TMCnet News
Global Industrial Controls Market Size to be Worth USD 326.60 Billion by 2030, at a CAGR of 5.5%: Astute AnalyticaNEW DELHI, India, May 23, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global industrial controls market from US$ 203.60 Billion in 2021 to US$ 326.60 Billion by 2030. The market is anticipated to grow at a CAGR of 5.5% during the forecast period 2022-2030. In terms of volume, the market is anticipated to grow at a CAGR of 4.2% during the forecast period 2022-2030.  Industrial control system (ICS) is a collective term that is used to describe different types of control systems and associated instrumentation, including devices, systems, networks, and controls used to operate or automate industrial processes. Industrial control systems (ICSs) are used for various kinds of social infrastructure, in order to maintain and perform various industrial tasks with high precision and reliability. Moreover, controllers, software applications, field devices, and communications devices are the different elements of industrial control. Each ICS functions differently based on the industry, and is built in order to electronically manage different tasks efficiently. Request Sample Copy of Research Report at https://www.astuteanalytica.com/request-sample/industrial-controls-market On the basis of components, the Industrial Automation and Control System (IACS) segment held the largest share in the market in 2021 and is expected to grow at the highest CAGR during the forecast period. Moreover, by type segment, the Distributed Control Systems (DCS) segment holds the largest market share in 2021 owing to the rising use of smart devices and field buses in large and complex industrial processes. Whereas, the process control systems are expected to grow with the highest CAGR over the forecast period. Furthermore, in terms of a network component, the Fieldbus segment dominated the industrial controls market in 2021. In addition, by end-user, the food and beverage segment is expected to grow with the highest CAGR over the forecast period. Market Dynamics and Trends Drivers The increasing focus on smart factories and rising demand for mass production will boost the global industrial controls market during the forecast period. Smart factories are fast becoming mainstream in manufacturing, offering a new level of efficiency and productivity. Smart manufacturing processes enable better resource planning to avoid overproduction or underuse and also result in increased cost efficiency and sustainability. Therefore, the increasing focus on smart factories has increased the use of industrial control systems in emerging smart factories. Moreover, mass production is the manufacturing of large quantities of standardized products in a constant flow, often using automation technology. It commonly uses mechanization to achieve low labor costs, high volume, monitoring, and quality control, and material flow. The increasing population and their rising demand for more and more products have made large companies pay more attention to mass production. Restraints The vulnerability of industrial controls to cyber attacks is a restraining factor that inhibits the growth of the industrial controls market over the forecast period. Industrial Control Systems (ICS) are connected to various components like computers, modems, controllers, communications paths, and other network devices and thus it makes them highly vulnerable to malware from both inside and outside the control system network. Moreover, these irregularities can result in serious financial loss to manufacturers and may also affect supply chain logistics. Trend The increase in the adoption of edge computing in the manufacturing sector is analyzed to create a significant growth trend for the industrial controls market. The benefits of edge computing for industrial IoT driving automation in which edge computing can be integrated to eliminate communication and processing time lags to drive real-time automation. Global Industrial Controls Market Regional Insights
The US holds the major share in terms of revenue in the North America industrial controls market in 2021 and is also projected to grow with the highest CAGR during the forecast period. Due to an increase in demand for safer and reliable process automation in different sectors, such as oil & gas, energy and water, and power plants among others drives growth in the region. Moreover, supporting government policies and competitively priced natural gases are further driving the market growth. Furthermore, in terms of components, the Industrial Automation and Control System (IACS) segment held the largest share in the market in 2021 and is expected to grow at the highest CAGR during the forecast period.
Western Europe is the highest shareholder region in 2021 and is projected to grow with the highest CAGR of 6.2% over the forecast period. The increase in demand for modernization of oil & gas, water & wastewater, and power infrastructures among others drives the growth in the region. Europe is extensively focusing on adopting industrial automation in various industries, with major firms launching industrial automation products in the market. Furthermore, in terms of type segment, the process control systems are expected to grow with the highest CAGR over the forecast period.
China is the highest shareholder country in the Asia Pacific industrial controls market in 2021. Whereas India is expected to project the highest CAGR during the forecast period owing to the increasing adoption of automation technologies across industrial sectors in China and India. Factory automation is increasing in China, due to high labor wages and the presence of a large number of automotive manufacturing plants. Furthermore, the growing population, rising standards of living, and developing economies have further led to the rising demand for the energy sector in the region.
Saudi Arabia is projected to grow with the highest CAGR in the MEA industrial controls market over the forecast period. Whereas, South Africa holds the largest share in the MEA industrial controls market in 2021. Furthermore, based on network components, the Fieldbus segment dominated the industrial controls market in 2021. Moreover, the remote access points segment is anticipated to grow at the highest CAGR over the forecast period due to the increasing trend of remote work culture.
Brazil is the highest shareholder country in 2021 and is projected to grow with the highest CAGR of 5.0% over the forecast period. Moreover, in terms of end-user, the automotive segment holds the highest share in the industrial controls market in 20021 due to the rising need for factory automation and increasing production of vehicles. Furthermore, the food and beverage segment is expected to grow with the highest CAGR over the forecast period in the South America industrial controls market. Directly Purchase a copy of report with TOC at https://www.astuteanalytica.com/request-sample/industrial-controls-market
Competitive Insight Global Industrial Controls Market is highly competitive in nature. Some of the key players operating in the market include Emerson Electric Co., Endress+Hauser AG, Honeywell International Inc., Mitsubishi Electric Corp., Omron Corporation, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation, GE Digital and ABB Ltd. (ABB Ability) among others. Segmentation Overview Global Industrial Controls Market is segmented based on components, type, network component, end-user, and region. The industry trends in the global industrial controls market are sub-divided into different categories in order to get a holistic view of the global marketplace. Following are the different segments of the Global Industrial Controls Market: By Components segment of the Global Industrial Controls Market is sub-segmented into:
By Type segment of the Global Industrial Controls Market is sub-segmented into:
By Network Component segment of the Global Industrial Controls Market is sub-segmented into:
By End User segment of the Global Industrial Controls Market is sub-segmented into:
By Region segment of the Global Industrial Controls Market is sub-segmented into:
Browse More Reports: Indonesia Car Care Products Market- (By Product- Car Wash Solution/Liquids, Car Wax & Polish, Sprays, Glass Cleaner, Microfiber Cloth and Others; By Applications- Interior and exterior; By Packaging Volume- Less than 250 ml, 251 - 500 ml, 501 - 999 ml, 1 L - 5 L, above 5 L and Others; By Retail Channel- Online and Offline; and By Country) - Industry Dynamics, Market Size and Opportunity Forecast, 2027 Americas Green Wall Market- (By Type- Planter System, Panel System, and Trellis System; By Medium- Loose growth medium, Mat media, Sheet media, and Structural media; By Application- Indoor and Outdoor; By End User- Commercial and Residential; and By Country) - Industry Dynamics, Market Size and Opportunity Forecast, 2030 For Additional Information OR Media Enquiry, Please Mail Us At: [email protected] About Astute Analytica Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us. Contact us:
SOURCE Astute Analytica 
|
View original content: