Industrial Control Systems Market Outlook 2031:
The global industrial control systems market size was valued at USD 49.29 Billion in 2022 and is projected to reach USD 83.27 Billion by 2031, expanding at a CAGR of 6% during the forecast period 2023 - 2031. The growth of the market is attributed to product demand in several industries, such as utility, electronics, automotive, and semiconductors to control the automated processes.
Industrial control system (ICS) is used to control the entire industrial process. It is electronic control system associated with industrial instrumentation. Industrial control systems refer to as little as a few modular panel-mounted controllers or as large as interconnected and interactive distributed control systems with thousands of field connections.
The regulated systems collect input from remote sensors that measure process variables (PVs), compare it to the desired set points (SPs), and then create command functions that are usually used to control a process via final control elements (FCEs). The different control systems are being used by different industry leaders for process optimization and to control diverse industrial procedures, such as painting, additive manufacturing, metalworking, and molding.
These control systems are made up of one or many control loops that use sensors and meters to automate several activities, removing the human requirements in the process. Industrial control systems security is rapidly adopted by industry professionals, due to the rise in the number of cyber-attacks. The hackers focus on numerous industrial processes either for ransom or with the aim of causing harm to critical production systems.
In every industrial facility, controlling pressure, level, temperature, and flow are crucial procedures. Industrial control & Factory Automation systems are extensively used for complete or partial automation in the power generation, oil and gas, telecommunications, chemical, and pulp & paper industries.
Industrial Control Systems Market COVID-19 Impact
The COVID-19 pandemic hampered the industrial control system market. The lockdown was imposed by several nations around the world to prevent the spread of coronavirus. People were asked to work from home and the world was using digital technologies to fight this global crisis.
The companies started evaluating and revising their approach as well as upgrading their strategies toward cyber incidents, mainly where industrial control systems are extensively used to control and monitor equipment functions, as work from home was compulsory in several business units.
The rising demand for industrial control systems during the COVID-19 pandemic is due to their mutually dependent function and high interconnectedness. The rapid adoption of digital transformation strategies and requirement of industrial control systems services and solutions is increased due to COVID-19 pandemic.
The COVID-19 pandemic has widely increased the use of the internet in various operations which in turn increase the importance of industrial control security, which has highly boosted the industrial control system market demand across the globe.
Industrial Control Systems Market Dynamics
The research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The industrial control system market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.
Major Trends:
Wide adoption of cloud-based security solutions in various industries
Cloud-based security solutions are a rapidly growing field in which industry professionals seek to secure platforms and monitor endlessly to store critical real-time data. Several business units are now leveraging low-cost cloud services in order to increase operations flexibility and management. The cloud-based security systems combine the power of security, networking, storage, analytics, and management into one package, which makes the deployment simple and easy.
Therefore, it requires local servers as well as software that results in saving both time and money while improving security purposes, which is expected to drives the industrial control systems market growth during the forecast period.
Key Drivers:
Rising product demand from rowing food & beverage industry
The rising product demand form & beverage industry is expected to drive the market growth during the forecast period. Food & beverage exponentially growing each year due to the rise in disposable incomes as well as the increasing population.
Food manufacturing companies are seeking ways to enhance productivity, reduce waste, improve reliability, and reduce overall cost through the process of automation.
The need for automation, monitoring, and controls is also becoming crucial to a company's production system, which is projected to propel industrial control system market growth during the forecast period.
Increasing advancements in technologies for several applications
The increasing advancements in technologies are motivating several industries to go through operational transformations which have resulted in the adoption of advanced technologies for operating a variety of tasks that were earlier performed manually.
It offers a lucrative opportunity for the Machine-To-Machine (M2M) and Industrial Internet of Things (IIoT) to expand further, these are the major factors boosting the industrial control system market expansion in the coming years.
Increasing adoption of ICS assists manufacturers with several applications
The rising cost of labor, along with the immense pressure on manufacturers to meet certain deadlines, results in the increasing adoption of automation in industries. This automation of industries has propelled industrial control system market expansion.
The quality control issue involved with human error has been minimized, due to reliability, efficiency, and faster work rate of the systems as well as the demand for mass production in manufacturing industries pushing the need for industrial controls to serve the needs of the growing population.
Existing Challenges:
High cost associated with implementation of industrial control systems
The high cost of implementation of highly secured industrial control systems increases infrastructure costs. It becomes the most expensive for small and medium-scale companies.
The small-scale and medium manufacturers have a very limited budget to build any secure infrastructure. Limited budget is expected to hamper the industrial control systems market growth during the forecast period.
