Distributed Control Systems Market is expected to reach US$ 23,108.60 Mn by 2028 | The Insight Partners

Rapid Industrialization and Enhanced Focus on Industrial Automation to Provide Growth Opportunities for Distributed Control Systems Market during 2021-2028

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 managers index (PMI) of the North American manufacturing reached 62.1 in June 2021. The robust PMI in the region indicates 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.

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 favourable impact on demand for controlling and monitoring systems, as well as hardware components of distributed control systems.

Top Company Profiles:
ABB Ltd
Emerson Electric Co.
General Electric Company
Honeywell International Inc.
NovaTech, LLC
Rockwell Automation, Inc.
Schneider Electric SE
Siemens AG
Toshiba Corporation
Yokogawa Electric Corporation

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.

The global distributed control systems market has been segmented as mentioned below:

By Component:
Hardware
Software
Services

By Industry:
Power Generation
Oil and Gas
Pharmaceutical
Food and Beverages
Chemicals
Other Industries

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The players operating in the distributed control systems market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In May 2021, GE Renewable Energy and Toshiba Energy Systems and Solutions Corporation have signed a strategic partnership agreement to localize critical phases of GE's Haliade-X offshore wind turbine manufacturing process and support its commercialization in the country.

In April 2020, Yokogawa Electric Corporation completed the acquisition of all shares of Fluid Imaging Technologies, Inc. With Fluid Imaging Technologies as a member of the Yokogawa Group, Yokogawa will be able to expand the portfolio of cell observation solutions offered by its life innovation business.

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This release was published on openPR.