According to a market report by Lucintel, the future of the industrial control system (ICS) market looks promising with opportunities in the power, energy and utilities, transportation systems, and manufacturing industries. The global industrial control system market is expected to grow with a CAGR of 5% to 7% from 2023 to 2028. The major drivers for this market are emergence of industry 4.0 revolutions and digitalization in various end user industries, such as automotive, energy utilities, chemicals, and mining and increasing number of security breaches has accelerated the demand of the industrial control systems.
In this market, HMI, industrial robot, control valve, and sensor are the major segments of industrial control system market by component type. Lucintel forecasts that industrial robot will remain the largest segment over the forecast period due to the increasing use for industrial robots among the manufacturing units, which helps in reducing labor requirement and energy usage and thereby ensuring a smooth and continuous workflow.
Within this market, manufacturing is expected to remain the largest segment due to growing trend of automated systems and procedures in factories and other commercial settings and increasing demand for operational efficiency.
North America will remain the largest region due to increase in deployment of smart grid solutions along with growing adoption of cloud-based services in the region.
ABB, Emerson Electric, Honeywell International, Kawasaki Heavy Industries, Mitsubishi Electric, OMRON, and Rockwell Automation are the major suppliers in the global industrial control system market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global industrial control system market component type, control system, end use industry, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Industrial Control System Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global industrial control system market by component type, control system, end use industry, and region, as follows:
Industrial Control System Market by Component Type [Value ($B) Shipment Analysis from 2017 to 2028]:
HMI
Industrial Robot
Control Valve
Sensor
Industrial Control System Market by Control System [Value ($B) Shipment Analysis from 2017 to 2028]:
Industrial Control System Market by End Use Industry [Value ($B) Shipment Analysis from 2017 to 2028]:
Power
Energy & Utilities
Transportation Systems
Manufacturing
Others
Industrial Control System Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
North America
Europe
Asia Pacific
The Rest of the World
This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at helpdesk@lucintel.com.
About Lucintel
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This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the industrial control system market by component type (HMI, industrial robot, control valve, and sensor), control system (DCS, PLC, SCADA, and others), end use industry (power, energy and utilities, transportation systems, manufacturing, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last five years and what has its impact been on the industry?