Global Industrial Controls Market Expected to Reach $163,345.7 Million by 2024
According to a new report published by Allied Market Research, titled, “Industrial Controls Market by Control System, Component, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2024“, the industrial controls market is accounted for $117,370.3 million in 2017, and is expected to reach $163,345.7 million by 2024, growing at a CAGR of 5.1% from 2018 to 2024. In 2017, North America dominated the global market, in terms of revenue, accounting for about 51.3% share of the global market, followed by Europe.
The industrial control systems are interconnected equipment, used to monitor and control physical equipment in different industries. The rise in demand for IoT-based smart solutions and mass production in manufacturing industries to cater to the growing population, along with automation in various industries, boost the demand for the industrial controls. However, increase in cyberattack threats, unavailability of authentication procedure to secure ICS, and lack of skilled professionals hinder the growth of the industrial controls market.
The distributed control systems (DCS) segment secured the highest share of about 44.0% in the industrial controls market in 2017 and is expected to grow at a CAGR of 4.6% during the forecast period. In terms of end users, utility sector is expected to contribute the highest market share in the coming years, as industrial controls are used to control and monitor physical processes in the oil & gas industry, by acquiring data from processes, such as valve positions, temperatures, pressures, tank levels, and human operators, and control hydraulic, electric, mechanical, or pneumatic actuator. Sensors are the important component of industrial control system as they are responsible for detecting the key changes that occur on production facilities. Moreover, sensors can be remotely controlled and limits the power & failure constraints. Factors such as high increase in interest in automation across different industry verticals as well as technological advancement, availability of cheap labor and low manufacturing cost has drive the sensor market in developing economies. The electronics & semiconductors industry accounted for around 23.8% share in the industrial controls market.
North America is anticipated to dominate the industrial controls market during the forecast period, owing to the presence of key network security companies, as the cyberattack is the major threat to industrial control systems. Moreover, Europe and Asia-Pacific are expected to witness moderate growth in the industrial controls market during the forecast period.
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Key Findings of the Industrial Controls Market:
- In 2017, the utility segment dominated the global industrial controls market, in terms of revenue, and is projected to grow at a CAGR of 5.9% during the forecast period
- The distributed control system segment is projected to grow at a CAGR of 4.6% during the forecast period
- Asia-Pacific is expected to exhibit the highest CAGR during the forecast period.
The major players, such as ABB Ltd., Mitsubishi Electric Factory Automation, Siemens, Honeywell International Incorporation, Emerson Electric Corporation, Schneider Electric SA, Omron Corporation, Rockwell Automation, Inc., Kawasaki, and Yokogawa Electric Corporation, have adopted various developmental strategies to expand their market foothold.