Emerging Opportunities:
Government initiatives and technological advancements
continuous research and development activities being carried out regarding the industrial control system and its applications in several industries. The increasing number of favorable government policies and initiatives such as Industry 4.0 are expected to boost demand for the industrial control system market and offer growth opportunities for market players across the globe.
Continuous technological advancements and increasing adoption of the Industrial Internet of Things (IIoT) in various industries create lucrative opportunities for key market players.
Scope of the Industrial Control Systems Market Report
The report on the global industrial controls market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Industrial Controls Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Component (HMI, Industrial Robots, Control Valves, and Others), Vertical (Aerospace & Defense, Manufacturing, Chemical, Food & Beverage, and Others), and Control System (SCADA, DCS, Hybrid, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Yokogawa Electric Corporation; Siemens AG; Schneider Electric; Rockwell Automation, Inc.; OMRON Corporation; Mitsubishi Electric Corporation; Kawasaki Heavy Industries, Ltd.; Honeywell International, Inc.; General Electric; Emerson Electric Co.; and ABB
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Industrial Control Systems Market Segment Insights
The control valves segment to expand at a robust growth rate
Based on the component, the global industrial control system market is divided into HMI, industrial robots, control valves, and others. The control valve segment is expected to expand at a robust growth rate during the forecast period, owing to the the advancement in technology.
Economic, environmental, and competitive issues are becoming more common in modern process facilities which results in an increasing number of industrial enterprises which are investing in cutting-edge technology and instruments in order to gain a competitive edge.
However, the industrial robotics segment is anticipated to hold a key share of the market in the coming years, owing to the increasing adoption of industrial internet of things (IIOT) technology, which offers productivity and profitability.
The manufacturing segment to register a considerable CAGR
On the basis of vertical, the global industrial controls system market is segregated into aerospace & defense, chemical, manufacturing, food & beverage, and others. The manufacturing segment is projected to register a considerable CAGR during the forecast period, owing to the significant share in the industrial automation and control system. Automation firms are hiring more workers who are trained to work on the latest technology in the manufacturing industry.
On the other hand, the healthcare segment is anticipated to account for a major market share during the forecast period, owing to the rise in investment and the urgent requirement for advanced digital solutions. Robotic process automation in healthcare can improve workflows by automating processes. Healthcare automation can enhance the outcomes and reduces system error caused by manual processing and inefficient operations.
The SCADA segment is expected to be the fastest growing
On the basis of the control system, the global industrial controls system market is segmented into SCADA, DCS, Hybrid, and others. The SCADA segment is expected to be the fastest growing during the forecast period, as it helps in monitoring, gathering, and analyzing the data.
Moreover, the DCS segment is projected to register considerable market share. DCS stands for distributed control systems. It provides centralized plant operations by allowing central control of individual components and processes.
North America is expected to dominate the market
In terms of regions, the global industrial controls system market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is expected to dominate the market during the projected period.
The market is gaining momentum in the region due to the presence of auto manufacturers, as manufacturers contribute large revenue share as well as significant adoption of industrial control systems. Data generated is used for production on large scale while integrating the data with various manufacturing systems throughout the supply chain.
Segments
The global industrial controls system market has been segmented on the basis of
Component
- HMI
- Industrial Robots
- Control Valves
- Others
Vertical
- Aerospace & Defense
- Manufacturing
- Chemical
- Food & Beverage
- Others
Control System
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Player
Competitive Landscape
Key players competing in the global industrial controls system market are Yokogawa Electric Corporation; Siemens AG; Schneider Electric; Rockwell Automation, Inc.; OMRON Corporation; Mitsubishi Electric Corporation; Kawasaki Heavy Industries, Ltd.; Honeywell International, Inc.; General Electric; Emerson Electric Co.; and ABB.
Some of these players have adopted a series of business development strategies including merger and acquisition, entering into partnerships and collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.
- In March 2021, ABB and ETH Zurich announced that they are planning to expand their robotics research collaboration together as part of ETH's RobotX project.
- In October 2020, Emerson announced its acquisition of Progea Group, which is one of the market-leading providers of industrial internet of things (IIoT), human-machine interface (HMI), plant-analytics, supervisory control, and data acquisition (SCADA) technologies.
- In November 2018, Dragos Inc. (Germany), collaborated with General Electric Company (US), to control and strengthen the industrial threat detection and response system. Both of them decided to leverage their respective expertise to help industrial control system owners as well as the operators to detect and respond the industrial cybersecurity threats accurately and effectively.
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