Global Opportunity Analysis and Industry Forecast, 2020-2027
PORTLAND, OREGON, UNITED STATES, September 8, 2023/EINPresswire.com/ — Allied Market Research published a report on the Industrial Controls Market by Type (Distributed Control System, Supervisory Control & Data Acquisition System, Manufacturing Execution System, and Others), Component (Modular Terminal Blocks, Relays & Optocouplers, Surge Protectors, Marking Systems, Printing, Ferulles Cable Lugs, Handtools, Testers, Enclosure Products, PCB Connectors & Terminals, Heavy Duty Connectors, Analog Signal Conditioner, Electronic Housings, Power Supplies, Industrial Ethernet, and Remote IO), and End User (Automotive, Utility, Electronics & Semiconductors, and Mining): Global Opportunity Analysis and Industry Forecast, 2020-2027.
The global industrial controls market size was valued at $121.48 billion in 2019, and is projected to reach industrial controls market size $170.12 billion by 2027, registering a CAGR of 5.91%.
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Rise in interest in automation across different industry verticals as well as technological advancements, availability of cheap labor, and low manufacturing cost drive demand for industrial controls in developing economies. The electronics & semiconductors segment accounted for around 24.0% share in the industrial controls market.
Industrial controls are majorly used to control and monitor industrial automated processes. Increase in adoption of various IoT-enabled smart solutions fuels the demand for industrial controls. Moreover, rise in demand for mass production in manufacturing industries acts as the major driver of the market. However, increase in risk of cyber-attack is a major threat to industrial control system, as these systems are connected to internet, which hampers the growth of the market.
Demand for IoT-based smart solutions & automation in various industries, mass production in manufacturing sector, and adoption of industrial control system in various end use such as automotive and mining and rise in R&D investments drive the industrial control industry growth. However, increase in cyber-attacks, unavailability of authentication procedures, lack of skilled professionals, and awareness regarding industrial security solutions restraint the industrial control market growth.
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The industrial controls industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the global industrial controls industry include,
Emerson Electric Corporation
Honeywell International Incorporation
Kawasaki Roboticss control system
Mitsubishi Electric Factory Automation
Rockwell Automation, Inc.
Schneider Electric SA
Yokogawa Electric Corporation
The research uses both primary and secondary research to assemble data on the various facets of the international industrial controls market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.
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Key Benefits for Stakeholders:
This study comprises analytical depiction of the global industrial controls market along with the current trends and future estimations to depict the imminent investment pockets.
The overall industrial controls market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
Porter’s five forces analysis illustrates the potency of the buyers and the industrial controls market share of key vendors.
The report includes the industrial controls market trends and the market share of key vendors.
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 take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems 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 a variety of tools and techniques when gathering and analyzing data, including patented data sources.