Industrial Control Systems (ICS) Market Research Report- Forecast 2030

Impact of COVID-19 on the Global Industrial Control Systems Market

The COVID-19 pandemic has substantially affected the industrial sector across the globe. In Q1 of 2020, the announcement of coronavirus as a pandemic has resulted in strict lockdowns being implemented in various countries worldwide. Several government organizations have imposed restrictions that have compelled the industry players to allow their employees to work remotely. The implementation of technologies, including advanced electronics and automated machinery during the pandemic, has not only ensured the continuity of businesses but has also resulted in positive efforts to maintain work productivity.

Future investments in the construction and residential sectors are expected to provide growth opportunities for the global industrial control systems market players. The demand for these products has been hampered temporarily in recent months owing to the shutting down of businesses globally. However, the demand for industrial control systems is anticipated to recover in the coming months and grow significantly in the long term. The fluctuations in the supply and prices of raw materials have also affected the growth of the industrial control systems market. Moreover, in March 2020, the World Health Organization (WHO) declared the COVID-19 outbreak as a global pandemic, resulting in several countries imposing lockdowns. There is a high probability that the COVID-19 outbreak will have a long-term effect on consumer preferences and lifestyles. The outbreak of COVID-19 has caused a temporary closure of manufacturing plants. China is one of the largest hubs for raw materials used in the manufacturing sector. However, the high cost of machinery is a factor that is hampering the growth of the industrial control systems market. The Asia-Pacific market is expected to recover in the post-lockdown period, with countries such as Japan, China, India, and South Korea witnessing lucrative opportunities to recover from the losses sustained during the COVID-19 pandemic.

ELECTRICITY GENERATION, 2010-2018 (TWh)

Consumer preferences play a vital role in generating demand for the products, owing to their high usage in the energy and power industry. According to the MRF analysis, the global market is expected to witness slow growth in the coming year, which is likely to affect the demand for industrial control systems across the globe. The market is expected to recover in the Q4 of 2020. Moreover, Industry participants are expected to improve their production capacities with the stabilization of the market scenario over the projected timeframe.

Source: Secondary Sources

Source: Primary Experts, Secondary Sources and MRFR Analysis