Portland, OR, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The term "operational technologies" (OT) refers to the hardware and software systems used in industrial operations and essential infrastructures to monitor, control, and automate various activities. Operational technologies facilitate the implementation of automation and robotics in manufacturing and industrial processes to boost efficiency and reduce human intervention. As technology advances, the convergence of operational technologies and IT will inevitably determine the future of industrial operations.
Allied Market Research published a report, titled, “Operational Technologies Market, By Component (Field devices {Industrial Valves, Transmitters, Industrial Sensors, and Actuators} and Control systems {SCADA, WMS, DCS, HMI, and Others}), Technology (Wired and Wireless) and Vertical (Pharmaceuticals, Food and Beverages, Oil and Gas, Energy and Power, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the operational technologies market was valued for $146 billion in 2022 and is estimated to reach $292.7 billion by 2032, exhibiting a CAGR of 7.6% from 2023 to 2032.
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Prime determinants of growth
The global operational technologies market is driven by factors such as rise in strategic initiatives by the government, which drives the demand for operational technology. In addition, the market is influenced by growth in the machine control system market in emerging economies. However, high installation and maintenance costs hamper the market growth. Moreover, integration of operational technology with artificial intelligence (AI) and machine learning (ML) provides lucrative opportunities for market growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $146 billion |
| Market Size in 2032 | $292.7 billion |
| CAGR | 7.6% |
| No. of Pages in Report | 550 |
| Segments covered | Component, Technology, Vertical and Region. |
| Drivers | Rise in strategic initiatives by government drives demand for operational technology. Growing industrial growth in emerging economies |
| Opportunities | Integration of operational technology with artificial intelligence (AI) and machine learning (ML) |
| Restraints | High installation and maintenance costs |
Covid-19 Scenario
- The COVID-19 epidemic significantly changed the dynamics of the supply chain, raised demand for e-commerce packaging, and brought attention to health and safety precautions, all of which influence the operational technologies market.
- Many businesses swiftly adjusted to the growth in e-commerce by developing packaging that can endure the rigours of shipping and handling.
- The pandemic intensified the attention on sustainable operational technologies solutions as people looked for eco-friendly choices.
The field devices segment to maintain its leadership status throughout the forecast period
Based on component, the field devices segment held the highest market share in 2022, accounting for more than three-fifths of the global operational technologies market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is estimated to maintain the fastest CAGR of 8.04% from 2023 to 2032. This is due to the increased popularity of chip-on-board LED technology in field devices due to its small size, enhanced thermal management, and greater lumen output. Chip-on-board LEDs provide a higher power density, which enables smaller form factors and greater design freedom. Chip-on-board technology, which integrates several LED chips on a single board, allows for effective heat dissipation, resulting in optimal performance and a longer lifespan.
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The wireless segment to maintain its leadership status throughout the forecast period
Based on technology, the wireless segment held the highest market share in 2022, accounting for more than three-fifths of the global operational technologies market and is estimated to maintain its leadership status throughout the forecast period. The same segment would cite the fastest CAGR of 7.97% throughout the forecast timeframe. The growth is attributed to remote tracking and control, operational technology uses more wireless technology. 5G's low latency, high speed, and stability are transforming the OT environment. These approaches provide high-speed data transport, enabling real-time monitoring, analysis, and decision-making in industrial settings.
The energy and power segment to maintain its leadership status throughout the forecast period
Based on vertical, the energy and power segment held the highest market share in 2022, accounting for nearly one-third of the global operational technologies market and is estimated to maintain its leadership status throughout the forecast period. Smart grids and improved metering infrastructure provide real-time monitoring and control, allowing for more efficient energy distribution and demand response. However, the others segment is estimated to showcase the fastest CAGR of 8.29% from 2023 to 2032.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global operational technologies market revenue and is likely to dominate the market during the forecast period. The same region would cite the fastest CAGR of 8.51% from 2023 to 2032. Asia-Pacific serves as one of the potential markets for operational technologies globally. This is majorly attributed to increase in investments in R&D, an exponential rise in aging population, and surge in demand for advanced rehabilitation & industrial solutions.
Leading Market Players: -
- Abb ltd.
- Siemens
- Schneider electric se.
- Rockwell automation inc.
- Honeywell international inc.
- Emerson Electric company
- Ibm Corp
- General Electric
- Oracle corporation
- Fuji electric co., ltd.
The report provides a detailed analysis of these key players in the global operational technologies market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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