Wilmington, Delaware, United States, March 29, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Rise in usage of modular PLCs is a key factor expected to augment the global programmable logic controller (PLC) market.
The programmable logic controller (PLC) market was valued at US$ 11.6 Bn in 2022 and is projected to expand at a CAGR of 4.7% from 2023 to 2031 and reach US$ 17.2 Bn by the end of 2031
Significant utilization of PLCs in industrial automation applications can be ascribed to the versatile usage of PLCs to control a wide range of processes and systems with high accuracy and reliability.
Introduction of advanced Nano programmable logic controller (PLC) is anticipated to create new business opportunities for companies in the programmable logic controller (PLC) market. High demand for PLC-based automation systems in various industries such as automotive, energy, utility, building & construction, and food & beverage is estimated to boost the market.
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Proliferation of usage of sensors and actuators in manufacturing industries is likely to positively influence market development. Some of the key advantages of adoption of PLC over other industrial PCs are simple software logic, ruggedized hardware, ease of implementation, and simple control features.
Improvements in standards/protocol in factory automation and innovation in industrial process design in the past few years have boosted the market prospects of PLC manufacturers; an example is improvements in IEC 61131-3.
Key Findings of Study
- Surge in Demand for Modular PLCs: Growth in complexity of automation systems in industries has bolstered the usage of modular PLCs. The modular PLC segment of the product type held major share and is projected to grow at a CAGR of 4.9% from 2023 to 2031. Increase in trend of Industry 4.0 is fueling the segment.
- Rise in number of automation machinery used in modern process industries is likely to pave the way for development of novel PLCs with advanced software capabilities. An example is demand for such PLCs in manufacturing execution system.
- Rise in Adoption of PLCs in Automotive Industry: Proliferating number of PLCs in the automotive industry has opened up multitude of opportunities for companies in the programmable logic controller (PLC) industry. Recent analysis of the market indicates that the automotive industry involves complex manufacturing processes, which have spurred the usage of programmable logic controllers. Of the various applications, the TMR study found that material handling segment accounted for leading share in 2022. Extensive usage of PLCs in material handling applications is anticipated to fuel the segment.
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Key Drivers
- Surge in usage of PLCs to automate production lines in various industries is a key factor driving the programmable logic controller (PLC) market. PLCs are widely utilized to monitor and control production processes, thus leading to increased efficiency and productivity improvements.
- Rapid penetration of machine learning technologies and Internet of Things (IoT) in several manufacturing industries is projected to augment the programmable logic controller (PLC) market size. Advancement in industrial machinery design is poised to broaden the market outlook in the near future.
Regional Growth Dynamics
Asia Pacific accounted for 36.3% market share in 2022. The region is anticipated to retain the leading share of the market from 2023 to 2031. Surge in adoption of process automation and significant utilization of automated machinery in several process industries in developing countries are likely to propel the market in Asia Pacific. India, Japan, South Korea, and China are anticipated to be lucrative markets for programmable logic controller (PLC).
North America held 26.4% share of the global programmable logic controller (PLC) market in 2022. The market in the region is projected to expand at a steady pace from 2023 to 2031.
Surge in trend of factory automation in several manufacturing industries is a key trend likely to fuel market growth in North America. Rapid penetration of IIoT technologies in production lines is also expected to augment market size in the region.
Competition Landscape
Prominent companies in the programmable logic controller (PLC) market are ABB Group, Bosch Rexroth Ltd, Eaton, Hitachi, Ltd., Delta Corp Limited, Panasonic, Rockwell Automation Honeywell, Omron Advanced Micro Controls, Inc., and Schneider Electric.
The landscape is fragmented, with the presence of a large number of players accounting for majority share of the market. Key players are focusing on product innovations and committing significant funds in R&D activities in order to consolidate their market position.
Key Points from TOC:
1. Preface
1.1. Market Introduction
1.2. Market and Segments Definition
1.3. Market Taxonomy
1.4. Research Methodology
1.5. Assumption and Acronyms
2. Executive Summary
2.1. Global Programmable Logic Controller (PLC) Market Overview
2.2. Regional Outline
2.3. Industry Outline
2.4. Market Dynamics Snapshot
2.5. Competition Blueprint
3. Market Dynamics
3.1. Macro-economic Factors
3.2. Drivers
3.3. Restraints
3.4. Opportunities
3.5. Key Trends
3.6. Regulatory Framework
4. Associated Industry and Key Indicator Assessment
4.1. Parent Industry Overview - Global Industrial Control System Industry Overview
4.2. Supply Chain Analysis
4.3. Pricing Analysis
4.4. Technology Roadmap
4.5. Industry SWOT Analysis
4.6. Porter’s Five Forces Analysis
4.7. COVID-19 Impact and Recovery Analysis
TOC Continued……
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Programmable Logic Controller (PLC) Market Segmentation
By Offering
- Hardware
- Central Processing Unit (CPU)
- Power Supply
- Input/Output Module (I/O Module)
- Programming Device
- Memory System
- Software
- Services
by Type
- Compact PLC
- Nano PLC
- Micro PLC
- Modular PLC
- Small
- Medium
- Large
By Application
- Packaging & Labelling
- Material Handling
- Escalator & Elevator
- Process Control
- Industrial Equipment Control System
- Safety Monitoring & Control
- Energy Management
- Home & Building Automation
- Others (Smart Traffic Control, Production)
By End-use Industry
- Automotive
- Chemical
- Energy & Utility
- Food & beverage
- Oil & Gas
- Pharmaceutical
- Building & Construction
- Semiconductor & electronics
- Others (Metals & Mining, Pulp & Paper)
Region
- North America
- Europe
- Middle East & Africa
- Asia Pacific
- Latin America
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