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Industrial Control System Market Analytical Overview, Comprehensive Analysis, Segmentation, Competitive Landscape and Industry Poised for Rapid Growth 2023 | COVID-19 Impact

07.29.2020 · Posted in Writing and Speaking

Market Highlights

The study indicates that the market is getting substantial traction due to factors such as its ability to be used in the power generation, transmission, and distribution in collecting and analyzing the data to observe for the proper functioning of systems and processes. The industrial control system is becoming the choicest option as they enhance the use of smart grids and smart manufacturing, which is boosting the market to a great extent and motivating to achieve more valuation in the coming years.

The industrial control system (ICS) market is fast gaining popularity as different industries are opting for enhanced services and systems more broadly. On this, the global industrial control system market is anticipated to achieve unprecedented CAGR during the forecast period 2018-2023, reveals Market Research Future (MRFR) in an extensive study. It also covers in-depth analysis of drivers and segments to understand the thorough prospects of the market and valuation to achieve in the coming years.

At the same time, the emergence of the Internet of Things (IoT) is also driving several industries to adopt the advantages of Internet connectivity that reduces the number of on-site workers to monitor the condition of machinery, which further reduces cost. Such factor is also boosting the market in a positive way. Moreover, there is a growing demand for automation of processes in the industrial control system application that is achieved by integrating the mechanical devices with computers. Such a situation results in reduction in cost, high production rate, and wastage reduction, which boosts the market during its growth period.

On the other hand, the industrial control system market is anticipated to expand as there is a rising need for industrial software and process automation, which drives market growth as industries are becoming more competent and saving time. As an add-on, industrial control systems are adopting new technologies and software to improve the overall functionality of the system.

On the flip side, several industries are facing substantial security challenges associated with emerging technologies such as Internet of Things (IoT) and cloud computing owing to the rising frequency of cyber-attacks on ICS organizations. Such attacks affect the critical infrastructure, which is a significant threat to the industrial control system market’s growth during the forecast period.

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.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/industrial-control-systems-market-1214

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