Artificial Intelligence
Industrial Controls Global Market Report 2022
New York, March 24, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Industrial Controls Global Market Report 2022” – https://www.reportlinker.com/p06247483/?utm_source=GNW
The global industrial controls market is expected to grow from $128.56 billion in 2021 to $141.47 billion in 2022 at a compound annual growth rate (CAGR) of 10.0%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $190.69 billion in 2026 at a CAGR of 7.7%.
The industrial controls market consists of sales of different types of control systems and related instrumentation. Industrial control systems (ICS) include networks, devices and systems used to operate and/or automate industrial processes.
The main types of control system of industrial controls are distributed control system (DCS), supervisory control and data acquisition system (SCADA) and manufacturing execution system (MES).A distributed control system (DCS) is a platform for automated plant or industrial process control and operation.
Human machine interface (HMI), logic solvers, historian, common database, alarm management, and a common engineering suite are all combined into a DCS.The various component used include modular terminal block, relays and optocouplers, surge protectors, marking systems, printing, ferulles cable lugs, handtools, testers, enclosure products, PCB connetors and terminals, heavy duty connectors, analog signal conditioner, electronics housings, power supplies, industrial ethernet and Remote IO.
Industrial controls are used by automotive, utility, electronics and semiconductor, mining and other end-users.
Asia Pacific was the largest region in the industrial controls market in 2021.Western Europe was the second-largest region in the industrial controls market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The industrial controls market is expected to be aided by rapid growth in investments in smart city projects in many countries globally.Industrial controls are being designed using artificial intelligence (AI) and internet of things (IoT) that can support energy, telecommunications, surveillance and other services.
Smart city technologies are integrated with electrical and electronic components, thereby benefitting the companies operating in this market. According to a recent forecast in the National Smart Cities Investment Guide of the International Data Corporation (IDC), global investment in smart city projects will total nearly $124 billion in 2020, a rise of 18.9% over 2019. The concept of smart cities is also increasingly being adopted in developing nations. For instance, more than 1,000 smart city pilot projects are either ready for or are under construction globally and around 500 of these projects are in China.
Malicious cyber-attacks due to lack of security in industrial infrastructure are acting as a restraint on the industrial controls market.Industrial controls are increasingly being integrated with connected sensors and integrated data systems making them vulnerable to cyber-attacks.
For instance, 156 tornado alarm systems in the US city of Dallas were hacked forcing authorities to shut down the emergency system.
OEMs are increasingly outsourcing product design and development processes to EMS partners to reduce overall costs and shift from fixed costs to variable costs.Some OEMS are collaborating with EMS partners and moving into new business models such as joint design manufacturing (JDM) and outsourced design manufacturing (ODM).
JDM model is further divided into high touch JDM and low touch JDM. ODM model focuses on qualification and system integration testing, thus indicating a shift in industrial controls manufacturing process.
In September 2020, Dover Corporation, an American conglomerate manufacturer of industrial products acquired XanTec Steuerungs und EDV-Technik (Maag) for an undisclosed amount.The acquisition enhances Maag’s automation solutions offering with an internet of things-enabled technology, and positions Maag to grow its presence in aftermarket, remote service and monitoring solutions for the polymer processing and related markets.
XanTec Steuerungs und EDV-Technik (Maag), a Switzerland based provider of integrated and customizable process technology solutions for the polymer, chemical, petrochemical, pharmaceutical and food industries.
The countries covered in the industrial controls market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247483/?utm_source=GNW
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