Modular PLC Market Will Grow at a Healthy CAGR by 2024 Profiling B&R Industrial Automation, Mitsubishi Electric Corporation, Rockwell Automation, OMRON Group, ABB, Schneider Electric, Siemens
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A modular component consists of various modules that can be coupled together to design, build, and manufacture a customized controller. The base module of the modular device consists of core components which include computer processor, input connections, and electrical power regulation. Supplementary modules include analog to digital signal converters or additional outputs that can also be included in the core modular unit as per the requirements. These devices are easier to repair, have advanced memory, and have the capability to store a high volume of data. In addition, they provide automation solutions, which include features such as interoperability, system stability, and reliability, which will drive the adoption of modular PLC components over the forecast timeline.
Micro modular PLC market is driven by factors such as the growing need for compact and automation solutions, smaller size of the components, scalability, enhanced flexibility, and ease of programming. Usage of the micro-components helps end-use industries to interpret and monitor different variables and to actuate and control external systems. These components help in basic controls in a variety of general applications and are cost-effective and user-friendly. In addition, the rising demand for compact solutions in automation, extensive adoption of IoT connectivity, and growing awareness of automation in various industrial processes are the key factors driving the micro modular PLC market growth.
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The components are used in chemical, manufacturing, healthcare, metal & mining, food & beverage, and power & energy industries. The manufacturing industry accounted for the majority of the overall modular PLC market share in 2016. The industry was an early adopter of the modular components and is expected to witness a rise in adoption over the coming years as they aid the industry in saving time during assembly processes, resulting in enhanced productivity. In the manufacturing industry, the modular PLC market has witnessed a high demand from the automotive sector owing to the ongoing trend digitalization, which is aiding the industry to drive flexibility in automation during the manufacturing of the vehicles.
The software modular PLC market is anticipated to witness a high growth over the coming years owing to the rise in capital investments for automating the industrial processes. The software is being used by end users in the metal & mining, and power & energy industries to enhance and implement automation for standardization. The software is a vital module in the automation solutions as they aid in real-time communication at a high speed. In the industry, several PLC software programs are available according to the necessity and mechanism of the devices. In addition, ongoing innovations in the technology have aided vendors to design and build compact and powerful components with features such as data sharing amongst the software and shop floor with the use of relational databases, FTP services, and web servers, driving the software modular PLC market demand.
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Key players operating in the modular PLC market include B&R Industrial Automation, Mitsubishi Electric, Rockwell Automation, Inc., Omron Corporation, ABB Limited, Schneider Electric SE, and Siemens AG.
Increasing rivalry among key players is expected to boost the modular PLC market growth. Companies are undergoing mergers and collaborations to enhance their product portfolio and strengthen their market position. For instance, in July 2017, ABB announced the acquisition of B&R Industrial Automation with an aim to strengthen its industry share and position.
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