The industrial control systems market was valued at USD 100.6 billion in 2018 and is expected to reach a value of USD 156.53 billion by 2024, recording a CAGR of 9.17% during the forecast period (2019
Market Overview The industrial control systems market was valued at USD 100. 6 billion in 2018 and is expected to reach a value of USD 156. 53 billion by 2024, recording a CAGR of 9.
New York, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Control Systems Market - Growth, Trends and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05865940/?utm_source=GNW 17% during the forecast period (2019-2024). The transitions to Industry 4.0 is also expected to bring many advances in efficiency and productivity as well as many changes in the way the industrial processes work The industrial controls market has extensive demand in multiple industries such as automotive, utility, electronics, and semiconductors, owing to its ability to control the automated processes.
- With the rising cost of labor and coupled with the immense pressure on manufacturers to meet deadlines, this has resulted in increased adoption of automation in factories. The automation of factories has fueled the market for ICS. - In addition, the quality control issue involved with human error is minimized, owing to efficiency, reliability, and faster work rate of systems. Furthermore, the demand for mass production in manufacturing industries fuels the need for industrial controls to cater to the needs of the growth in population. - However, the absence of talented experts, in regards to mechanical security arrangements may ruin the business development. Moreover, high execution costs for ICS set up is relied upon to confine the development of the ICS advertise.
Scope of the Report Industrial control systems comprise various automation equipment, machines, and components. These systems are developed to monitor, control, and perform various industrial tasks & automate processes with high precision, improved product quality, and reliability. Industrial control systems are being adopted by organizations from various industries due to their increase in focus on attaining energy efficiency in manufacturing processes.
Key Market Trends Food & Beverage Sector to Widely Use Industrial control Systems
- The demand for food and beverage industry is growing year on year because of the growth of economy and disposable income. Increasing population is also contributing to this inustry. - Therefore, food and beverage companies face pressing challenges, such as regulatory compliance, management of the global supply chain, product quality, and continuous process improvement. - Successful integration of different automation stages in the food and beverage industry leads to value-creation in the supply chain, which ensures a long-term competitive edge and efficient production. - Hence, food companies are finding ways to improve reliability, increase productivity, reduce waste and decrease total cost through process automation. With this requirement of automation, controls are also becoming significant to a company’s production. - For instance, in November 2018, Mitr Phol Group of Thailand joined hands with ABB group to help meet their goals of plant reliability and availability. ABB will deliver products that will enable total control of the processes at the sugar plants and biomass power plant, providing precise operational information.
North America to Dominate the Market
- North America is on the verge of the fourth industrial revolution, where data is being used on a large-scale for production while integrating the data with a wide variety of manufacturing systems throughout the supply chain. -The country is also one of the largest automotive markets in the world and is home to over 13 major auto manufacturers. The automotive manufacturing has been one of the largest revenue generators for the country in the manufacturing sector. As the automotive accounts for significant adoption for industrial control systems and automation technologies, hence the country offers huge opportunity. -Moreover, supporting government policies and competitively priced natural gases are enabling US and Canadian chemical companies to build plants, expand, automate and control their facilities. Hence, the industrial controls growth in North American region is also expected to further drive the studied market over the forecast period.
Competitive Landscape The market of The Industrial Control System market is highly fragmented because many large players are in this market and they dominate the entire industry. All the players focus on strong Research &Development so that they have competitive advantages. These key players compete based on innovation, pricing, and service. Expansion in the emerging market is helping those established key players to extend their sales networks. GE Digital, Siemens AG, Schneider Electric AG, SAP, ABB Group, Fanuc, Honeywell International Inc., Bosch, and Cisco Systems are some of the companies providing the industrial internet platform.
- November 2018 - Dragos, Inc. (Germany), collaborated with General Electric Company (US), to strengthen industrial threat detection and response. The duo together will leverage their respective expertise to help ICS owners and operators detect and respond to industrial cybersecurity threats more effectively.
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