Industrial Control System Market Emerging Trends, Business Opportunities and Growth Analysis to 2023 | Corona-Virus Impact

Market Highlights

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.

Market Scope

The global industrial control system market is projected to expand at a stupendous growth rate over the forecast period. The need for industrial automation and emergence of internet of things (IoT) for expediting automation can drive the market. This is exemplified by the adoption of connected devices by enterprises for monitoring the condition of machinery and workers. The huge demand for protection of critical infrastructure across various industries can induce heavy market demand till 2023. The use of cryptography and heavy encryption at various stages can stave off common attacks such as DDoS and data theft. Monitoring of industrial processes in oil & gas and water treatment plants can provide a lucrative opportunity for the market.

The COVID-19 pandemic has brought a halt to all production processes to restriction of human contact and movement within industrial premises. But remote controlling of processes and automation has ensured the continuity of production. Cyber threats to ICS can threaten the global industrial control system market growth. Collaborations and partnerships are on the rise to combat ICS threats as evident with the partnership between Check Point Software Technologies and Claroty which provides users complete visibility on processes and alerts them in case of attacks.

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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.

Regional Analysis

By region, the industrial control system industry is segmented into North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).

North America is expected to dominate the industrial control system market as there is an increase in demand for safer and reliable process automation in various sectors such as utilities, transportation, oil and gas, water and water-waste treatment, and others. Rollout of guidelines for companies to strengthen their defenses against ICS threats and availability of network products can drive the regional market growth. Allocation of budgets and mandatory security policies can bode well for the global ICS market.

The integration of industrial IoT and rise in sensors, controllers, and other network devices can trigger the demand for industrial control systems. The growth in APAC is expected due to the adoption of new technologies such as IoT in the manufacturing and application of industry 4.0 concept. The region can recover gradually from 2020 due to a plethora of opportunities in South Korea, India, China, and Japan.

The Europe industrial control system market is driven by rapid increase in the demand for modernization, smart grid, and cloud computing.

Competitive Outlook

Emerson Electric Co, ABB Ltd, Yokogawa Electric Co, Rockwell Automation, Schneider Electric, Siemens AG, Omron Co, Alstom, Honeywell International Inc, and General Electric Co are key players of the global industrial control system market.

Also Read: http://www.marketwatch.com/story/industrial-control-systems-market-leaders-emerging-opportunities-industry-share-growth-forecast-and-industry-analysis-2020-04-23