The Worldwide Industrial Controls Industry is Estimated to Reach $326.6 Billion by 2030
DUBLIN, Feb. 8, 2023 /PRNewswire/ -- The "Global Industrial Controls Market, by Components, by Type, by Network Component, End-user, Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The global industrial controls market held a market value of USD 203.6 billion in 2021 and is estimated to reach USD 326.6 billion by the year 2030.
The market is projected to list a CAGR of 5.5% during the forecast period. The market volume is accounted to grow at a CAGR of 4.2% over the predicted period.
Industrial controls are necessary in manufacturing markets for proper system and process mechanisms. The industrial controls market is growing tremendously at the rate of 5.5% owing to the increasing focus smart factories, coupled with investments in the manufacturing sector. Moreover, the surge in mass production demand has also increased the growth in the industrial controls industry.
Furthermore, the rising demand for industrial controls has also pushed companies to expand their presence in the industry. For instance, in September 2020, Dover Corporation, an American conglomerate manufacturer of industrial products, acquired XanTec Steuerungs und EDV-Technik (Maag). The acquisition enhanced Maag's automation solutions with IoT-enabled technology.
On contrary, the vulnerability of industrial controls to the ever-increasing cyber-attacks is decreasing the market growth to a certain limit.
Increasing focus towards smart factories
The rising inclination towards smart cities and smart factories is driving the growth for industrial controls. For instance, according to National Smart Cities Investment Guide of the International Data Corporation (IDC), global investment in smart city projects is total nearly USD 124 billion in 2020, a rise of 18.9% over 2019. Smart factories require top-notch industrial controls and the companies operating in the industry are providing products of high value, thus fueling the market growth.
Rising investments in R&D for manufacturing innovation
The research carried out by public agencies in the field of manufacturing has increased demand for top-notch industrial controls. For instance, Europe-based companies surged investments in research and development in ICT by 7.2%. Several companies have started investing wisely to match the value advantage in this sector.
The global industrial controls market is segmented into components, type, network component, and end user.
IT and OT
Programmable Logic Controller (PLC)
Remote Thermal Unit (RTU)
Industrial Automation and Control System (IACS)
Programmable Automation Controller (PAC)
Human Machine Interface (HMI)
Master Thermal Unit (MTU)
Intelligent Electronic Device (IED)
The IT and OT segment held the largest market share of more than 40% in 2021. The intelligent electronic device segment is estimated to cross the mark of USD 25 billion revenue by 2025. In addition to that, the industrial automation and control system segment is likely to grow at the highest CAGR of 6.3% over the anticipated period.
Supervisory Control and Data Acquisition (SCADA)
Distributed Control Systems (DCS)
Process Control System
Safety Instrumented System
Energy Management System
The supervisory control and data acquisition and distributed control systems segments accounted for more than 50% of the market share in 2021. The process control system segment is likely to hold the highest growth rate of 6.2% over the anticipated period.
By Network Component
Remote Access Points
The fieldbus segment is projected to cross the mark of USD 100 billion revenue by 2029. On the other hand, the remote access points is expected to grow at the highest CAGR of 6.2% over the forecast period.
By End User
Oil and Gas
Food and Beverage
Aerospace and Defence
The aerospace and defence segment is likely to hold an opportunity of more than USD 12 billion during 2022 to 2030. The automotive segment held the largest market share of more than 25% in 2021. Moreover, the food and beverage segment is projected to grow at the highest growth rate of 6.3% over the forecast period.
By region, the global industrial controls market is divided into North America, Asia Pacific, Europe, Middle East & Africa, and South America.
The European industry for industrial controls held the largest market share of more than 35% in 2021 owing to the increasing industrialization in the Western countries of Europe, including Germany, UK and France.
The Asia Pacific industry for industrial controls is growing at a steady rate and is expected to surge during the forecast period due to the rising R&D spend in the manufacturing sector by top companies operating in the region.
The prominent players operating in the global industrial controls market include Emerson Electric Co., ABB Ltd., Endress+Hauser AG, Honeywell International Inc., General Electric, Mitsubishi Electric Corp., Rockwell Automation Inc., Omron Corporation, Schneider Electric SE, Yokogawa Electric Corporation, and Siemens AG.
The prominent four players in the market hold approximately 45% of the market share. These market players are investing in collaborations, product launches, mergers, acquisitions, expansions, in order to produce a competitive edge against their counterparts. For instance, in October 2021, Emerson Electric Co. entered into a definitive agreement with AspenTech to contribute two of their industrial software businesses, namely OSI Inc. and Geological Simulation Software business, to the combined company.
The global industrial controls market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global industrial controls market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
Pricing Analysis: Pricing analysis of various components used in the manufacturing of industrial controls
Manufacturing Cost Analysis: Cost-share of various components in industrial controls tools
Overview of Industry Standards
The global industrial controls market report answers questions such as:
What is the market size and forecast of the global industrial controls market?
What are the inhibiting factors and impact of COVID-19 on the global industrial controls market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the global industrial controls market?
What is the competitive strategic window for opportunities in the global industrial controls market?
What are the technology trends and regulatory frameworks in the global industrial controls market?
What is the market share of the leading players in the global industrial controls market?
What modes and strategic moves are considered favorable for entering the global industrial controls market?
For more information about this report visit https://www.researchandmarkets.com/r/dm02xp-industrial?w=5
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