Miniature Ball Bearings Market Trends, Insights And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Micro And Nano PLC Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The micro and nano plc market size has grown strongly in recent years. It will grow from $8.35 billion in 2023 to $9.07 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to industrial automation surge, cost reduction and miniaturization, increased integration with scada systems, demand for energy efficiency.

The micro and nano plc market size is expected to see strong growth in the next few years. It will grow to $12.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increased emphasis on cybersecurity, demand for real-time data processing, expansion of micro-manufacturing, application in renewable energy systems, rise of smart factories. Major trends in the forecast period include advancements in semiconductor technology, technological advancements in communication, integration with artificial intelligence, sustainability and green manufacturing, machine learning integration, blockchain for secure communication.

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Market Drivers and Trends:

The adoption of industrial robots is expected to propel the growth of the micro and nano PLC market going forward. An industrial robot is a mechanical device designed to carry out production-related tasks in industrial settings automatically. Micro and nano PLCs coordinate the entire process of industrial robots, providing IoT exchange and task sequencing. For instance, in May 2023, according to the International Federation of Robotics, a Germany-based professional non-profit organization, the installation of industrial robots in manufacturing rose by 12% and reached 41,624 units in 2022 compared to 2021. Additionally, in the United States, the demand for robots from car makers and component manufacturers witnessed a substantial increase of 48%, surging from 9,854 units in 2021 to 14,594 units in 2022. Therefore, the adoption of industrial robots is driving the growth of the micro and nano PLC market.

Product innovation is a key trend gaining popularity in the micro and nano PLC market. Major companies operating in the micro and nano PLC market are working on product innovations to sustain their position in the market. For instance, in March 2022, Arduino, a US-based open-source hardware and software company, launched OPTA, the first micro-PLC for industrial IoT. The new micro-PLC supports high-performance computing, high levels of data security, and rapid development to meet end-user requirements. It also helps OTA firmware updates and ensures data security from the hardware. In addition, it allows OTA firmware updates and guarantees hardware-based data security.

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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:

Mitsubishi Electric Corporation, Robert Bosch Gmbh, Hitachi Ltd., Siemens AG, General Electric Co, Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Eaton Corporation, Texas Instruments Incorporated, Emerson Electric Co, Delta Electronics Inc., Rockwell Automation Inc., Omron Corporation, Keyence Corporation, Yokogawa Electric Corporation, Phoenix Contact GmbH & Co. KG, IDEC Corporation, PICS Inc., HIMA Paul Hildebrandt GmbH, Radwell International Inc., OSCO Controls Co, Unitronics Corporation Inc.

Micro And Nano PLC Market 2024 Key Insights:

• The micro and nano plc market size is expected to see strong growth in the next few years. It will grow to $12.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Adoption Of Industrial Robots Fuels Growth In Micro And Nano Plc Market
• Product Innovation Drives Growth In Micro And Nano Plc Market
• North America was the largest region in the micro and nano PLC market in 2023

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This release was published on openPR.