Industrial Control Systems (Energy & Power) Market Insights
The industrial control (E&P) market is likely to grow continually. Increasing demand from energy and power sectors and the proliferation of automation across the industrial sectors are key market drivers. According to MRFR, the global industrial control systems (E&P) market is poised to grow from USD 165.2 BN in 2022 to USD 256.2 BN by 2032, with a 5% CAGR during the assessment period (2023-2032).
Besides, the rising adoption of industrial control systems in several end-user industries, including energy & power, heavy machinery, electronics, pharmaceutical, and food & beverages, creates substantial market demand. Over the past few years, industrial control systems (E&P) have evolved explicitly. Moreover, technological advances have created significant market opportunities.
Industrial control (E&P) significantly helped the industrial community perform amazing feats even during the challenging global pandemic. Also, the growing need to protect a company’s sensitive information is enhancing market growth. The rapid increase in telecommunication, manufacturing, and chemical industries would also boost the industrial control (E&P) market size.
Major Players
Leading industrial control systems (E&P) market players include
- Emerson Electric Company (U.S.),
- ABB Ltd. (Switzerland),
- Siemens AG (Germany)
- General Electric Company (U.S.),
- Mitsubishi Electric Corporation (Japan),
- Schneider Electric SE (France),
- Honeywell International, Inc. (U.S.),
- Rockwell Automation, Inc. (U.S.),
- Yokogawa Electric (Japan),
- Metso (Finland), and
- Azbil (Japan),
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Global Industrial Control Systems (E&P) Market – Segmentation
The market report is segmented into technology, components, end-users, and regions. The technology segment is sub-segmented into integrated control & monitoring systems (ICMS), manufacturing execution systems (MES), distributed control systems (DCS), safety instrumented systems (SIS), and others. The components segment is sub-segmented into remote terminal unit (RTU), human-machine interface (HMI), surge protectors, marking systems, modular terminal blocks, and others.
The end market segment is sub-segmented into beverage & food industry, chemical industry, life & medical science, textile & fiber industry, heavy machinery industry, electronic industry, alloys & metal industry, automotive industry, and others. By regions, the market is sub-segmented into Asia-Pacific, Americas, Europe, and rest-of-the-world.
Industrial Control Systems (E&P) Market – Geographical Analysis
North America dominates the global industrial control (energy & power) market. The growing popularity of biosimilars, alongside the rapid growth in pharmaceutical and biotech sectors, increases the use of industrial control systems. Besides, notable technology providers and well-established development centers contribute to the largest market share, facilitating the early development and adoption of advanced industrial control (E&P) technologies.
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Industrial Control Systems (E&P) Market – Competitive Landscape
This market appears well-established due to the presence of several noteworthy players. Industry players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/technology launches to gain a larger competitive share. These players focus on innovation and developing new solutions, fuelling the intensified market competition.
Industry/ Innovation/ Related News
Oct. 24, 2023 — Powin, a leading energy storage company, announced a partnership with global technology provider Hitachi Energy for power control systems. Hitachi Energy will take majority ownership in EKS Energy, which is a power electronics and energy management solutions provider. Powin will remain actively involved in product development and marketing activities as part of the transaction.
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