Industrial Control Systems (Energy Power) Market Overview:
Industrial Control Systems Market Revenue is anticipated to expand up to USD 245.2 Billion by 2030, with a CAGR of above 8.60% during the forecast period 2021-2030.
The industrial control systems (ICS) market is experiencing constant revenue growth. Factors such as the rising adoption of ICSs in several end-user industries and the proliferation of automation across industrial sectors globally are major industrial control systems market trends. Moreover, the rapid increase in telecommunication, manufacturing, and chemical industries boost the industrial control systems market size.
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Increasing water purification wastewater management sectors escalate industrial control systems market shares due to the rising water demand worldwide. Besides, the spurring rise in energy power, OG, pharmaceutical, and food beverage sectors increases the market demand substantially. With the continually evolving ICS technologies, the market is projected to grow explicitly over the next few years.
In this regard, Market Research Future (MRFR) confirms that the global industrial control systems market is expected to garner significant gains by 2030, growing at an impressive CAGR during the assessment period (2022-2030). Moreover, the emergence of 5G technologies is expected to improve industrial control and automation systems, planning and design systems, and field devices.
Technological advances and the integration of AI into industrial control systems have improved ICS' performances and simplified ICS operations for staff who are not data analytics experts. Industrial control systems (ICS) significantly helped industries perform amazing feats even during the global pandemic's challenging circumstances.
However, industrial control systems are more vulnerable to hacks, which is a major factor posing significant challenges to the market players. Vulnerabilities in critical manufacturing and energy, water, and wastewater sectors are on the rise. The remote exploitation prominence has been exacerbated by the shift to remote workforce globally and the increased reliance on remotely accessed ICS networks in response to the COVID-19 pandemic.
Global Industrial Control Systems Market - Segmentation
The ICS market is segmented into components, technology, end market, and regions. The components segment is sub-segmented into hardware and software. The technology segment is sub-segmented into SCADA, PLC, DCS, HMI, and others. The end market segment is sub-segmented into upstream, petrochemicals, utility power generation, and others.
Industrial Control Systems Market - Geographical Analysis
North America leads the global industrial control systems market. The region is a hub for futuristic technologies and witnesses a rapid increase in ICS adoption across industries. Besides, the largest market share attributes to the increased application of ICS in the oil gas and pharmaceuticals sectors in the region. The strong presence of notable technology providers and well-established development centers facilitates the early development and adoption of advanced ICS technologies.
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Industrial Control Systems Market - Competitive Landscape
The industrial control systems market appears well-established due to the presence of several noteworthy players. Industry players incorporate strategic initiatives such as mergers acquisitions, collaboration, expansion, and product/technology launch to gain a larger competitive share. These players focus on innovation and the development of new solutions, fuelling the already intensified market competition.
Major Players:
Players leading the industrial control systems market include Emerson Electric Company (U.S.), ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Company (U.S.), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (France), Honeywell International, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Yokogawa Electric (Japan), Metso (Finland), and Azbil (Japan), among others.
Industry/ Innovation/ Related News
July 19, 2021 --- MITRE Engenuity unveiled results from its first round of independent ATTCK Evaluations for industrial control systems (ICS). The evaluations examined how cybersecurity products detected the threat of Russia-linked Triton malware. This program is built on MITRE Engenuity's integrity and commitment to making the world a safer, more secure place.
