According to a new report published by Allied Market Research, titled,"Industrial Controls Market: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the industrial controls market accounted for $117.37 billion in 2017, and is expected to reach $173.96 billion by 2025, growing at a CAGR of 5.30% from 2018 to 2025. In 2017, North America dominated the global market share in terms of revenue by accruing 51.31% share, owing to heavy investments in power and oil & gas sectors. Moreover, rise in need for automation is a major factor that fuels the industrial controls market growth in this region. In addition, upsurge in demand for energy-efficient solutions and rise in need to minimize wastage of resources in various process industries are expected to provide lucrative growth opportunities to market players to expand their business in the region. Furthermore, most of the network security organizations have strong presence in this region, which is expected to drive the growth of the market during the forecast period.
Europe witnessed significant growth in industrial controls market in 2017, owing to increase in demand for control systems in the oil & gas industry. The need for modernization of oil & gas, water & wastewater, and power infrastructure is increasing rapidly in Europe, where industrial controls are used to analyze the drilling ground and for maintaining the drill speed. This factor significantly drives the growth of the European industrial controls market. However, increase in cyber-attack threats in critical infrastructure hampers the market growth.
Industrial controls is a collective term used to define various kinds of control systems and associated instrumentation, which includes the devices, networks, systems, and controls used to operate and automate industrial processes. Industrial control systems include various automation equipment, machines, and components. These systems are developed to monitor, control, and perform various industrial tasks and processes with high precision, improved product quality, and reliability.
The industrial controls market is segmented into components, control system, and their applications in end user industries. It covers types of control systems including distributed control system (DCS), supervisory control & data acquisition system (SCADA), manufacturing execution system (MES), and others. Depending on components, the market is categorized into modular terminal blocks, relays and optocouplers, surge protectors, marking systems, printing, ferulles cable lugs, handtools, testers, enclosure products, PCB connectors and terminals, heavy duty connectors, analog signal conditioner, electronics housings, power supplies, industrial Ethernet, and remote IO. The end users covered in the report include automotive, energy & utility, electronics & semiconductors, mining, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Prominent players, such as ABB Ltd., Emerson Electric Corporation, Honeywell International Incorporation, Kawasaki Robotics, Mitsubishi Electric Factory Automation, Omron Corporation, Rockwell Automation, Inc., Siemens, Schneider Electric SA, and Yokogawa Electric Corporation, have focused on developing new products and components to sustain the competition and expand their presence in industrial controls market.
Key Findings Of The Industrial Controls Market:
- In 2017, the distributed control system segment dominated the global industrial controls market, in terms of revenue, and is projected to grow at a CAGR of 4.2% during the forecast period.
- The testers segment is projected to witness highest revenue during the forecast period.
- Asia-Pacific is expected to exhibit the highest CAGR during the forecast period.