Industrial Control System Market Sales, Revenue, Research Methodology, Report Forecast to 2023
- ehteshampeerzade
- Oct 6, 2020
- 3 min read
Market Highlights
Acknowledging the kind of traction, the market is garnering currently, Market Research Future (MRFR) in its recently published study report asserts that the global industrial controls systems market will grow enormously by 2023 registering a phenomenal CAGR throughout the forecast period (2018 to 2023).
Industrial controls systems are advanced factory automations technologies that control the equipment and machines in the industries. The emergence of automation technologies has revolutionized the manufacturing sectors witnessing huge uptake of these technologies. Automation signifies to reduced human intervention, reduced human errors and hence reduced operational cost which is encouraging various industrial units to adopt the control systems. The huge uptake defines the growing market landscape of industrial controls systems.
Market Drivers & Key Challenges
The study indicates that the market is getting substantial traction due to factors such as its ability to be used in the power generation, transmission, and distribution in collecting and analyzing the data to observe for the proper functioning of systems and processes. The industrial control system is becoming the choicest option as they enhance the use of smart grids and smart manufacturing, which is boosting the market to a great extent and motivating to achieve more valuation in the coming years.
At the same time, the emergence of the Internet of Things (IoT) is also driving several industries to adopt the advantages of Internet connectivity that reduces the number of on-site workers to monitor the condition of machinery, which further reduces cost. Such factor is also boosting the market in a positive way. Moreover, there is a growing demand for automation of processes in the industrial control system application that is achieved by integrating the mechanical devices with computers. Such a situation results in reduction in cost, high production rate, and wastage reduction, which boosts the market during its growth period.
On the other hand, the industrial control system market is anticipated to expand as there is a rising need for industrial software and process automation, which drives market growth as industries are becoming more competent and saving time. As an add-on, industrial control systems are adopting new technologies and software to improve the overall functionality of the system.
On the flip side, several industries are facing substantial security challenges associated with emerging technologies such as Internet of Things (IoT) and cloud computing owing to the rising frequency of cyber-attacks on ICS organizations. Such attacks affect the critical infrastructure, which is a significant threat to the industrial control system market’s growth during the forecast period.
Regional Outlook
The North American region accounts for the largest share in the global industrial controls systems market owing to the substantial technological advancements and their uptake. Moreover, factors such as increasing industrialization and the growing demand for safety features in industries drive the growth of the regional market. Furthermore, some of the Well-established industries such as power, O&G, waste-water treatment, defense, and automobile create opportunities for the market to grow significantly during the forecast period.
The Asia Pacific region is another lucrative market for industrial controls systems market. Factors such as the increase in the production of automobiles in emerging nations such as India, China, and Japan along with the presence of a number of vendors drive the market growth.
Advancements expected to happen in the industrial safety technology will result in the growth of the industrial controls systems market in the region. Furthermore, the growth in the market is driven by factors such as the increasing population, urbanization, and industrialization led by the improving economic conditions are fostering the market growth, creating the demand for energy, water and waste-water treatment systems.
The European region holds the third position in the global ICS market in terms of growth rate and the market size. The market growth in this region is driven by the growing manufacturing sector and the adoption of new technologies such as IoT and application of industry 4.0 concept in the manufacturing. Besides increase in the demand for modernization, smart grid, and cloud computing are some of the factors that are estimated to fuel the growth in the European market.
Key Players
The well-known players in the Industrial control system market are listed as Schneider Electric (France), ABB Ltd (Switzerland), Siemens AG (Germany), General Electric Co (US), Omron Co (Japan), Emerson Electric Co (US)., Rockwell Automation (US), Yokogawa Electric Co (Japan), Honeywell International Inc (US), and Alstom (France).
Segmentation:
By the study conducted on the basis of segmentation, the industrial control system market share for the industrial control system (ICS) has been categorized among the elements of control systems, components, and applications.
In terms of control systems: Supervisory control and data acquisition (SCADA), distributed control system (DCS), and hybrid (hybrid of SCADA and DCS) are the segments.
In terms of components: Human-machine interface (HMI), programmable logic controller (PLC), remote terminal unit (RTU), SCADA communication systems, and others (control server, remote diagnostics & maintenance) are the segments.
In terms of application: Electrical power (generation, transmission, and distribution), oil and gas, Pharmaceutical industry, automobile industry, water, and water-waste treatment, and others (aerospace, defense, transportation) are the segments.
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