Press release
Global Distributed Control Systems (DCS) Market Report 2024: Industry Insights and Forecast
Distributed Control Systems (DCS) Market Insights
According to The Business Research Company's, The distributed control systems market size has grown strongly in recent years. It will grow from $19.14 billion in 2023 to $20.46 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growing use of renewable energy for power generation, growing industrial infrastructure, focus on operational efficiency and cost reduction, thriving power industry and increased capabilities of power generation, compliance and safety rules.
The distributed control systems market size is expected to see steady growth in the next few years. It will grow to $25.56 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increase in power demand and energy-efficient technologies, rising demand for 5G and IIOT technologies across industries, increasing industry automation, automation and digitization in the industrial sector, rise in demand for energy across developing countries. Major trends in the forecast period include advancement in automation technology, development of advanced dcs solutions for specific industries, adoption of cloud-based DCS for scalability and flexibility.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/distributed-control-systems-global-market-report
Market Drivers and Trends:
The growing use of renewable energy for power generation is expected to propel the growth of the distributed control systems market going forward. Renewable energy refers to the energy derived from natural sources that are replenished at a higher rate than they are consumed. Distributed control systems can help manage the integration of renewable energy sources into the power grid by dynamically adjusting power generation and distribution to match demand. For instance, in December 2023, according to the European Commission, a Belgium-based governing body, renewable energy represented 23.0% of energy consumed in the EU, up from 21.9% compared in 2021. Therefore, the growing use of renewable energy for power generation is driving the growth of the distributed control systems market.
Major companies operating in the distributed control system market are developing innovative products, such as Symphony Plus, to support the power generation and water industries. Symphony Plus is a distributed control system designed to maximize plant efficiency and reliability through automation, integration, and optimization of the entire plant. For instance, in February 2023, ABB Ltd., a Switzerland-based automation company, launched its latest ABB Ability Symphony Plus distributed control system, which helps accelerate digital transformation in process automation. The new Symphony Plus delivers customers access to digital solutions, such as fleet asset management enabled by ABB Ability Genix Asset Performance Management. It also enables users to access process and alarm data from mobile devices through the ABB Mobile Operations application, allowing them to stay updated to react faster, reduce downtime, and save costs.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=13841&type=smp
Major Key Players of the Market:
General Electric Company, Siemens AG, Hitachi Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Corporation, ABB Ltd., Toshiba Corporation, Larsen & Toubro Limited, Emerson Electric Co., Rockwell Automation, Inc., Omron Corporation, CHINT Electric Co. Ltd., Valmet Oyj, Yokogawa Electric Co., Weir Group plc, Azbil Corporation, Ingeteam, CG Power and Industrial Solutions, HollySys Group, Yaskawa Asia Pacific Pte. Ltd., Concept Systems Inc., ZAT a.s., Can-Technologies, Andritz AG, Hyosung Corporation
Distributed Control Systems Market 2024 Key Insights:
• The distributed control systems market is expected to grow to $25.56 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%.
• Renewable Energy Surge Fuels Growth In Distributed Control Systems Market
• Cutting-Edge ABB Ability Symphony Plus DCS Revolutionizing Process Automation
• North America was the largest region in the distributed control systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the distributed control systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=13841&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Global Distributed Control Systems (DCS) Market Report 2024: Industry Insights and Forecast here
News-ID: 3678505 • Views: …
More Releases from The Business Research Company
Leading Companies Fueling Growth and Innovation in the Sun Care Products Market
The sun care products market is on track for substantial expansion as consumer awareness about skin protection intensifies worldwide. With evolving preferences and technological advancements shaping product offerings, this sector is set to witness robust growth in the coming years. Let's explore the market's size projections, key players, emerging trends, and major segments driving its development through 2030.
