Industrial Control Systems Market to Surpass USD 246 Billion at a CAGR of 8.6% by 2030- Report by Market Research Future (MRFR)
Increasing need for industrial software and process automation to boost the market growth
New York, USA, June 26, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Industrial Control Systems Market Research Report: By Type, Applications, End-Users – Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 246 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 8.6% during the assessment timeframe.
Industrial Control Systems Market Key Players
Eminent industry players profiled in the global Industrial Control Systems market report include
- ABB Ltd
- Schneider Electric
- Honeywell International Inc
- Siemens AG
- Rockwell Automation
- Omron Co
- Emerson Electric Co.
- General Electric Co
- Yokogawa Electric Co
Industrial Control Systems (ICS) refer to the hardware and software solutions used to monitor and control industrial processes and machinery. These systems play a crucial role in optimizing operations, improving productivity, and ensuring safety in industries such as manufacturing, energy, oil and gas, and transportation. ICS encompass various components such as programmable logic controllers (PLCs), supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), and human-machine interfaces (HMIs).
The primary use of industrial control systems is to automate and streamline industrial processes, leading to enhanced efficiency and accuracy. These systems enable real-time monitoring and control of machinery, allowing operators to make informed decisions and respond promptly to any anomalies or issues. Industrial control systems find applications in diverse areas, including factory automation, process control, remote monitoring, and asset management.
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|Revenue Forecast in 2030||USD 246 Billion|
|Growth Rate||CAGR of 8.6% from 2022 to 2030|
|Key Market Opportunities||Industrial revolution 4.0. The emergence of automation technologies has revolutionized the manufacturing sectors witnessing huge uptake of these technologies.|
|Key Market Drivers||Increasing need for industrial software and process automation. Increasing the demand for modernization, smart grid, and cloud computing|
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Industrial Control Systems Market Dynamics
The industrial control systems market is driven by various factors. Firstly, the increasing emphasis on industrial automation and the need for operational efficiency propel the demand for advanced control systems. Secondly, the rising adoption of Industrial Internet of Things (IIoT) technologies drives the integration of control systems with data analytics and connectivity capabilities. Lastly, stringent regulations and safety standards in industries such as oil and gas and nuclear power necessitate the implementation of robust control systems.
Restraints and Challenges
The industrial control systems market faces certain restraints. The integration of legacy systems with modern control technologies can pose compatibility challenges and require significant investments. Additionally, the vulnerability of industrial control systems to cyber threats and the potential risk of cyber-attacks are significant concerns for organizations, hindering market growth.
Industrial Control Systems Market Segmentation
- By Control System- The Control system includes SCADA, DCS, Hybrid
- By Components- The Components includes HMI, PLC, RTU, SCADA Communication System
- By Application- By Application includes Electrical Power, Oil and Gas, Water and Water-waste treatment, Automobile
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The COVID-19 pandemic had a mixed impact on the industrial control systems market. While certain industries experienced a slowdown in investments and project implementations due to the economic downturn and disruptions in supply chains, others witnessed an increased demand for automation and remote monitoring solutions to ensure business continuity amid lockdowns and restrictions.
Industries such as manufacturing, energy, and transportation faced significant challenges during the pandemic. Many manufacturers had to temporarily halt production or operate at reduced capacity due to workforce shortages and disruptions in the global supply chain. This led to a decline in investments in new industrial control systems and the postponement of projects.
North America holds a dominant position in the industrial control systems market. The region’s strong market presence is primarily attributed to the presence of major manufacturing industries and ongoing technological advancements. The United States, in particular, is a key contributor to the market, driven by its robust manufacturing sector and the adoption of advanced control systems. The need for automation, operational efficiency, and regulatory compliance has further fueled the demand for industrial control systems in North America.
Europe is experiencing significant growth in the industrial control systems market. The region is focused on energy efficiency and sustainability, leading to the adoption of smart manufacturing practices. The European Union’s initiatives to promote clean and sustainable energy have propelled the demand for industrial control systems in sectors such as renewable energy, transportation, and manufacturing. Additionally, the region’s strong emphasis on compliance with safety standards and regulations has further driven the market growth.
Asia Pacific is witnessing rapid industrialization and infrastructure development, creating substantial opportunities for the industrial control systems market. Countries such as China, India, and Japan are driving the growth in this region. The increasing investments in manufacturing, energy, and transportation sectors have resulted in a surge in the adoption of industrial control systems. Moreover, the rising focus on industrial automation, efficiency, and connectivity has further boosted the demand for these systems in Asia Pacific.
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April 2023 – Schneider Electric announced the launch of a new suite of industrial control systems specifically designed for the energy sector. This solution aims to enhance the efficiency and reliability of energy distribution networks, enabling effective grid management and optimization.
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