Report : Distributed Control Systems Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services) and Industry (Power Generation, Oil and Gas, Pharmaceutical, Food and Beverages, Chemicals, and Other Industries)
In 2018, the global distributed control system market was estimated to be at US$ 15.6 Bn.
According to the new research report published by The Insight Partners, titled “Distributed Control System Market – Global Analysis and Forecast to 2027”, the distributed control system market is expected to reach US$ 23.9 billion by 2027, registering a CAGR of 5.1% during the forecast period 2019-2027.
IIoT integrated automated systems bring about higher efficiencies in automation, leading to cost optimizations to the end-users. IIoT brings about more efficiency, accuracy, and cost-saving benefits. Broad adoption of IIoT solutions combined with automation solutions is supporting the growth of the market. Moreover, the industries look ahead to embrace Industry 5.0 to remain competitive in the market. National Robotics Initiative 2.0, a cross-governmental program that is built upon the original NRI. The program is intended to accelerate the development and use of collaborative robots which will work with humans and support them in various tasks. The program support four spheres for the research of the scalability, customizability, lowering barriers to entry, and societal impact. The program supports collaboration between academic, non-profit, industry, and other organizations to increase the development. This initiative provides various benefits to the US robotics companies, and thus increasing the growth of robotics in the region which would further provide growth opportunities for related technologies such as factory automation and industrial control solutions.
The electricity growth in the coming few years will mainly come from the developments happening in the developing regions and this will drive the demand for higher power generation. This demand will be driven by rapid economic development, industrialization, population growth, and government support for electrification. In addition to this, the growing demand for cooling & heating applications in both residential and industrial sectors is another factor driving the electricity demand worldwide. All these above factors are expected to drive the electricity demand and in turn the demand for installations of distributed control systems.
In our study, we have segmented the distributed control system market by component and industry vertical. DCS is responsible for organizing complete control structure as a single automation system which has different subsystems integrated through a proper information flow and command structure. DCS has varied applications in industrial fields including power generation, oil & gas, pharmaceutical, food & beverages, chemicals, and many others. Progression of power and energy sector as a result of the increasing population favors the growth of the distributed control systems market during the forecast period. Further, major wind and solar power plants are being created, adding to the development of the market in the future. The distributed control systems market is supposed to witness decent growth in the forecast period owing to rising demand in power and energy sectors and emerging open source DCS solutions. Cost and time-effectiveness associated with DCS is yet another factor impelling market growth. However, stagnant growth in the oil and gas industries may impede the growth of the distributed control systems market during the forecast period.
Key findings of the study:
The emerging smart cities and infrastructural development have been creating the excessive opportunities in the DCS market. Implementation of green industrialization and use of renewable energy has been promoted by developed countries. In this era of modernization, use of smart devices and IoT technology has been raising for the real-time accessibility, effectiveness, control and easy managing.
Some of the key players included in the distributed control system market are ABB Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., NovaTech, LLC, Rockwell Automation, Schneider Electric SE, Siemens AG, Toshiba Corp, and Yokogawa Electric Corporation among others.
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