Industrial Control Systems Market 2021 Opportunities and Growth Rate analysis
Posted by Akash Sangshetti on January 16th, 2021
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.
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 Control Systems Market will grow enormously by 2023 registering a phenomenal CAGR throughout the forecast period (2018 to 2023).
These industrial control systems comprise uses of robotics to gain the advantages in controlling, better precision, reduced assembly time, reduction in labour costs, and reduction in the risk of exposure to production hazards which drive the market growth.
Additionally, adoption of IOT and advancement in M2M communication technology are factors propelling the growth of the market. At the same time these systems play a significant role in reducing energy consumption and increasing operational efficiency that act as key drivers for the market.
On the other hand, factors such as the lack of technical efficiency among the professionals taking care of implementation of these processes are expected obstruct the growth of the market to some extent. Nevertheless, this challenge may get ruled out soon with the emergence of industrial training programs.
Also, to shift from traditional manufacturing to smart manufacturing demands high investment; whereas, due to low profit margin SMEs sometimes can’t arrange funds. These limited re-investment opportunities are factors restraining the market growth. Alternatively, industrial revolution 4.0 would create opportunities in the market.
Fervent players driving the market for industrial control systems include Schneider Electric (France), ABB Ltd (Switzerland), Honeywell International Inc (US), Rockwell Automation (US), Siemens AG (Germany), Omron Co (Japan), General Electric Co (US), Emerson Electric Co (US)., Yokogawa Electric Co (Japan), and Alstom (France).
Industrial Control Systems Market – Segmentation
MRFR has segmented the analysis into four key dynamics; for better understanding: -
By Control System : Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS), and Hybrid (hybrid of SCADA and DCS).
By Components: Human Machine Interface (HMI), Programmable Logic Controller (PLC), Remote Terminal Unit (RTU), SCADA Communication Systems, and others (control server, remote diagnostics & maintenance).
By Application: Electrical Power, Oil & Gas, Water & Waste-water treatment, and Automobile among others (pharmaceutical, aerospace, defence, transportation).
By Regions: North America, Europe, APAC and Rest-of-the-World.
Global Industrial Control Systems Market – Regional Analysis
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, defence, 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.
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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About the AuthorAkash Sangshetti
Joined: October 1st, 2019
Articles Posted: 322
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