Press release
Industrial Control Systems (ICS) Market will exhibit a CAGR of 8.60% in the forecast period of 2022-2030 and is expected to reach USD 245.2 Billion by 2030.
The MRFR report throws light on an inclusive segmental analysis of the global industrial control systems market based on application, components, and control systems.
• By control systems, the global industrial control systems market is segmented into hybrid (hybrid of DCS and SCADA), distributed control system (DCS), and supervisory control and data acquisition (SCADA).
• By components, the global industrial control systems market is segmented into SCADA communication systems, remote terminal unit (RTU), programmable logic controller (PLC), human machine interface (HMI), and others (remote diagnostics and maintenance, control server).
• By application, the global industrial control systems market is segmented into water and water-waste treatment, automobile industry, pharmaceutical industry, oil and gas, electrical power (distribution, transmission, and generation), and others (transportation, defense, and aerospace).
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Market Analysis
The global industrial control systems market size will develop at a healthy CAGR between 2018- 2023 (forecast period), as per the new Market Research Future (MRFR) analysis. Industrial control systems or ICS, simply put, is an assembly of industrial control, networks, industrial devices, and systems that are used for automating and operating the industrial processes. It is an integration of software and hardware facilitated with network connectivity for supporting the essential systems, processes, and assets.
Various factors are fuelling the global industrial control systems market growth. According to the recent MRFR market estimates, such factors include the emergence of IoT, growing need for industrial software and process automation, rising number of sophisticated cyber-attacks on ICS systems, and the burgeoning need for compliance with different upcoming regulations.
On the flip side, high procurement costs, impact of the COVID-19 pandemic, and lack of technical efficiency may impede the global industrial control systems (ICS) market growth.
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Regional Analysis
The Industrial control system Market divides into different regional markets based on revenue and application. The major regional markets for the Industrial control system Market are North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. The sector's leading regional market in North America has the largest share of revenue and significant players. The need for a reliable, speedy, and safe automation process makes the region a well of opportunities. The leading market is followed by the Asia Pacific region and then by the European region.
Key Players
The prominent players profiled in the global industrial control systems market report include Alstom (France), Yokogawa Electric Co (Japan), General Electric Co (US), Emerson Electric Co (US)., Omron Co (Japan), Rockwell Automation (US), Siemens AG (Germany), Honeywell International Inc (US), Schneider Electric (France), and ABB Ltd (Switzerland), among others.
The industrial control systems market is fragmented and competitive with the presence of several international and domestic market players. These players have incorporated several strategies to stay at the forefront and also cater to the customers growing needs, such as contracts, collaborations, joint ventures, and partnerships, and others. Besides, they are also investing in research and development activities to strengthen their portfolios and also create hold in the market.
Industry Updates
March 2021- White House is creating a plan for securing industrial control systems.
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