Projected Size and Growth Trajectory of the Sun Care Products Market
The…
Future Perspectives: Key Trends Shaping the Styrene Butadiene Rubber (SBR) Based …
The styrene butadiene rubber (SBR) based adhesive market is on track for notable growth as we approach 2030. Driven by a variety of factors including expanding infrastructure projects and rising demand across multiple industries, this sector is poised for steady expansion. Let's explore the market's size projections, key players, emerging trends, and the main segments shaping its future.
Projected Growth and Market Size of Styrene Butadiene Rubber Based Adhesives
The…
Emerging Sub-Segments Transforming the Stearic Acid Market Landscape
The stearic acid market is poised for significant expansion in the coming years, driven by evolving demand across various industries. This report explores the projected market size, leading companies, key trends, and segment analysis shaping the future of this vital chemical.
Stearic Acid Market Size and Growth Outlook
The stearic acid market is set to grow robustly, reaching a valuation of $54.63 billion by 2030. This represents a compound annual…
Market Trend Insights: The Impact of Recent Innovations on the Specialty Pestici …
The specialty pesticides sector is on the verge of significant expansion as global agricultural practices continue to evolve. Driven by increasing demand for crop protection and sustainable farming techniques, this market is set to experience robust growth in the coming years. Let's explore the market's anticipated value, leading companies, emerging trends, and detailed segmentation to gain a comprehensive understanding of this dynamic industry.
Projected Market Size and Growth Expectations for Specialty…
More Releases for Distributed
The Impact of Distributed Cloud Adoption on Industry Growth : The Driving Engine …
Use code ONLINE20 to get 20% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Distributed Cloud Market Size Growth Forecast: What to Expect by 2025?
The market size of the distributed cloud has experienced significant expansion in the last few years. It is set to increase from $4.88 billion in 2024 to $5.77 billion in 2025, marking a compound annual growth rate (CAGR)…
Power Generation: Fueling the Distributed Manufacturing Revolution
The distributed manufacturing market is rapidly expanding, driven by the need for localized production, supply chain resilience, and customized manufacturing solutions. At the heart of this transformative trend lies the power generation segment, presenting a significant opportunity for innovation and growth.
Market Dynamics and Growth Drivers
Distributed manufacturing, by its very nature, demands reliable and localized power sources. This is where the power generation segment comes into play, offering diverse solutions like…
Key Trends Shaping the Future Distributed Cloud Market From 2025-2034: Innovativ …
Which drivers are expected to have the greatest impact on the over the distributed cloud market's growth?
The distributed cloud market's growth is projected to be fueled by increasing adoption from various end-user industries. Distributed cloud, a public cloud service functioning across multiple locations, allows businesses to meet highly specific performance and response time demands. It also aids in adhering to regulatory or governance obligations or any other requirements that necessitate…
Distributed Cloud System Market 2032 | Reshaping IT Infrastructure: The Role of …
Rise in adoption of data management generated by high usage of mobile technologies, increased need of low data recovery, growing adoption of digitalization, managing increase workloads and data, enhanced data recovery are some of the key driving factors for the growth of this market. In addition to this, the public clouds services are able to shift towards an enhanced distributed cloud computing with the high end security are also adding…
Distributed Photovoltaic Power Plant Market Harnessing Solar Energy on a Larger …
"Distributed Photovoltaic Power Plant Market" report provides a basic overview of the industry including its definition, applications and manufacturing technology by Infinitybusinessinsights.com. This report will help the viewer in Better Decision Making.
From 2023 to 2030, the Distributed Photovoltaic Power Plant Market is expected to develop at a CAGR of 12.5%. The industry is being pushed by rising demand for renewable energy sources, falling solar PV module prices, and government subsidies…
Distributed Wind Market 2023 | Detailed Report
The research reports on "Distributed Wind Market" report gives detailed overview of factors that affect global business scope. Distributed Wind Market report shows the latest market insights with upcoming trends and breakdowns of products and services. This report provides statistics on the market situation, size, regions and growth factors. An exclusive data offered in this report is collected by research and industry experts team.
Download FREE Sample Report @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=6770938
The…
