Global Cyber-Physical Systems (CPS) Market Size & Share Revenue is Expected to Grow from $76.98 Billion to $177.57 billion, At a 8.01% of CAGR During 2023-2030 | Advancements in Internet of Things (IoT) Technology Report by Zion Market Research
NEW YORK, March 23, 2023 /PRNewswire/ -- As per Zion Market Research study, The global cyber-physical systems (CPS) market size is predicted to increase from $76.98 billion in 2021 to $177.57 billion by 2030 at a CAGR of nearly 8.01% during 2022-2030.
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Cyber-Physical Systems (CPS) Market: Overview
Cyber-physical systems (CPS) are the integration of cyber systems and physical systems. Moreover, nearly all the products used across the globe and advanced manufacturing tools used to manufacture these products are cyber-physical systems. Industry 4.0 revolution has led to automation and information exchange in manufacturing systems apart from digitization of manufacturing sector. Industry 4.0, also referred to as Industry 4.0 revolution, includes cloud computing, cyber-physical systems, connected things, cognitive computing, and cloud computing.
This fourth industrial revolution introduced the concept of smart factories. In these smart factories, cyber-physical systems monitor the operations of physical processes, make a virtual copy of these processes, and help the firm make decentralized decisions. These cyber-physical systems communicate & cooperate with one another and with humans in real time through the use of IoT technology.
Moreover, cyber-physical systems are smart network solutions with fitted sensors, embedded processors, and embedded actuators designed for sensing and interacting with the physical world. In addition, these systems aid real-time applications and guarantee improved performance in safety-critical applications. In CPS systems, computing, sensing, control, and networking is integrated into each component of the CPS systems. Some examples of cyber-physical systems are robots, airplanes flying in controlled airspace, and smart buildings.
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Zion Market Research published the latest report titled "Cyber-Physical Systems (CPS) Market By Component (Cyber-Physical System Software, Cyber-Physical System Hardware, and Cyber-Physical System Services), By Vertical (Healthcare, Aerospace & Defense, Consumer Electronics, Automotive, Manufacturing, Energy & Utility, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030" into their research database.
Cyber-Physical Systems (CPS) Market: Growth Drivers
Cyber-physical systems offer support to firms in process optimization, thereby saving costs and time. Apart from this, cyber-physical systems find applications in myriad sectors including energy, healthcare, and network mobility. For instance, these systems are used in the smart grid for energy sector and telemedicine & remote diagnostics in the healthcare sector. All these aforementioned factors will boost the expansion of the global cyber-physical systems (CPS) industry in the years ahead. In addition to this, cyber-physical systems help in linking the physical world with information technology, thereby improving the work quality and productivity as well as the revenue of the firm. Moreover, they are spatially distributed, multi-scaled, and time-sensitive systems linking the cyber world with the physical one. These features of cyber-physical systems will expand the scope of growth for the global cyber-physical systems (CPS) market.
Furthermore, experts have found that cyber-physical systems enhance the performance of production processes that can be scaled to nano manufacturing. Massive process automation activities witnessed in healthcare, farming, power, and manufacturing sectors have increased penetration of cyber physical systems in these sectors. The slew of applications of cyber-physical systems in various sectors has helped in charting a profitable growth graph for cyber-physical systems market. Apart from this, a constant decline in the costs of key components of cyber-physical systems such as storage units, sensors, actuators, and computing units will define the growth of the global cyber-physical systems industry.
How will the U.S. Shape Growth of the Global Cyber-Physical Systems (CPS) Market?
The U.S. cyber-physical systems (CPS) market is projected to expand rapidly in the upcoming years with the rise in demand for cyber-physical systems from the U.S. defense and intelligence sector. Apart from this, countries such as the U.S. are investing massively in public-private partnerships across the manufacturing industry. Moreover, the U.S. National Institute of Standards and Technology (NIST) is involved in a spectrum of smart systems manufacturing systems research ventures addressing measurement-science issues and protocols in manufacturing systems. In these ventures, NIST makes use of cyber-physical systems engineering tools in the manufacturing sector. All these aforementioned aspects have made the U.S. the largest consumer of cyber-physical systems in North America.
Why Is Germany proving to be a Prominent Market for Cyber-Physical Systems in Recent Years?
Germany is predicted to be the largest user of cyber-physical systems in Europe owing to its use of smart transportation services, large consumption of smart & renewable energy, use of smart health solutions, and use of smart technologies for goods production. Apart from this, the smart city concept is gaining traction in Germany which has increased the popularity of cyber-physical systems in the country, thereby increasing the growth prospects of the cyber-physical systems industry in Germany as well as across Europe.
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Why is Cyber-Physical System Hardware Segment witnessing massive demand globally?
In terms of component, the cyber-physical system hardware segment is projected to lead the global cyber-physical systems (CPS) market over the forecast period. The growth of the segment during the forecast timeline is attributed to the reduction in costs of network systems and IoT sensors. Additionally, large-scale penetration of key components of a cyber-physical system (CPS) such as monitoring devices computing units, memory units, sensors, actuators, and storage equipment in myriad sectors owing to its reduced cabling costs and natural support for mobility will boost the segmental growth.
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Why does cyber-physical systems (CPS) find lucrative applications in Energy and Utility Sector?
Based on vertical, the energy and utility segment is predicted to acquire numero uno position across the global cyber-physical systems (CPS) industry during the forecast timeline. The segmental expansion can be attributed to the large-scale use of smart grid technology in the energy and utility segment that optimizes the use of energy in the segment.
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Global Cyber-Physical Systems (CPS) Market is segmented as follows:
Cyber-Physical Systems (CPS) Market: By Component Outlook (2023-2030)
Cyber-Physical Systems (CPS) Market: By Vertical Outlook (2023-2030)
Cyber-Physical Systems (CPS) Market: By Region Outlook (2023-2030)
Middle East & Africa
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