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)
According to our latest market study on “Distributed Control Systems Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Components and Industry,” the market is anticipated to grow from US$ 15,982.29 million in 2021 and is projected to reach US$ 23,108.60 million by 2028; it is expected to grow at a CAGR of 5.4% from 2021 to 2028.
Integration of Industrial IoT (IIoT) and Artificial Intelligence in Industrial Processes to Drive Market Growth during Forecast Period
The industrial sector is highly inclined toward artificial intelligence and big data, among other modern technologies. Further in addition to boosting productivity, automation is also predicted to provide a smart assistance to humans in the coming years. Companies are significantly investing in the development of industrial robots integrated with Artificial Intelligence, which would further reduce human intervention in different processes; this is likely to benefits economies by reducing dependency on humans, further lowering the impact of high labor costs on businesses. However, this may also result in loss of employment in the labor-intensive economies. Further, the adoption of distributed control systems is likely to increase dramatically with the growing traction toward IIoT. Because the IIoT combines manufacturing and information technologies, it necessitates substantial data collection and analysis in order to continuously improve factory operations. One of the most significant technologies for supplying IIoT with data is the DCS. The rapid adaption of IIoT in the manufacturing sector has led to a renaissance of robotics, further underlining the need for DCS.
Asian economies, such as Malaysia, Indonesia, and Thailand, have created their own 4.0 roadmaps to organize and lead their different economic agendas. The Singapore Smart Industry Readiness Index was created with the goal of providing a shared framework for enterprises to begin, scale, and maintain Industry 4.0 operations. Furthermore, Industrial Transformation Asia-Pacific reinforces Singapore's position as a major manufacturing hub, thanks to a growing interest in adopting new solutions and technologies to boost competitiveness. Much like the evolution of the automobile, automation will embed technologies in such a way that they are transparent to the user and allow untrained users to not only operate but also become capable of performing self-guided maintenance tasks. Several end user industries are turning for industrial automation based on AI and machine learning as well as big data analytics to gain deeper insights about their customers, automate the work, and increase efficiency as well as precision in the work. Government as well as private sectors, both plays an important role in the development of industrial automation across region. The advancement in technology is growing at a greater pace.
The COVID-19 epidemic has wreaked havoc on the mechanical equipment supply chain and industry, including the hardware component of distributed control systems. The appearance of the COVID-19 virus throughout the world, followed by lockdown scenarios, has caused industry analysts to estimate that the mechanical equipment supply chain will be at least a quarter delayed. Tremors are likely to occur until mid-2021 as a result of this disturbance. After governments across the world gradually eliminate different containment measures in order to restore the economy, the mechanical equipment and electronic industry is expected to pick up speed. Manufacturing facilities and industries are expected to pick up steam starting in 2022, which will have a favourable impact on demand for controlling and monitoring systems, as well as hardware components of distributed control systems.
Key Findings of Study:
The global distributed control systems market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Based on component the distributed control systems market is segmented into hardware, software, and services. The software segment held the maximum share in 2020. Similarly, based on industry vertical the distributed control systems market is segmented into power generation, oil and gas, pharmaceutical, food and beverages, chemicals, and other industries.