Distributed Control Systems Market | Global Industry Updates, Future Growth, Business Prospects, Future Investments with Leading Players are ABB, Emerson Electric, General Electric Company, Honeywell International, and NovaTech

According to our latest market study on “Distributed Control Systems Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Components and Industry,” the market is expected to grow from US$ 15,982.29 million in 2021 and is projected to reach US$ 23,108.60 million by 2028; it is expected to grow at a CAGR of 5.4% from 2021 to 2028.

The manufacturing sector in North America has witnessed rapid growth in recent times due to huge investments gathered from the governments of the US, Canada, and Mexico. The purchasing manager's index (PMI) of North American manufacturing reached 62.1 in June 2021. The robust PMI in the region indicates a strong rebound in the manufacturing sector, significant progress in the emerging industrial sector in Mexico, and rising prices of commodities in different countries. The manufacturing industries are projected to adopt advanced technology to continue with their streak of expansion and productivity improvement. Moreover, on the basis of cost, quality, service, and time-to-market, various product manufacturers are facing severe rivalry from their competitors. They are also facing significant hurdles in maintaining a perfect balance between product demand and supply.

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As a result, they tend to focus on their core capabilities. As the functionality of equipment such as industrial robots increases, non-automotive industries are projected to accelerate their usage of industrial automation. These figures are encouraging for manufacturers since they show that there is still a lot of room for adoption to grow. Low penetration is projected to accelerate significant growth during the forecast period, as long as the government provides significant support to the manufacturers. Distributed control systems enable remote monitoring of activities and ensure enhanced efficiencies with scaled-up productivity in manufacturing plants. The increasing adoption of automation in the manufacturing sector is propelling the demand for integration of DCS, further driving the market growth.

The distributed control systems market growth is mainly attributed to advancements in the power and energy sector. The huge wind and solar power plant projects that are underway in different countries are likely to contribute to the market growth in the coming years. Increased demand in the power and energy sectors as well as the introduction of new open-source DCS solutions are further contributing to the market growth. Cost-savings and time-savings conferred by DCS are further impelling the distributed control systems market growth. However, stagnant growth in the oil and gas industries is impeding the growth of the market. Nevertheless, improving industrial infrastructure in developing nations is offering significant opportunities for the distributed control systems market players to secure growth in the coming years.

Based on components the distributed control systems market is segmented into hardware, software, and services. The software segment held the maximum share in 2020. Similarly, based on industry vertical the distributed control systems market is segmented into power generation, oil and gas, pharmaceutical, food and beverages, chemicals, and other industries.

Impact of COVID-19 Pandemic on Distributed Control Systems Market

The COVID-19 epidemic has wreaked havoc on the mechanical equipment supply chain and industry, including the hardware component of distributed control systems. The appearance of the COVID-19 virus throughout the world, followed by lockdown scenarios, has caused industry analysts to estimate that the mechanical equipment supply chain will be at least a quarter delayed. Tremors are likely to occur until mid-2021 as a result of this disturbance. After governments across the world gradually eliminate different containment measures in order to restore the economy, the mechanical equipment and electronic industry is expected to pick up speed. Manufacturing facilities and industries are expected to pick up steam starting in 2022, which will have a favorable impact on demand for controlling and monitoring systems, as well as hardware components of distributed control systems.

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