Yahoo Finance Distributed Control System Market Size to Hit USD 24.82 Billion by 2026 | Exhibit a CAGR of 5.6%
According to Fortune Business Insights, the global distributed control system market was valued at USD 16.18 billion in 2018, and is projected to reach USD 24.82 Billion by 2026, growing at CAGR of 5.6% from 2021 to 2026. Distributed Control System Market to gain from the urgent demand for renewable energy.
Pune, India, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The global distributed control system market size is expected to grow from USD 16.18 billion in 2018 to USD 24.82 billion by 2026, exhibiting a CAGR of 5.6% during the forecast period. The power industry is experiencing rising technological advancements at present. It is one of the most vital factors that is likely to augment the DCS market growth in the coming years. New technologies are aiding in improving the reliability, efficiency, and productivity in this sector, states Fortune Business Insights™, in its report titled “Distributed Control System Market, 2021-2026.”
Growing power requirements of end users and increasing awareness about emissions-free electricity will push for deployment of distributed management systems on the global market. Rising oil production and increasing energy demand will drive demand for the deployment of DCS at scales across the oil and gas and electricity sectors, which is expected to boost the market in the forecast period.
Key industry developments:
Rockwell Automation, unveiled its latest DCS system called PlantPAx to consolidate servers in a single machine, leveraging both IEC-61850 and Ethernet/IP standards.
ABB bagged a new contract from China to control its first ever commercially operated concentrated solar power plant. ABB is set to deliver its ‘Ability Symphony Plus’ DCS to maintain production.
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Report Highlights:
Report Coverage | Details |
Forecast Period | 2019-2026 |
Forecast Period 2019 to 2026 CAGR | 5.6% |
2026 Value Projection | USD 24.82 billion |
Base Year | 2018 |
Market Size in 2018 | USD 16.18 billion |
Historical Data for | 2015-2017 |
No. of Pages | 220 |
Segments covered | By Component, By End-User, and Regional Forecast |
Growth Drivers | Rising Investment for Developing New Technologies to Boost Growth |
Software Segment to Gain Maximum Share Backed by their Extensive Usage in DCS |
Drivers & Restraints-
Rising Investment for Developing New Technologies to Boost Growth
The power industry is experiencing rising technological advancements at present. It is one of the most vital factors that is likely to augment the DCS market growth in the coming years. New technologies are aiding in improving the reliability, efficiency, and productivity in this sector. Apart from that, in the processing and manufacturing industry, the increasing investment in the development of unique technologies for power plants would affect the market positively.
Furthermore, the high demand for I/O and proliferation of digital networks in the process control system would transform the market. Important changes in technologies, namely, field networks, control networks, and physical I/O are gradually remoulding with the emergence of smart IIoT-connected sensors, analytics, big data, cloud computing, Industrial Internet of Things (IIoT), and virtualization. However, underinvestment in infrastructure and shale oil exploration may hamper market growth.
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Segment-
Software Segment to Gain Maximum Share Backed by their Extensive Usage in DCS
Based on component, the market is grouped into services, hardware, and software. The software segment held 45.9% distributed control system market share in 2018. It occurred because of the increasing usage of these software solutions in DCS to gain several benefits, such as easy maintenance, smooth operation, and intelligent control. These solutions consist of equipment simulator, system configurator editor, operator interface, and system management tool. This segment is expected to gain the maximum share during the forecast period.
Segmentation | By Component
|
By End-User
| |
By Geography
|
Regional Analysis-
Rising Oil & Gas Production & Exploration Activities to Drive Growth in Europe
In terms of region, the market is divided into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. Out of these, North America generated USD 5.10 billion DCS market revenue in 2018 stoked by the increasing consumption of power in Canada and the U.S. The oil and gas sector is also expanding in this region.
Europe is set to experience healthy growth backed by the rising oil and gas production and exploration activities in countries, namely, Italy, Spain, and Germany. Europe is expected to show a healthy growth in the overall market according to market study. It will assist the players of the market in adopting different strategies for sustainable growth. These data, statistics, and insights will prove useful to market players, shareholders, new entrants, and investors in getting market insights and adopting different strategies to grow
Latin America and the Middle East & Africa, on the other hand, are mainly aiming to surge their fossil fuel and renewable energy production. They are doing so to fulfil the unmet demand for power.
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This Report Answers the Following Questions-
What are the distributed control system market trends, growth drivers, and barriers?
How will the market be affected in the near future?
Will the consumer behaviour change during the forthcoming years?
Which region is expected to lead the market by generating maximum revenue?
What are the important strategies followed by companies to boost sales?
Competitive Landscape-
Key Players Aim to Gain New Contracts for Intensifying Competition
The market houses many enterprises that are striving persistently to bag new contracts and develop state-of-the-art products. They are also investing hefty amounts of money to upgrade their existing products and are adopting the strategy of mergers and acquisitions.
List of companies present in the DCS market. They are as follows:
ABB (Switzerland)
Schneider Electric (France)
Emerson (US)
Siemens (Germany)
Honeywell Process Solutions (US)
GE Power (US)
Rockwell Automation (US)
Toshiba Corporation (Japan)
Hitachi (Japan)
Valmet (Finland)
Yokogawa (Japan)
Azbil Corporation (Japan)
NovaTech LLC (US)
Scope of the Report:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Global Distributed Control System Market Analysis (USD Billion), Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast – By Component
Hardware
Software
Services
Market Analysis, Insights and Forecast – By End-User
Oil & Gas
Chemicals
Power Generation
Pharmaceutical
Food & Beverage
Others
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
North America Distributed Control System Market Analysis (USD Billion), Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast – By Component
Hardware
Software
Services
Market Analysis, Insights and Forecast – By End-User
Oil & Gas
Chemicals
Power Generation
Pharmaceutical
Food & Beverage
Others
Market Analysis, Insights and Forecast – By Country
U.S.
Canada
Continued…
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