Industrial Control Systems Market Expected to Register a 11.42% CAGR Through 2028
Rising adoption of Industry 4.0 and increased requirement industrial control
systems (ICS) security is expected to drive Global Industrial Control Systems
Market during the forecast period, 2023-2028.
According to TechSci
Research report, “Global Industrial Control Systems Market - By
Region, Competition, Forecast & Opportunities, 2028”, Global Industrial Control Systems
Market is growing at a fast pace owing to manufacturing companies are quickly
embracing smart factories, which provide a new level of production and
efficiency. Improved resource planning through the use of smart manufacturing
techniques prevents overproduction and underuse while also increasing cost
effectiveness and sustainability. Because of this, industrial control systems
are now used more frequently in newly constructed smart factories. Global
Industrial Control Systems Market is projected to reach a revised size of USD 25.2
billion by 2028.
Based on software
segment, Distributed Control System (DCS) is the dominant segment in Global
Industrial Control Systems Market as in comparison to conventional centralized
control systems, DCS offers greater control reliability and can be used for
large and complicated industrial operations. As a result, it finds use across a
variety of sectors, including chemical, food and beverage, nuclear power,
wastewater management, and the automotive industries.
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Based on end
user segment, power and utilities segment has the largest market share as power
plants use industrial control systems in a variety of ways. Automation has been
used in hydroelectric power plants by businesses to lower motor and generator downtime,
support more capacity, and boost plant effectiveness. Power stations, wind
farms, and thermal energy producing facilities all use ICS.
In terms of
regional analysis, the Global Industrial Control Systems Market is segmented
into North America, Asia-Pacific, Europe, South America, Middle East &
Africa. The North America region is the dominant region, the pharmaceutical and
biotech industries in North America have increased their use of automation and
control systems in recent years as a result of the rising popularity of
biosimilars. The rise of generic drugs, the rise in chronic disease prevalence,
the rise in demand for pharmaceutical drug productivity, and the rise in
biotechnology market investment for new drugs are some of the major factors
propelling the growth of the Global Industrial Control Systems Market in the
pharmaceutical and biotech industries.
Key market players in the
Global Industrial Control Systems Market include:
- General
Electric Co.,
- Fuji
Electric Co. Ltd.
- Siemens
AG
- Dassault
Systems SE
- Rockwell
Automation Inc.
- ABB
Limited
- Honeywell
International Inc.
- Texas
Instruments Inc.
- Emerson
Electric Co.
- Omron
Corporation
In March 2021, ABB completed
the purchase of the majority of the stock in Chargedot Shanghai New Energy
Technology Co., Ltd. According to ABB, the acquisition would allow it to offer
AMRs in addition to industrial and collaborative robot arms in its product
portfolio. With a 30% yearly growth rate, ASTi solutions currently bring in USD
50 million in revenue annually. The ABB sales and partner network has enabled ASTi
to increase its global reach from 20 to 53 companies, including China.
In addition, businesses have
begun fusing automation and IoT as Industry 4.0 has emerged. This might cause
all of the sensors built inside the facility to generate large amounts of data.
Businesses may use data analytics to improve plant efficiency, paving the door
for the integration of AI with industrial automation.
The usage of efficient and
trustworthy hardware and software is associated with the high prices of
automated systems. Higher initial investments in automation technology are
required by automation equipment (an automated system can cost millions of
dollars to design, fabricate, and install). Additionally, they have less
product flexibility than a manual system, require more maintenance than a
manually operated machine, and are expected to have a negative impact on market
growth.
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“The Global Industrial
Control Systems Market is expected to expand during the projected period. Market
is anticipated to grow significantly as a result of the growing adoption of
process automation across numerous industries, including automotive, energy
utilities, and chemical, Additionally, automakers from all over the world are
aware of the game-changing potential of the next generation of robots and
automation technology to raise standards of productivity, quality, safety, and
cost in the sector.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Global Industrial Control Systems Market by
Software (Supervisory Control and Data Acquisition System (SCADA), Distributed
Control System (DCS), Programmable Logic Controller (PLC), Enterprise Resource
Planning (ERP), Human Machine Interface (HMI), Others), By End User (Oil and
Gas, Chemical and Petrochemical, Power and Utilities, Pharmaceuticals, Food and
Beverage, Automotive, Other), By
Region, Competition, Forecast & Opportunities, 2028”, has evaluated the
future growth potential of Global Industrial Control Systems Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global
Industrial Control Systems Market.
Contact
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