Industrial Controls Market by Control System, Component, Key players & Forecast to 2024

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.

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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.

The Global Industrial Controls Market is expected to reach $163,345.7 million in 2024, from $117,370.3 million in 2017 growing at a CAGR of 5.1% from 2018 to 2024. Industrial control systems include various automation equipment, machines, and components. These systems are developed to monitor, control, and perform various industrial tasks & automate processes with high precision, improved product quality, and reliability. ABB Ltd., Mitsubishi Electric Factory Automation, Siemens, Honeywell International Incorporation, Emerson Electric Company, and Schneider Electric SA are some of the leading key players of the global industrial controls market.

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Based on region, the Industrial Controls Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2017, North America contributed the highest share and is anticipated to secure the leading position 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 Benefits for Stakeholders

The report provides an extensive analysis of the current and emerging market trends and dynamics in the global industrial controls market.
In-depth analysis is conducted by constructing market estimations for the key market segments between 2017 and 2024.
Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
Comprehensive analysis of all regions are provided that determines the prevailing opportunities in these geographies.
Key market players within the industrial controls market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of global demand reaction management system market.

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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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