(MENAFN- iCrowdNewsWire) Jul 30, 2020
Industrial Control Systems (ICS) Market Research Report- Forecast 2023
Market Highlights
The industrial control systems market has grown considerably over the years, with the chief reasons being the massive investments being made by countries on smart technologies coupled with the rising cyber risks like night dragon and stuxnet. The surge in smart grid deployments, cloud computing for infrastructure protection, along with the mounting spending by industries on industrial control systems can give rise to abundant growth opportunities for the ICS market in the ensuing years.
The global industrial control systems market 2020 is all set to record a strong growth rate from 2018 to 2023, which is the forecast period, believes Market Research Future (MRFR).
Dugu and Flame are some of the most menacing cyber-attacks that have led to increased concerns since they have caused extreme destructions of essential infrastructures, energy efficiencies, power grids and pipelines in recent years. Infrastructures everywhere have become highly susceptible to risks owing to rising use of complicated IT systems, control and command systems as well as data communication systems. Increasing adoption of industrial robots within the manufacturing sector, mass production and connected supply chain to cater to the expanding population has boosted the deployment of industrial automation across several industries.
The industrial control system market share can expand lucratively in the coming years, given the rising number of mergers & acquisitions amongst players to gain major stronghold. Some of the significant M & A activities reported in the past few years include Sourcefire's acquisition by IBM, Trusteer's acquisition by IBM, Invensys' acquisition by Schneider, McAfee's acquisition by Intel and Industrial Defender's acquisition by Lockheed Martin.
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Key Players
The well-known players in the Industrial control system market are listed as Schneider Electric (France), ABB Ltd (Switzerland), Siemens AG (Germany), General Electric Co (US), Omron Co (Japan), Emerson Electric Co (US)., Rockwell Automation (US), Yokogawa Electric Co (Japan), Honeywell International Inc (US), and Alstom (France).
Regional Outlook
The geographical analysis of the Industrial control system market is studied for the key regions of North America, Europe, Asia-Pacific, and the rest of the world.
As per the study, North America is anticipated to lead the industrial control system market as there is a rise in the demand for safer and reliable process automation in various sectors such as utilities, transportation, water, and water-waste treatment, oil and gas and more.
Also, the growth in the Asia-Pacific region is anticipated owing to the adoption of new technologies such as IoT in the manufacturing and application of industry 4.0 concept, whereas surge in the demand for modernization, smart grid, and cloud computing are also anticipated to drive the growth of the European market.
Segmentation:
By the study conducted on the basis of segmentation, the market for the industrial control system (ICS) has been categorized among the elements of control systems, components, and applications.
In terms of control systems: Supervisory control and data acquisition (SCADA), distributed control system (DCS), and hybrid (hybrid of SCADA and DCS) are the segments.
In terms of components: Human-machine interface (HMI), programmable logic controller (PLC), remote terminal unit (RTU), SCADA communication systems, and others (control server, remote diagnostics & maintenance) are the segments.
In terms of application: Electrical power (generation, transmission, and distribution), oil and gas, Pharmaceutical industry, automobile industry, water, and water-waste treatment, and others (aerospace, defense, transportation) are the segments.
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Global Industrial Control Systems Market, By Control System (SCADA, DCS, Hybrid), Components (HMI, PLC, RTU, SCADA Communication System), Application (Electrical Power, Oil and Gas, Water and Water-waste treatment, Automobile)— Forecast till 2023
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