New York, USA, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Industrial Control Systems Market information by Control System, by Components, by Application and Region – forecast to 2027” market size to reach USD 168.53 billion, growing at a compound annual growth rate of 8% by 2026.
The industrial control systems market is growing profusely. The market growth attributes to the proliferation of automation across the industrial sectors globally. The rising adoption of ICSs in several end-user industries, including energy & power, O&G, pharmaceutical, and food & beverage sectors, creates substantial market demand. Over the past few years, ICS technologies have evolved explicitly.
With advances in ICS technologies, the ICS market is expected to perceive rising sales across the globe in the next few years. According to Market Research Future (MRFR), the global industrial control systems market is poised to garner exponential traction, growing at notable CAGR during the assessment period (2020-2027). The rapid increase in telecommunication, manufacturing, and chemical industries boost the industrial control systems market size.
Dominant Key Players on Industrial Control Systems Market Covered are:
Emerson Electric Company (U.S.)
ABB Ltd. (Switzerland)
Siemens AG (Germany)
General Electric Company (U.S.)
Mitsubishi Electric Corporation (Japan)
Schneider Electric SE (France)
Honeywell International Inc. (U.S.)
Rockwell Automation Inc. (U.S.)
Yokogawa Electric (Japan)
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Market USP Exclusively Encompassed:
Increasing Uses in Factory Automation Escalate Market Growth
Moreover, rapidly growing water purification & wastewater management sectors due to the rising water demand escalate industrial control systems market shares further. Technological advances and the integration of AI into industrial control systems have not only improved ICs performances but also have simplified ICS operations for staff who are not data analytics experts.
Additionally, 5G network deployments across the world are expected to improve performances of industrial control and automation systems, planning and design systems, and field devices. Even during the global pandemic's challenging circumstances, industrial control systems (ICS) significantly helped the industrial community perform amazing feats.
Cyber Security Vulnerabilities are Major Headwinds
Industrial control systems are more vulnerable to hacks, which is a major factor expected to pose significant challenges to the market players. Vulnerabilities in critical manufacturing and energy, water, and wastewater sectors are on the rise. The remote exploitation prominence has been exacerbated by the shift to remote workforce globally and the increased reliance on remotely accessed ICS networks in response to the COVID-19 pandemic.
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Segmentation of Market Covered in the Research:
The ICS market is segmented into components, technology, end market, and regions. The components segment is sub-segmented into hardware and software. The technology segment is sub-segmented into SCADA, PLC, DCS, HMI, and others.
The end market segment is sub-segmented into upstream, petrochemicals, utility & power generation, and others. The region segment is sub-segmented into North America, Europe, Asia Pacific, and the-rest-of-the-world.
North America leads the global industrial control systems market. The region is a hub for futuristic technologies and witnesses a rapid increase in ICS adoption across industries. Besides, the largest market share attributes to the increased application of ICS in the oil & gas and pharmaceuticals sectors in the region. The strong presence of notable technology providers and well-established development centers facilitates the early development and adoption of advanced ICS technologies.
COVID-19 Impact on the Global Industrial Control Systems Market
Like most industries, the industrial control systems industry was severely hit by the onset of COVID 19, witnessing a steep fall in demand. Manufacturers faced problems like obtaining components, attracting workers from quarantines, and delivering end products to markets. Besides, strict lockdown mandates restricting cross-border trades affected the market growth. Resultantly, overall prices got spiked, while the demand for optical encoders was reduced, and the market value was affected exponentially.
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However, the market is gradually picking up with various business and industrial activities returning to normalcy. Considering opportunities in the market, industry players are forming strategic partnerships with all financing partners involved in refinancing and shareholding. Major industry players are also investing substantially to improve their existing product lines with innovative technologies.
The global market of industrial control systems appears to be highly competitive. Well-established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage in this market. Many key players are rapidly investing in product development and expansion of global footprints.
For instance, on Aug.24, 2021, Soracom, Inc., a global provider of advanced IoT connectivity, announced its partnership with Charge Analytics to provide mission-critical cellular IoT connectivity to remote monitoring and control systems. Soracom's technologies are deployed in highly regulated industrial settings such as manufacturing, construction, mining, and chemical production.
These advanced IoT monitoring and control systems transmit real-time indoor and outdoor industrial plant data such as air pressure, quality, temperature, flow, humidity, and other metrics to secure cloud platforms for data logging and remote access, analysis, and technical support.
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