ID: MRFR/E&P/1174-HCR | February 2021 | Region: Global | 115 pages
Industrial Control Systems Market Share will rise with a CAGR of more than 8.01% by the year 2025. The total Market Revenue amounted to USD 106.68 Billion in the year 2020. It is anticipated to touch the total worth of USD 168.53 Billion by the year 2026.
People across the globe are suffering from the covid19. It has adversely affected the functioning of all the industries, except for the pharmaceutical industry. There has been a complete lockdown in almost every nation. The borders a sealed, which means there will be no travel possible across borders shortly. The businesses are also being shut down.
It is expected that, post the Covid19 situation, the global Industrial Control Systems will grow tremendously. Working remotely in a lockdown situation has given rise to Industrial Control Systems Market Growth. The automation of industries as well as creating an interface that can ease the work from home scenario are prompting the need for industrial control systems.
The list of major global key players involved in Industrial Control Systems Market Analysis is as follows:
The above-listed companies come together in joint ventures, mergers and, acquisitions to make technological advancements. Their main objective is to develop end-products that are cost-effective, superior in quality, easy to work on, and that can deliver accurate solutions to the problems.
Industrial control systems are required for maintaining the database as well as providing safety to the company’s internal information. As security concerns are increasing, the need for an industrial control system is also arising. In this era of the digital world, all the accounting practices are being done online, no physical books of accounts are maintained. This becomes another driving force in the industrial control system market.
The government, as well as private authorities, are investing in Research & Development projects of creating smoother control system interfaces so that huge data and information can be processed easily and in a safer manner. Huge funds are being received from the government for research on projects related to industrial controlling systems. It will not only monitor the operations but will make them happen more proficiently.
The investment required for establishing an industrial control system is very huge. This becomes a major restraint in the development of its market. The duplication of ideas and security of information poses a major threat to the industries. The key players are working on creating a safer interface so that these obstacles can be overcome. The dearth of expert staff and maintenance personnel becomes another issue in the successful installation of the industrial control interface.
As the population is increasing, there is an increased demand for every kind of product. The companies have to undertake mass production operations which may not be possible with the help of human resources alone. The industrial control system allows the companies to automated their projects. It brings efficacy as well as reduces the chances of errors. Homogenous products are produced for the satisfaction of the end-users. Control system software also helps in storage, warehousing, and distribution activities. The records are efficiently maintained and there are fewer chances of window dressing.
The global market of industrial control systems can be divided into various segments. These are: based on technology, based on components, based on the end market.
The technologies used in the industrial control system are divided into supervisory control and data acquisition (SCADA), and hybrid (a hybrid of SCADA and DCS), manufacturing execution system (MES), distributed control system (DCS), safety instrumented system (SIS), marine integrated control and monitoring system (ICMS), and others.
Based on the components used the market can be divided into the human-machine interface (HMI), programmable logic controller (PLC), remote terminal unit (RTU), and modular terminal blocks, surge protectors, marking systems, and others.
Various industries have adapted to using an industrial control systems. These includean industrial control system automotive industry, electronic industry, chemical industry, fiber & textile industry, food & beverage industry, infrastructure industry, medical & life science industry, heavy machinery industry, metals & alloys industry, and others.
Industrial Control Systems Market Size is increasing with every passing day. It is leaving its impression in every corner of the world. The regions where they are operating include America, Europe, Asia-pacific, and the rest of the world.
America, which includes the area of including North America (the US and Canada) and Latin America, has heralded the way for the fourth industrial revolution. This is only possible because of the industrial control system and related services. America holds the largest share in the industrial control system market because of mass production in every industry. The rise in the oil & chemical industry also prompted the need for efficient control systems. Almost every organization is using such interfaces.
The European region, which includes Germany, UK, France, Russia, and Italy, is also expanding its market of industrial control systems. This owns the growing automotive industry. The heavy investment in research and development projects is also giving ways to the growth of the industrial control system market.
Asia-Pacific region, which includes China, Japan, India, Australia, and South Korea, is growing tremendously because of increasing industrial projects. There is a high potential for growth in these areas because of the easy availability of resources and educated & well-trained staff is available to work at an affordable price.
The rest of the world, which includes the region of the Middle East and Africa, is growing at a slower but constant rate. This is because of slow industrial growth and less investment in research projects.
Industrial control systems are used to make the various operations of an industry automated. It reduces the chances of errors, reduces the requirement of labor, provides an exact result, minimizes time, and is cost-effective in long run. Due to technical advancements, and the need for digitization, companies are investing a huge sum in computer-based control systems. This is giving rise to the Industrial Control Systems Industry. Its demand is increasing in manufacturing industries because of rising production operations.
The various recent activities found in Industrial Control Systems Market Trends are as follows:
This market research report of Industrial Control Systems Market Outlook includes the following elements:
This research report, on the global market of Industrial Control Systems, provides a thorough analysis of its usage and its market trends. Due to technical advancements, and the need for digitization, companies are investing a huge sum in computer-based control systems. This is giving rise to the Industrial Control Systems Industry. The government, as well as private authorities, are investing in Research & Development projects of creating smoother control system interfaces so that huge data and information can be processed easily and in a safer manner.
|Market Size||2030: Significant Value|
|CAGR||5% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Components and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Ltd. (Switzerland), Emerson Electric Company (U.S.), Siemens AG (Germany),Mitsubishi Electric Corporation (Japan)General Electric Company (U.S.), Schneider Electric SE (France), Rockwell Automation, Inc. (U.S.), Honeywell International, Inc. (U.S.),and Yokogawa Electric (Japan) , Azbil (Japan), Metso (Finland)|
|Key Market Opportunities||New product launches and R&D Amongst major key players|
|Key Market Drivers||Increasing technological development and advancement in M2M communications|
Frequently Asked Questions (FAQ) :
The segments of the industrial control systems market are SCADA, DCS, PLC, HMI and others
The segments of the industrial control systems market based on component are software and hardware.
The segments, based on end market, are petrochemicals, upstream, utility and power generation.
The industrial control systems market is anticipated to mark 5% CAGR.
The main market players are ABB Ltd. (Switzerland), Siemens AG (Germany), Emerson Electric Company (U.S.), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (France), General Electric Company (U.S.), Rockwell Automation, Inc. (U.S.), Yokogawa Electric (Japan), Honeywell International, Inc. (U.S.), Azbil (Japan), and Metso (Finland).