(MENAFN- EIN Presswire)
Nano Programmable Logic Controller (PLC) market Size
Nano Programmable Logic Controller (PLC) Market: Current Insight with Future Aspect Analysis
The Nano PLC market is set for moderate growth, driven by efficiency, compact size, and adoption in sectors like energy and automotive. Innovations by key players will boost market dynamics.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, September 18, 2024 /EINPresswire / -- Allied Market Research, titled, Nano Programmable Logic Controller (PLC) Market by Component, Service, Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023, the nano programmable logic controller (PLC) market was valued at $2,585 million in 2016, and is projected to reach $4,250 million by 2023, growing at a CAGR of 7.0% from 2017 to 2023. The Processor segment held nearly half of the total market in 2016.
Download Research Report Sample & TOC:
Nano programmable logic controller is used across numerous industries such as energy & power, automotive, oil & gas, pharmaceutical, and others. At present, the rise in demand for automated electronic devices and the increase in the trend of artificial intelligence (AI) drive the market. Moreover, the popularity of the Internet of Things (IoT) is expected to provide lucrative opportunities to market players.
The processor segment is estimated to maintain its lead in the global nano programmable logic controller (PLC) market, as it is the most important part of the controller for operations. Moreover, the input/output (I/O) segment is expected to grow, owing to its durability and easy replacement.
The fixed nano PLC segment dominated the global market in 2016, accounting for more than half of the total market share. The requirement for compact automation solutions, enhanced efficiency, and increased need for high-voltage operating devices fuel the market growth. However, the modular nano PLC segment is expected to grow at the highest CAGR of 6.3% during the forecast period, due to an increase in demand for module rack systems.
Asia-Pacific was the major revenue contributor in 2016 and is expected to maintain its dominance throughout the forecast period. This is attributed to the increase in several automated devices and solutions. Moreover, developments in energy & power, and automotive sectors are anticipated to boost the growth of the nano programmable logic controller (PLC) market, especially in the Asia-Pacific countries, such as China, Japan, South Korea, and India.
Europe is anticipated to grow at the highest CAGR of 8.4% during the analysis period, owing to an increase in demand for automated devices and a rise in the adoption of controllers in the automotive and oil & gas sectors. Moreover, technological advancements to overcome the complexity of the circuit are expected to offer lucrative opportunities for market players shortly.
Get Customized Reports with you're Requirements:
Requirement for Compact Automation Solutions
The nano programmable logic controller (PLC) market is expected to exhibit substantial growth opportunities, owing to its ability to perform a single set of tasks with superior reliability and performance, except under real-time constraints. At present, increased requirements for automated machinery in industries have led to a rise in the adoption of nano PLC modules for monitoring and controlling the production process.
Increase Need for High-voltage Operating Devices
Nano programmable logic controllers (PLC) are applicable across automotive, oil & gas, and energy & power industries, owing to the aggrandized use of high-voltage operating devices. Nano PLC is an electronic device used to monitor, control, and manage building systems, production processes, and power. It is the most commonly used power monitor, which can be operated at high voltage and high current with minimized power loss. Fixed nano PLC is used in electronic applications, such as inverters, converters, and other basis controllers, owing to its ease of control at high voltages.
Key Findings of the Nano Programmable Logic Controller (PLC) Market:
- In 2016, the processor segment dominated the global nano PLC market, in terms of revenue, and is anticipated to grow at a CAGR of 6.2% during the forecast period.
- The modular nano PLC segment is expected to exhibit the highest growth rate, owing to its flexibility and durability.
- The training segment dominated the global nano PLC market, accounting for nearly half of the total market share in 2016.
The key players operating in the nano programmable logic controller (PLC) market have adopted new product launches as their preferred strategy to expand their market foothold. The major players profiled in this report include Mitsubishi Electric Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, ABB Ltd., Robert Bosch GmbH, Honeywell International, Hitachi Ltd., IDEC Corporation, and General Electric.
Inquiry before Buying:
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use various tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
MENAFN18092024003118003196ID1108685877
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.