Future Outlook of the Industrial Controls Market: Analyzing Size, Segmentation, and Competitive Landscape By Report Ocean
Introduction
The “ Industrial Controls “ market’s future trajectory is a topic of paramount importance, necessitating a comprehensive analysis encompassing market size, segmentation, competitive landscape, present conditions, and anticipated trends. Moreover, the ongoing challenges posed by the COVID-19 pandemic also warrant strategic insights for businesses to navigate these circumstances successfully.
Market Size and Segmentation
The Industrial Controls market’s evolution hinges on understanding its size and segmentation dynamics. This entails delving into aspects like product types, applications, and geographical distribution. By dissecting these facets, a clearer perspective on future growth prospects can be gained.
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The global industrial controls market held a market value of USD 203.6 billion in 2021 and is estimated to reach USD 326.6 billion by the year 2030. The market is projected to list a CAGR of 5.5% during the forecast period. The market volume is accounted to grow at a CAGR of 4.2% over the predicted period.
Industrial controls are necessary in manufacturing markets for proper system and process mechanisms. The industrial controls market is growing tremendously at the rate of 5.5% owing to the increasing focus smart factories, coupled with investments in the manufacturing sector. Moreover, the surge in mass production demand has also increased the growth in the industrial controls industry.
Furthermore, the rising demand for industrial controls has also pushed companies to expand their presence in the industry. For instance, in September 2020, Dover Corporation, an American conglomerate manufacturer of industrial products, acquired XanTec Steuerungs und EDV-Technik (Maag). The acquisition enhanced Maag?s automation solutions with IoT-enabled technology.
On contrary, the vulnerability of industrial controls to the ever-increasing cyber-attacks is decreasing the market growth to a certain limit.
Growth Influencers:
Increasing focus towards smart factories
The rising inclination towards smart cities and smart factories is driving the growth for industrial controls. For instance, according to National Smart Cities Investment Guide of the International Data Corporation (IDC), global investment in smart city projects is total nearly USD 124 billion in 2020, a rise of 18.9% over 2019. Smart factories require top-notch industrial controls and the companies operating in the industry are providing products of high value, thus fueling the market growth.
Rising investments in R&D for manufacturing innovation
The research carried out by public agencies in the field of manufacturing has increased demand for top-notch industrial controls. For instance, Europe-based companies surged investments in research and development in ICT by 7.2%. Several companies have started investing wisely to match the value advantage in this sector.
Segments Overview:
The global industrial controls market is segmented into components, type, network component, and end user.
By Components,
? IT and OT
? Programmable Logic Controller (PLC)
? Remote Thermal Unit (RTU)
? Control Loop
? Industrial Automation and Control System (IACS)
? Programmable Automation Controller (PAC)
? Human Machine Interface (HMI)
? Master Thermal Unit (MTU)
? Intelligent Electronic Device (IED)
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The IT and OT segment held the largest market share of more than 40% in 2021. The intelligent electronic device segment is estimated to cross the mark of USD 25 billion revenue by 2025. In addition to that, the industrial automation and control system segment is likely to grow at the highest CAGR of 6.3% over the anticipated period.
By Type,
? Supervisory Control and Data Acquisition (SCADA)
? Distributed Control Systems (DCS)
? Process Control System
? Safety Instrumented System
? Energy Management System
The supervisory control and data acquisition and distributed control systems segments accounted for more than 50% of the market share in 2021. The process control system segment is likely to hold the highest growth rate of 6.2% over the anticipated period.
By Network Component,
? Fieldbus
? Communication Router
? Firewall
? MODEMS
? Remote Access Points
The fieldbus segment is projected to cross the mark of USD 100 billion revenue by 2029. On the other hand, the remote access points is expected to grow at the highest CAGR of 6.2% over the forecast period.
By End User,
? Oil and Gas
? Chemical
? Pharmaceutical
? Food and Beverage
? Medical Device
? Automotive
? Aerospace and Defence
? Others
The aerospace and defence segment is likely to hold an opportunity of more than USD 12 billion during 2022 to 2030. The automotive segment held the largest market share of more than 25% in 2021. Moreover, the food and beverage segment is projected to grow at the highest growth rate of 6.3% over the forecast period.
Regional Overview
By region, the global industrial controls market is divided into North America, Asia Pacific, Europe, Middle East & Africa, and South America.
The European industry for industrial controls held the largest market share of more than 35% in 2021 owing to the increasing industrialization in the Western countries of Europe, including Germany, UK and France.
The Asia Pacific industry for industrial controls is growing at a steady rate and is expected to surge during the forecast period due to the rising R&D spend in the manufacturing sector by top companies operating in the region.
Competitive Landscape
The prominent players operating in the global industrial controls market include Emerson Electric Co., ABB Ltd., Endress+Hauser AG, Honeywell International Inc., General Electric, Mitsubishi Electric Corp., Rockwell Automation Inc., Omron Corporation, Schneider Electric SE, Yokogawa Electric Corporation, and Siemens AG.
The prominent four players in the market hold approximately 45% of the market share. These market players are investing in collaborations, product launches, mergers, acquisitions, expansions, in order to produce a competitive edge against their counterparts. For instance, in October 2021, Emerson Electric Co. entered into a definitive agreement with AspenTech to contribute two of their industrial software businesses, namely OSI Inc. and Geological Simulation Software business, to the combined company.
The global industrial controls market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global industrial controls market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various components used in the manufacturing of industrial controls
? Manufacturing Cost Analysis: Cost-share of various components in industrial controls tools
? Overview of Industry Standards
The global industrial controls market report answers questions such as:
? What is the market size and forecast of the global industrial controls market?
? What are the inhibiting factors and impact of COVID-19 on the global industrial controls market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the global industrial controls market?
? What is the competitive strategic window for opportunities in the global industrial controls market?
? What are the technology trends and regulatory frameworks in the global industrial controls market?
? What is the market share of the leading players in the global industrial controls market?
? What modes and strategic moves are considered favorable for entering the global industrial controls market?
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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