Data Acquisition System (DAQ) Market expected to be worth $2.6 billion by 2024

(IT-NEWSWIRE.COM, February 13, 2020 ) The report "Data Acquisition System Market (DAQ) by Component Type (Hardware, Software), Application (Research and Analysis, Manufacturing and Quality, Asset Condition Monitoring, Design Validation and Repair), End-user, and Region - Global Forecast to 2024", is expected to grow from an estimated revenue of USD 1.9 billion in 2019 to USD 2.6 billion by 2024, at a CAGR of 5.9%. Increasing emphasis on data-monitoring in end-users namely aerospace, defence and wireless communication and others across regions such as North America, Asia Pacific, and Europe, is driving the demand for DAQ system market. The market is segmented by component, application, end-user and region.

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Aerospace, Defence and Government Services: The largest end-user segment of the DAQ system market

The market is segmented, by end-user, into aerospace defense and government services, automotive, energy, wireless communication and infrastructure, and others. Aerospace, defense & government services segment accounted for the largest share of the DAQ system market in 2018. The aerospace sector is driven by increased research and development investment in countries such as the US, France, UK, Germany and Russia along with the advent of new technologies like flying urban taxies, electric passenger planes and freight-carrying drones. This is expected to drive this segment across regions such as North America, Asia Pacific, and Europe.

Research and analysis is projected to have the highest growth rate in the DAQ system market, by application

The market is segmented, by application type, into research and analysis, manufacturing and quality, asset condition monitoring and design validation, and repair. The research and analysis segment is estimated to lead the market in terms of market size and is also expected to be the fastest-growing market. The growth is driven by the increasing need for accurate, fast and precise DAQ systems for testing new technologies.

North America region is expected to dominate the global DAQ system market

North America was the largest DAQ system industry in 2018, driven mainly by increased investment in aerospace and defense and energy sectors activities in the US and Canada. Increasing emphasis on the DAQ system in the automotive sector, wireless communication, and aerospace and defense segments are the key market drivers of the industry. The Asia Pacific is the second-largest market driven by applications such as automotive, energy, wireless communication and infrastructure, followed by Europe.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the DAQ system market. These players include National Instruments (US), Keysight Technologies (US), Ametek (US), Teledyne (US), Fortive (US), and Yokogawa (Japan).

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Data Acquisition System (DAQ) Market expected to be worth $2.6 billion by 2024