by Industrial control systems (ICS) are used in factories and industrial plants to monitor and control industrial processes and facilities in several industries, including oil & gas, chemical, pharmaceutical, food & beverage, energy & power, and manufacturing sectors. ICS helps ensure smooth operations in industries by providing supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), and programmable logic controllers (PLCs). They are also used for process automation applications, such as continuous and batch production, assembly line systems, material handling, and machine control. The global industrial control systems (ICS) market is estimated to be valued at US$139879.53 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for remote monitoring and diagnostics is expected to drive the growth of the global industrial control systems (ICS) market over the forecast period. Remote monitoring provides access to industrial assets from any location and enables real-time troubleshooting of ICS-enabled machines, thereby reducing downtime. It also helps monitor equipment health and predict maintenance needs of machines proactively. This improves operational efficiency. Further, the growing need for cybersecurity of critical infrastructure such as power plants and manufacturing facilities is also expected to fuel the demand for ICS. Incorporating advanced security features in ICS prevents vulnerabilities from cyber threats and ensures continuity of industrial operations. Both the drivers discussed above refer to the growing demand for remote monitoring and diagnostics capability of ICS.
Segment Analysis
There are four major segments in the Industrial Control Systems (ICS) market: Supervisory Control and Data Acquisition (SCADA) systems, Distributed Control Systems (DCS), Programmable Logic Controller (PLC), and Remote Terminal Unit (RTU). SCADA systems account for the largest share of over 30% due to its widespread adoption across various process and discrete manufacturing industries for gathering and analyzing real-time data. It helps optimize productivity and reduce operational costs by offering centralized monitoring and control of remote field sites and equipment.
PEST Analysis
Political: Governments in countries are focusing on developing national cybersecurity strategies and regulations to secure critical infrastructure from cyber threats. This is boosting demand for advanced ICS security solutions.
Economic: Rising global GDP and industrial production is spurring investments in automation technologies by companies. This is driving demand for ICS to improve efficiency and reduce costs. Additionally, growing infrastructure projects in developing nations is fueling market growth.
Social: Factors such as increasing urbanization, aging population, and demand for higher living standards are necessitating upgrades of existing infrastructure as well as new infrastructure projects. This is propelling the ICS market.
Technological: Advancements in connectivity technologies such as IoT and cloud computing are enabling remote access and predictive maintenance of industrial assets. This is prompting ICS vendors to integrate these technologies and offer enhanced solutions.
Key Takeaways
The Global Industrial Control Systems (ICS) Market Size is expected to witness high growth over the forecast period of 2023 to 2030 driven by rising investments in digitization of infrastructure and industries. The regional analysis indicates that Asia Pacific is expected to be the fastest growing region during the forecast period due to rapid industrialization and infrastructure development projects underway in countries such as China and India.
Key players operating in the ICS market are Mitsubishi Electric Corporation, Siemens Ag, Schneider Electric Se, Abb Limited, Yokogawa Electric Corporation, Omron Corporation, General Electric, Emerson Electric Co., Honeywell International, Inc., and Rockwell Automation, Inc. Mitsubishi Electric Corporation holds the largest market share owing to its wide product portfolio and global presence.
Regional analysis related content comprises that North America dominated the global ICS market in 2023 accounting for over 30% share, led by vast process and discrete manufacturing industries in US and Canada. Rapid automation of production facilities to enhance productivity is driving demand. However, Asia Pacific is poised to witness fastest growth during forecast period led by China, India and Southeast Asian countries.
Key players related content comprises Key players operating in the ICS market are Mitsubishi Electric Corporation, Siemens Ag, Schneider Electric Se, Abb Limited, Yokogawa Electric Corporation, Omron Corporation, General Electric, Emerson Electric Co., Honeywell International, Inc., and Rockwell Automation, Inc. Mitsubishi Electric Corporation holds the largest market share owing to its wide product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
