Global Industrial Controllers Market growing at a CAGR of 6.3% from 2023 to 2031
Category : Semiconductor And Electronics | Published Date : Oct 2023
Key Market Overview
The industrial controllers market is poised for strong expansion and is expected to reach USD 233.49 Billion by 2031. The market was sized at USD 138.25 Billion in 2022, USD 143.69 Billion in 2023 and is projected to grow at a compound annual growth rate of 6.3% during the period 2023-2031.
The report highlights the growing adoption of industrial controllers owing to the stringent safety regulations imposed by the government to enhance worker safety in industrial settings. Consegic Business Intelligence provides an inclusive research report on the industrial controllers market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Industrial Controllers Market By Overview
Consegic Business Intelligence provided an inclusive research report on the industrial controllers market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. Distributed Control System (DCS) is predicted to witness the fastest CAGR in the industrial controllers market during the forecast period. The growth is attributed to the expanding industrial automation for efficiency, cost savings, and improved control that raises the demand for DCSs. DCSs provide a centralized platform for monitoring and controlling complex processes, becoming a crucial component in industrial automation. Additionally, DCSs enable remote monitoring and control, especially valuable for industries with distributed facilities to operate in remote or hazardous environments. Moreover, DCSs are incorporating advanced analytics and machine learning capabilities to improve predictive maintenance and process optimization. In conclusion, the aforementioned factors are contributing collectively in bolstering the growth of industrial controllers market.
Get Free SampleMarket Dynamics
Driver:
- Increasing industrial automation is a significant driver for the growth of industrial controllers market.
- Stringent safety regulations imposed by the government to enhance worker safety is driving the adoption industrial controllers.
Restraints:
- High manufacturing cost associated with industrial controllers is restraining the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| By Type | Programmable Logic Controller (PLC), Computerized Numerical Controller (CNC), Distributed Control System (DCS), Programmable Automation Controller (PAC), Supervisory Control and Data Acquisition System (SCADA), Industrial Automation and Control System (IACS), and Human-Machine Interface (HMI) |
| By Control | Open Loop Control, Closed Loop Control, ON-OFF Control, Feedforward Control, and Feedback Control |
| By Application | Pumping and Ventilation, Electrical Charging, Waste Water Management, Assembling and Filling, Smart Grid, and Others |
| By End-User | Food Processing & Beverages, Automotive, Manufacturing, Transportation, Energy & Utilities, Oil & Gas, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The landscape for Industrial Controllers market is highly competitive with major players including NATIONAL INSTRUMENTS CORP, Ascon Tecnologic S.r.l., Siemens AG, and Mitsubishi Electric Corporation that have a strong market position in current market circumstances. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in the industrial controllers market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- NATIONAL INSTRUMENTS CORP
- Ascon Tecnologic S.r.l.
- Siemens AG
- Mitsubishi Electric Corporation
- Emerson Electric Co.
- GE Electric
- Red Lion (Spectris)
- Schneider Electric
- ABB
- Honeywell International Inc.