

  
  


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  Curtiss-Wright Corporation (US)

  
  


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  Dataforth Corporation (US).

  
  

Data Acquisition System Industry Developments

In January 2023, Axiometrix Solutions’ brand, imc Test & Measurement, introduced its modular data collection system, IMC ARGUSfit. Therefore, there is an imc ARGUSfit base unit and extra amplifier and fieldbus interface modules like FD that can be easily docked together quickly to offer high flexibility in automotive and machine testing and monitoring.

In June 2022, Advantech launched the iDAQ line of data collection modules. The company made this announcement about the iDAQ series, which is a new family of modular data acquisition modules and chassis consisting of the iDAQ-900 chassis and a group of DAQ modules that includes the iDAQ-700 and 800.

June 2022 - Advantech announced the launch of a new series of data acquisition modules - the iDAQ series. It contains a range of modular DAQ modules and chassis known as the iDAQ series, including the iDAQ-900 series chassis as well as iDAQ-700 and 800 series DAQ modules.

December 2021 saw a partnership between Indore Smart City Development (which had partnered with ABB India) to provide an uninterrupted supply of electricity for residential areas and businesses through digital technologies. Connected to supervisory control & data acquisition (SCADA) systems powered by Compact Secondary Substations (CSS), it ensures that electricity is constantly supplied without interruption.

In June 2023, imc Test & Measurement finally presented its latest line-up called imc ARGUSfit as a powerful solution for flexible measurement tasks. It is completed by introducing MAY FD options or any other complementary amplifier or fieldbus interface module to these ones. Hence, this modularity allows for easy assembly without having to deal with specific design requirements that are common in both automotive testing scenarios and machinery applications.

FMK INC, a South Korea-based start-up, launched the TSI-T001 tunnel safety inspection system on April 20th, 2024. In addition to this feature, autonomous data acquisition is also provided in the package.

In June 2023, IMC Test & Measurement announced the launch of its new data acquisition system. It is a modular data acquisition system designed to be simple, easily installed, and integrated.

Data Acquisition System Market Segmentation

Data Acquisition System Type Outlook

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  Hardware

  
  


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  Software

  
  

Data Acquisition System Speed Outlook

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  High-speed (>100 KS/S)

  
  


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  Low-speed (<100 KS/S)

  
  

Data Acquisition System Application Outlook

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  R&D

  
  


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  Field

  
  


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  Manufacturing

  
  

Data Acquisition System Vertical Outlook

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  Automotive & Transportation

  
  


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  Aerospace & Defense

  
  


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  Wireless Communications & Infrastructure

  
  


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  Power & Energy

  
  


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  Environmental Monitoring

  
  


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  Healthcare

  
  


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  Food & beverage

  
  


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  Other

  
  

Data Acquisition System Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America