Industrial Control Systems Energy Power Market

Increasing Industry 4.0 adoption to drive market growth

The market CAGR for industrial control systems (energy & power) is being driven by the adoption of industry 4.0. Industry 4.0 envisions a new generation of low-cost wireless sensors, control systems, and improved real-time data analytics, as well as advances in high-fidelity process modelling. Such developments will include technologies that can improve industrial manufacturing efficiencies and integrate network subsystems in manufacturing operations. With the strategic implementation of Industrial 4.0, efficiency is growing through analytical insight, as it minimises system failures through predictive analytics and optimises costs by eliminating wastage.

Moreover, the increasing emphasis of enterprises on integrating cyber security solutions with industrial automation is likely to generate several growth possibilities in the industrial control systems (ICS) market. The rising industrial auromation is driving technological advancements in domains such as nanotechnology and nanoscale assembly systems, pervasive Internet and machine-to-machine networking, and MEMS and nanotech sensors. To combat the growing cyber security threats, businesses are increasingly focused on the integration of cyber security solutions. This, in turn, is projected to provide many possibilities for companies in the worldwide industrial control systems (ICS) market over the forecast period.

The Global Industrial Control Systems Energy and Power Market Industry experiences a burgeoning demand for energy efficiency solutions. As industries strive to reduce operational costs and environmental impact, the adoption of advanced control systems becomes paramount. These systems facilitate real-time monitoring and optimization of energy consumption, leading to significant savings. For instance, the integration of smart grid technologies has been shown to enhance energy efficiency by up to 30 percent in various sectors. This trend is expected to contribute to the market's growth, with projections indicating a market value of 182.1 USD Billion in 2024.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American industrial control systems (energy & power) market area will dominate this market, because of the growing popularity of biosimilars, the pharmaceutical and biotech sectors have increased their use of industrial and control systems in recent years.

Further, the major countries studiedin the market reportare The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Industrial Control Systems (Energy & Power) Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s industrial control systems (energy & power) market accounts for the second-largest market share due to severe government rules governing the application of safety requirements for industrial control systems utilised for critical infrastructure protection across diverse industries such as oil and gas; utilities; manufacturing; transportation, and so on. Further, the German industrial control systems (energy & power) market held the largest market share, and the UK industrial control systems (energy & power) market was the fastest-growing market in the European region

The Asia-Pacific Industrial Control Systems (Energy & Power) Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising demand for power generation facilities will fuel the expansion of energy and power applications over the forecast period. Moreover, China’s industrial control systems (energy & power) market held the largest market share, and the Indian industrial control systems (energy & power) market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in R&D to expand their product lines, which will help the industrial control systems (energy & power) market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, industrial control systems (energy & power) industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the industrial control systems (energy & power) industry to benefit clients and increase the market sector. In recent years, the industrial control systems (energy & power) industry has offered some of the most significant advantages to medicine. Major players in the industrial control systems (energy & power) market, including General Electric Company (U.S.), Schneider Electric SE (France), Rockwell Automation, Inc. (U.S.), Honeywell International, Inc. (U.S.), and others, are attempting to increase market demand by investing in R&D operations.

Hitachi, Ltd. is a Japanese multinational firm based in Chiyoda, Tokyo, Japan. It is the parent firm of the Hitachi Group (Hitachi Gurpu), and was once a part of the Nissan zaibatsu, DKB Group, and Fuyo Group of enterprises before DKB and Fuji Bank (the core Fuyo Group entity) combined to establish the Mizuho Financial Group. As of 2020, Hitachi's business ranges from IT to infrastructure, including AI, the Internet of Things, and big data.

Hitachi is traded on the Tokyo and Nagoya stock exchanges, and its Tokyo stock exchange listing is a component of the Nikkei 225 and TOPIX Core30 indices. It is placed 38th in the Fortune 500 for 2012 and 129th in the Forbes 2000 for 2012. In September 2022, Hitachi, Ltd. announced the acquisition of Flexware Innovation, Inc., a manufacturing Systems Integrator (SI).

Following the acquisition, Hitachi will strengthen and expand its business in North America in the domains of MES, SCADA, Business Intelligence (BI), Software Development, and ERP implementation capabilities, as well as accelerate digitalisation with JR Automation, which specialises in robotic SI and automation.

PepsiCo, Inc. is an American food, snack, and beverage conglomerate headquartered in Purchase, New York. PepsiCo's operations span the entire food and beverage industry. It is in charge of product manufacture, distribution, and marketing. The Pepsi-Cola Company and Frito-Lay, Inc. merged to establish PepsiCo in 1965. PepsiCo has subsequently expanded beyond its eponymous product, Pepsi Cola, to include a vast array of food and beverage brands.

The most recent and largest acquisition was Pioneer Foods in 2020 for US$1.7 billion, with the Quaker Oats Company in 2001, which gave the Gatorade brand to the Pepsi portfolio, and Tropicana Products in 1998 preceding it. In June 2022, PepsiCo India announced an extra INR 1.86 crore investment in expanding its food manufacturing factory in Kosi Kalan, Mathura, Uttar Pradesh, to create the Doritos brand of cornflakes. The overall investment by PepsiCo in its largest Greenfield Foods production unit, which produces Lay's potato chips, will then be Rs 1,022 crore.