The global market for DAQ is projected to have considerable CAGR of around 6.5% during the forecast period. Data acquisition and conversion systems are used to acquire analog signals from one or more sources and convert these signals into digital form for analysis or transmission by end devices such as digital computers, recorders, or communications networks. The analog signal inputs to data acquisition systems are most often generated from sensors and transducers which convert real-world parameters such as pressure, temperature, stress or strain, flow and others, into equivalent electrical signals. The market for DAQ is mainly driven due to integration of industry 4.0 in automotive and aerospace & defence industry and growing automation in various industry. For instance In 2016, Boeing, an American multinational manufacturer of airplanes began to use this technology as part of a new; advanced manufacturing process for building its 777 fuselages. The technology was put in place to improve employee safety and product quality. Moreover, growing demand of automated DAQ systems and increasing trend towards high speed connectivity solutions such as 5G technology further provide substantial opportunity to the market.
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Global DAQ market to be driven by Automotive Industry
Among Industry, the automotive industry segment held a considerable share in the market. The market mainly driven due to the growing automation and implementation of industry 4.0 in automotive manufacturing industry. The automotive industry constantly uses advanced technologies to bring innovative, efficient and safe vehicles to the market, while constantly working to reduce manufacturing costs. Currently, these technologies comprise AI and high-performance computing. Over the decades, the industry has invested significantly in high-performance computing (HPC) systems to power modeling, design and simulation applications. The automotive industry is highly dynamic and needs extreme flexibility from the manufacturers of the automotive industry. With the emerging competition in the automotive industry, the manufacturers are focusing on smart production systems, integrated with flexible logistics systems. With the innovative combination of hardware and software, the manufacturers create unique productive cooperation between human beings and robots, which supports the smooth flow of everyday operations. As a result, the adoption of industrial robots in the automotive industry further propels the market growth.
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North America to hold a considerable share in the global DAQ market
Geographically, North America is projected to hold a significant market share in the global DAQ market. Major economies which are anticipated to contribute to the North America DAQ market are the US and Canada. North America is dominating the DAQ market owing to wide adoption of DAQ solutions, significant presence of DAQ vendors and growing industrial automation. The favorable government initiatives in product development and innovation along with the collaboration between the private and government sector to develop AI technology in the region further spurs the regional growth of the market. In February 2019, the President signed an Executive order 13859, Maintaining American Leadership in AI. The signing of the order was aimed to launch the American AI initiative in order to promote and protect AI technology in the US. The automotive industry in the US is also leading towards the innovation. New R&D initiatives are transforming the industry to respond better to the opportunities. According to the Auto Alliance, of the $105 billion spent on R&D globally, almost $18 billion is spent in the US in 2018.
Global Data Acquisition (DAQ) Market Segmentation
By Product Type
• Aerospace & Defence
• Energy & Power
• Environmental Monitoring
• Food & Beverages
• United States
• Rest of Europe
• Rest of Asia-Pacific
Rest of the World
• AstroNova, Inc.
• Campbell Scientific, Inc.
• DEWETRON GmbH
• Dewesoft d.o.o.
• Emerson Electric Co.
• General Electric Co.
• Honeywell International Inc.
• Hottinger Baldwin Messtechnik GmbH
• Keysight Technologies
• Macrodyne Technologies Inc.
• National Instruments Corp.
• OMRON Corp
• Rockwell Automation, Inc.
• Siemens AG
• Schneider Electric SE
• Teledyne Technologies, Inc.
• Tektronix, Inc.
• Yokogawa Electric Corp.
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