Summary
A New Market Study, titled “Industrial Control Systems Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
Market Analysis
Market Research Future (MRFR) predicts the industrial control systems market to expand at a significant pace from 2018 to 2023 (forecast period).
An industrial control system (ICS) is a collection of systems, industrial devices, networks, and industrial controls that are used to automate and run industrial processes. ICS is a combination of hardware and software that is enabled by network connectivity to support critical systems, assets, and processes. Industrial control systems are largely used in power generation, transmission, and distribution to gather and analyze data in order for systems and processes to perform properly.
The emergence of the Internet of Things (IoT) is leading numerous industries to take advantage of the benefits of Internet connectivity, which improves the use of smart grids and smart manufacturing. However, businesses are adopting IoT because Internet connectivity reduces the number of on-site staff required to check the status of machines, hence lowering costs.
The industrial control system market is predicted to expand due to an increased need for industrial software and process automation, which drives market expansion as enterprises become more efficient and save time.
Industrial control systems are using new technologies and software to improve overall system functionality. However, because of the rising frequency of cyber-attacks against ICS organizations, businesses are experiencing security challenges associated with emerging technologies such as the Internet of Things (IoT) and cloud computing. Such attacks have a significant impact on essential infrastructure; for example, WannaCry’s attack on the UK’s National Health Service and the Shamoon cyber-attack on Saudi Aramco erased thousands of computer hard drives, posing a significant danger to the industrial control system market.
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COVID-19 Impact on the Global Industrial Control Systems Market
The COVID-19 pandemic has had a significant impact on the global industrial sector. The declaration of coronavirus as a pandemic in the first quarter of 2020 resulted in stringent lockdowns being enacted in a number of countries around the world. Several government agencies have set limits, forcing industry participants to allow their employees to work remotely. During the pandemic, the use of technologies such as modern electronics and automated machinery not only ensured the continuity of businesses but also resulted in positive efforts to maintain work productivity.
Future investments in the construction and residential sectors are likely to give chances for growth for global industrial control system market participants. The demand for these products has been temporarily restricted in recent months as a result of business closures around the world. The demand for industrial control systems, on the other hand, is expected to revive in the following months and rise significantly in the long run. Fluctuations in raw material supply and prices have also hampered the growth of the industrial control systems market. Furthermore, the World Health Organization (WHO) declared the COVID-19 outbreak a global pandemic in March 2020, prompting numerous governments to impose lockdowns. The COVID-19 outbreak is very likely to have a long-term impact on consumer choices and lifestyles. Manufacturing plants have been forced to close temporarily due to the COVID-19 outbreak. China is one of the most important raw material supply centers for the manufacturing sector. The high cost of machinery, on the other hand, is a factor impeding the growth of the industrial control systems market. The Asia Pacific market is likely to recover in the post-lockdown period, with nations like Japan, China, India, and South Korea seeing lucrative prospects to recover from the COVID-19 pandemic losses.
Because of their widespread use in the energy and power industries, consumer preferences play an important role in driving demand for the products. According to the MRF report, the worldwide market is predicted to increase slowly in the following year, which will have an impact on demand for industrial control systems around the world. The market was predicted to improve in the fourth quarter of 2020. Furthermore, as the market condition stabilizes throughout the projected timeframe, industry participants are likely to strengthen their production capacities.
Market Segmentation
The global industrial control systems market has been segmented into control systems, components, and applications.
By control systems, the global industrial control systems market has been segmented into supervisory control and data acquisition (SCADA), distributed control system (DCS), and hybrid (hybrid of SCADA and DCS).
By components, the global industrial control systems market has been segmented into human-machine interface (HMI), programmable logic controller (PLC), remote terminal unit (RTU), SCADA communication systems, and others (control server, remote diagnostics & maintenance).
By application, the global industrial control systems market has been segmented into electrical power (generation, transmission, and distribution), oil and gas, Pharmaceutical industry, automobile industry, water and water-waste treatment, and others (aerospace, defense, transportation).
Regional Analysis
The geographical analysis of the Industrial control system market is studied for North America, Europe, Asia Pacific, and the rest of the world.
North America is predicted to dominate the industrial control system market as demand for safer and more reliable process automation rises in industries such as utilities, transportation, water and water-waste treatment, oil and gas, and others. The adoption of new technologies such as IoT in manufacturing and the implementation of the industry 4.0 concept is projected to drive growth in the Asia Pacific region. A surge in demand for modernization, smart grid, and cloud computing is predicted to boost the European market’s growth.
Key players
The prominent players in the Industrial control system market are ABB Ltd (Switzerland), Schneider Electric (France), Honeywell International Inc (US), Siemens AG (Germany), Rockwell Automation (US), Omron Co (Japan), Emerson Electric Co (US)., General Electric Co (US), Yokogawa Electric Co (Japan), Alstom (France).
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