Portland, OR, Feb. 24, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial controls market was estimated at $117.37 billion in 2017 and is expected to hit $173.96 billion by 2025, registering a CAGR of 5.3% from 2018 to 2025. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
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Rise in demand for IoT- based smart solutions, increase in automation in various industries, surge in demand for mass production in manufacturing industries to cater to the needs of growing population, and upsurge in adoption of ICS by various industries fuel the growth of the global industrial controls market. On the other hand, increase in cyber-attack threats, and lack of skilled professionals as well as awareness toward industrial security solutions curtail down the growth to some extent. Nevertheless, deployment of smart grid for the protection of critical infrastructure from cyber-attacks is expected to usher in a plethora of opportunities in the industry.
The distributed control system segment to maintain its dominance during the forecast period-
Based on control system, the distributed control system segment held the largest share in 2017, generating more than two-fifths of the total market. The manufacturing execution system segment, on the other hand, would grow at the fastest CAGR of 7.1% till 2025.
The utility segment to lead the trail by 2025-
Based on end-user, the utility segment contributed to more than one-fourth of the total market revenue in 2017, and is projected to rule the roost by the end of 2025. At the same time, the electronics & semiconductors segment would cite the fastest CAGR of 6.8% during 2018–2025.
North America generated the highest share in 2017-
Based on geography, North America accounted for more than half of the total market share in 2017, and is anticipated to dominate during the study period. Simultaneously, the region across Asia-Pacific would register the fastest CAGR of 10.3% throughout the estimated period.
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Key players in the industry-
Key market players analyzed in the market report include Emerson Electric Corporation, Honeywell International Incorporation, Yokogawa Electric Corporation, Schneider Electric SA, Kawasaki Robotics, Rockwell Automation, Inc., Mitsubishi Electric Factory Automation, ABB Ltd., Omron Corporation, and Siemens. These market players have combined several strategies including partnership, expansion, collaboration, joint ventures, and others to brace up their stand in the industry.
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