Industrial Controls Market is Projected to Reach Size $170.12 Billion By 2027
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Rise in demand for IoT-based smart solutions and automation in various industries, increase in mass production in manufacturing industries, and surge in R&D investments drive the growth of the global industrial controls market. However, rise in cyber-attacks, unavailability of authentication procedures, and scarcity of skilled workforce hinder the market growth. On the other hand, deployment of smart grids for protection of critical infrastructure and introduction of cloud computing present new opportunities in the coming years.
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♦ Manufacturing facilities in the electronics and semiconductor industries have been closed down due to lockdown restrictions in many countries. In addition, there have been disruptions in the supply chain, shortage of raw materials, and unavailability of workforce worldwide.
♦ There has been a slowdown in the industrial controls sector due to ban on import-export activities and lack of sufficient workforce during the post-lockdown.
♦ The demand for industrial control systems reduced from end users such as automotive and utility due to stoppage of daily operations. However, the demand is expected to rise steadily as operations begin in full capacity.
The report offers detailed segmentation of the global industrial controls market based on control system, components, end user, and region.
Based on control system, the DCS system accounted for the highest market share in 2019, contributing to more than two-fifths of the total share in 2019, and is estimated to continue its leadership status during the forecast period. However, the MES segment is expected to maintain the largest CAGR of 7.3% from 2020 to 2027.
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Based on component, the industrial ethernet segment held the highest share in 2019, accounting for more than one-tenth of the global industrial controls market, and is expected to maintain its dominant share in terms of revenue during the forecast period. However, the testers segment is projected to manifest the highest CAGR of 8.6% from 2020 to 2027.
Based on region, North America contributed to the largest market share in 2019, accounting for nearly half of the total share, and is estimated to continue its lead position by 2027. However, Asia-Pacific is projected to portray the fastest CAGR of 7.2% during the forecast period.
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Leading players of the global industrial controls market discussed in the research include ABB Ltd., Honeywell International Incorporation, Emerson Electric Corporation, Mitsubishi Electric Factory Automation, Kawasaki Roboticss control system, Rockwell Automation, Inc., Omron Corporation, Schneider Electric SA, Siemens, and Yokogawa Electric Corporation.
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