Distributed Control System Global Market Report 2023: Sector to Reach $44.05 Billion by 2030 at a 5.4% CAGR
DUBLIN, May 17, 2023 /PRNewswire/ -- The "Distributed Control System Market by Component Application, by Project Type, by End User: Global Opportunity Analysis and Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The distributed control system market size was valued at USD 27.19 billion in 2022, and is predicted to reach USD 44.05 billion by 2030, with a CAGR of 5.4% from 2023 to 2030.
Advancements in technology, including the industrial internet of things (IIoT), cloud computing, virtualization, big data, analytics, and smart IIoT-connected sensors for asset condition monitoring, have led to significant developments in DCS.
These emerging technologies have enabled DCS to become more advanced, efficient, and reliable, providing the power industry with more sophisticated and comprehensive monitoring and control solutions. As technology continues to evolve, DCS can provide better automation, efficiency, and reliability in the industry than before.
For instance, in July 2022, Dragos, Inc. announced the expansion of its global relationship with Emerson. With this expansion, Emerson validated the Dragos Platform within its DeltaVTM DCS, providing organizations with enhanced ICS/OT cybersecurity.
However, the risk associated with cybercrimes hinders the growth of the market. On the contrary, the introduction of modular and flexible DCS systems provides ample opportunities for the market growth. Modular systems are designed to be more flexible and scalable, with a modular architecture that allows easy integration with other systems and components.
This makes it easier to customize DCS systems to meet the specific needs of individual organizations without the need for costly and time-consuming customization. These systems can help improve production efficiency, reduce costs, and enhance product quality. These factors are expected to propel the demand for DCS systems across a range of industries, including manufacturing, energy, and process.
The growing government activities in the nation to adopt green technology and lower greenhouse gas emissions drive the growth of the market. For instance, in October 202, the Strategic Innovation Fund (SIF) was established by the Government of Canada to foster and accelerate innovation in technologies. In addition, around USD 5 billion was allocated to SIF's Net Zero Accelerator program, which assists projects that decarbonize heavy industry, boost clean technologies, and reduce greenhouse gas emissions. Moreover, the presence of global key market players such as ABB, Rockwell Automation, Inc., and Honeywell International, which are adopting various product launch strategies to increase their global dominance and market share further propel the growth of the market. For instance, in June 2022, Honeywell launched a new Experion process knowledge system (PKS) 520.2 (R520.2) with advanced process automation features and functionality to end users across the industrial sector. This enables users to integrate individual controllers and have them act as a cluster of shared compute resources.
Key Market Players
The key players in the distributed control system market include companies such as:
General Electric collaborated with the Greek Copelouzos Group's Damco Energy S.A. (DAMCO) to provide power generation equipment for DAMCO's 840 megawatts (MW) natural gas-fired power plant to be built in Alexandroupolis, Greece.
Emerson expanded its partnership with ZEDEDA to modernize the industrial edge. As part of the collaboration, ZEDEDA's edge management and orchestration solution will be integrated into Emerson's DeltaV automation system, enabling Emerson customers to extend DeltaV to the distributed edge.
Rockwell Automation launched GuardLink 2.0, featuring a new EtherNet/IP interface. This technology allows machines to communicate with each other to ensure safe operation, preventing accidents and downtime. GuardLink 2.0 increases productivity and reduces maintenance costs for companies in various industries.
Honeywell partnered with Regreen Excel EPC India and deployed Honeywell's PlantCruise by Experion DCS solution, modular systems, and field instruments (FI) across its 40 plants in India. This technology helps maximize users' production uptime, improves safety, reliability, and efficiency, and reduces investments and operating costs.
ABB partnered with Star Cement to install the latest distributed control system (DCS) at the cement manufacturer's plant in Abu Dhabi. The updated DCS, based on ABB's Ability System 800xA platform, includes advanced features such as integrated safety control, asset management capabilities, and advanced process control. The system provides a unified view of the plant's operations, allowing operators to monitor and control the process from a single interface.
Key Topics Covered:
2. Distributed Control System (Dcs) Market - Executive Summary
3. Market Overview
4. Market Share Analysis
5. Global Distributed Control Systems (Dcs) Market, by Component
6. Global Distributed Control Systems (Dcs) Market, by Hardware
7. Global Distributed Control Systems (Dcs) Market, by Services
8. Global Distributed Control Systems (Dcs) Market, by Application
9. Global Distributed Control Systems (Dcs) Market, by Project Type
10. Global Distributed Control Systems (Dcs) Market, by End-user Industry
11. Global Distributed Control Systems (Dcs) Market, by Region
12. Company Profiles
Research and Markets
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SOURCE Research and Markets