by 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 Overview:
Industrial control systems (ICS) are computer systems used to control industrial processes like manufacturing, production, power generation and distribution etc. ICS improve efficiency and productivity by automating processes that were earlier done manually.
Market key trends:
Increasing need for cybersecurity – As ICS are being connected to corporate networks and public internet, they have become vulnerable to cyber threats like malware and ransomware attacks. This has increased the need for advanced ICS security systems to detect and prevent cyberattacks. Many organizations are investing significantly in ICS security solutions like firewalls, antivirus software and identity and access management. Growing adoption of cloud and mobility technologies is also driving the need for enhanced ICS security.
SWOT Analysis
Strength: ICS have strong security features that enable monitoring and controlling of industrial operations remotely. They offer high productivity and reduce downtime of industrial processes.
Weakness: ICS systems are highly complex and custom-built for specific industrial applications which make them difficult to patch and upgrade. They also lack built-in security capabilities and rely on proprietary protocols making them vulnerable to cyberattacks.
Opportunity: Increasing focus on Industry 4.0 and integrating operational technology (OT) with information technology (IT) presents an opportunity to develop ICS with advanced security capabilities. Growing deployment of ICS in manufacturing, critical infrastructure also opens up market opportunities.
Threats: Stagnating global economy amid geopolitical issues pose threats from reduced capital expenditure. Growing sophisticated cyberattacks on critical infrastructure also threatens brand image and stability of ICS companies.
Key Takeaways
The Global Industrial Control Systems (ICS) Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing automation and focus on operational efficiency across process and discrete industries.
Regional analysis:
North America accounted for largest share of over 30% of the global ICS market in 2023. Europe and Asia Pacific are other major markets. Asia Pacific region is projected to witness highest CAGR during forecast period due rising focus on industrial automation to enhance production and gain competitive advantage. China dominates Asia Pacific ICS Market owing to presence of huge manufacturing sector in the country.
Key players operating in the Industrial Control Systems (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. Major players are focusing on innovating their ICS solutions with latest cloud and cybersecurity technologies to gain higher share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
