Industrial Controls Market Forecast 2020-2027: Key Trends Driving Growth

Allied Market Research, titled, Industrial Controls Market by Control System, Components, and End User: Opportunity Analysis and Industry Forecast, 2020-2027", the global industrial controls market size was valued at $121.48 billion in 2019, and is projected to reach industrial controls market size $170.12 billion by 2027, registering a CAGR of 5.91%. The Asia-Pacific region is expected to be the leading contributor to the global industrial controls market during the forecast period, followed by North America and Europe.

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Industrial control systems are interconnected equipment, used to monitor and control physical equipment in different industries. The rise in demand for IoT-based smart solutions and mass production in manufacturing industries to cater to the growth in population along with automation in various industries and rise in demand for energy efficient systems boosts the need for the industrial controls. However, increase in cyberattack threats, unavailability of authentication procedure to secure industrial control system, and lack of skilled professionals hinder of the industrial controls market growth.

The distributed control systems (DCS) segment secured highest share of about 43.0% in the market in 2019, and is expected to grow at a CAGR of 5.2% during the forecast period. In terms of end users, the utility sector is expected to contribute for the highest market share in the coming years. This is attributed to the fact that industrial controls are used to control and monitor physical processes in the oil & gas industry by acquiring data from processes, such as valve positions, temperatures, pressures, tank levels, and human operators; and control hydraulic, electric, mechanical, or pneumatic actuators. Sensors are important components in the industrial control system as they are responsible to detect key changes that occur on production facilities. Moreover, sensors can be remotely controlled and limits power & failure constraints.

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Increase in demand for cloud-based services and growth in deployment of smart grid solutions to protect critical infrastructures from cyberattacks provide lucrative industrial controls market opportunities. Organizations are constantly renovating solutions to improvise control and monitoring methods for systems, which offer real-time visibility to control suspicious behavior and take required actions, owing to cyber-attacks on critical infrastructure. Thus, owing to this factor, the industry is estimated to gain momentum during the forecast period. Further, some of the leading companies in the market have innovated new technologies and systems to expand the portfolio of industrial control systems and witnessed significant market growth.

Region wise the market is segmented into North America, Europe, Asia-Pacific and LAMEA. North America is anticipated to dominate the industrial controls industry during the forecast period, owing to presence of key network security companies as cyberattacks are major threats to industrial control systems. Moreover, Europe and Asia-Pacific are expected to witness moderate growth in the industrial controls market trends during the forecast period.

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Key Findings Of The Study

- The DCS dominates the control system segment, accounting for approximately 40% for the industrial controls market share.
- Electronics & semiconductors dominates the end user segment and is anticipated to show highest growth rate over the forecasted years.
- Tester is anticipated to witness the highest growth rate during the forecast period.
- North America was the major shareholder in the global industrial controls market segment, accounting for approximately 50% share in 2019.

The key players profiled in the report include ABB Ltd., Emerson Electric Corporation, Honeywell International Incorporation, Kawasaki Robotics control system, Mitsubishi Electric Factory Automation, Omron Corporation, Rockwell Automation, Inc., Siemens, Schneider Electric SA, and Yokogawa Electric Corporation. These players have adopted various strategies, such as product launch, acquisition, collaboration, and partnership, to expand their foothold in the industry.

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