Industrial Controls Market by Control System (Distributed Control System (DCS), Supervisory Control and Data Acquisition System (SCADA), Manufacturing Execution System (MES), and Others), Component (Sensor, Switch & Relay, Control Device, and Others), and
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The industrial controls market witnesses significant growth in North America in the coming years, owing presence of key network security companies, as the cyberattack is the major threat to industrial control systems. In addition, various industries are investing in deployment of smart grid solutions to protect critical infrastructures from threat of cyber-attack. As well as the demand for automations and cloud services is on an increase in automotive, power, oil & gas, chemical, and other industries. These factors are expected to provide lucrative growth opportunities to the manufacturers during the forecast period.
Increase in demand for smart IoT-based solutions and significant rise in production activities in manufacturing industries to fulfill the needs of the growing population fuel the growth in the global industrial controls market. However, surge in cyberattack threats, lack of availability of authentication procedures for securing ICS, and scarcity of skilled professionals restrict the growth in the industrial controls market. On the other hand, penetration of automation in different industries create opportunities for growth.
The distributed control systems (DCS) segment secured the highest share of about 44.0% in the industrial controls market in 2017 and is expected to grow at a CAGR of 4.6% during the forecast period. In terms of end users, utility sector is expected to contribute the highest market share in the coming years, as industrial controls are used to control and monitor physical processes in the oil & gas industry, by acquiring data from processes, such as valve positions, temperatures, pressures, tank levels, and human operators, and control hydraulic, electric, mechanical, or pneumatic actuator. Sensors are the important component of industrial control system as they are responsible for detecting the key changes that occur on production facilities.
Moreover, sensors can be remotely controlled and limits the power & failure constraints. Factors such as high increase in interest in automation across different industry verticals as well as technological advancement, availability of cheap labor and low manufacturing cost has driven the sensor market in developing economies. The electronics & semiconductors industry accounted for around 23.8% share in the industrial controls market.
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North America is anticipated to dominate the industrial controls market during the forecast period, owing to the presence of key network security companies, as the cyberattack is the major threat to industrial control systems. Moreover, Europe and Asia-Pacific are expected to witness moderate growth in the industrial controls market during the forecast period.
The major players, such as ABB Ltd., Mitsubishi Electric Factory Automation, Siemens, Honeywell International Incorporation, Emerson Electric Corporation, Schneider Electric SA, Omron Corporation,
Key Findings of the Industrial Controls Market:
• In 2017, the utility segment dominated the global industrial controls market, in terms of revenue, and is projected to grow at a CAGR of 5.9% during the forecast period
• The distributed control system segment is projected to grow at a CAGR of 4.6% during the forecast period
• Asia-Pacific is expected to exhibit the highest CAGR during the forecast period.
Industrial controls are majorly used to control and monitor industrial automated processes. Rise in adoption of various IoT-enabled smart solutions increases the demand for the industrial controls. Moreover, rise in demand for mass production in manufacturing industries also drives the growth of the industrial controls market. However, the cyberattack is a major threat to ICS, as these systems are connected to the internet.
Some of the leading companies in the market innovated new technologies and systems to expand the portfolio of industrial control systems and witnessed significant market growth. For instance, Yokogawa developed an N-IO standard field enclosure and a control system virtualization platform, which enables the control of multiple virtual devices on a single server and stores IO devices used by the CENTUM VP integrated production control system and the ProSafe-RS safety instrumented system.
Industrial control systems are interconnected to monitor, control, and perform various industrial tasks & automate processes. North America is anticipated to dominate the industrial controls market during the forecast period, owing to the presence of key network security companies, as the cyberattack is the major threat to industrial control systems.
Key players in the global industrial controls market include ABB Ltd., Mitsubishi Electric Factory Automation, Siemens, Honeywell International Incorporation, Emerson Electric Corporation, Schneider Electric SA, Omron Corporation, Rockwell Automation, Inc., Kawasaki, and Yokogawa Electric Corporation. Market players adopt product launch and expansion as their key developmental strategies to keep pace with the demands of end users. Acquisitions and collaborations are the other strategies adopted by market players to expand their control systems offerings and boost their production processes. This has helped companies to develop efficient products as well as expand their sales across different geographies.
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