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Global Distributed Control Systems Market Analysis 2024: Future Trends and Growth
Global Distributed Control Systems Market
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.
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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.
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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.
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