New York, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global distributed control system market size is predicted to expand at ~6% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 290 billion by the end of 2035, up from a revenue of ~USD 22 billion in the year 2022.The growth of this market is poised to be dominated by growing spending on smart cities. For instance, it has been projected that global technology investment on smart city efforts will more than double between 2018 and 2023, rising from about USD 80 billion in 2018 to approximately USD 188 billion dollars in 2023.[R1]
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Moreover, large amounts of useful data are produced by smart cities, that the government may utilize to better manage urban areas. It is stated that, approximately 321 million terabytes of data all across the globe is produced. With the surge in smart cities this is estimated to expand. [R2] Several scholars have set forward architectures for optimum data collection and use since they recognize the importance of data. As a result, the demand for distributed control system is set to increase.
Growth in Demand for Electricity to Boost the Growth of Global Distributed Control System Market
The amount of electricity consumed worldwide has increased steadily over the last 50 years, and in 2022 it is expected to reach close to 25,499 terawatt-hours. Rapid industrialization is the main factor to influence the demand for electricity. Globally distributed control loops are used by distributed control systems (DCS), which are digital automated industrial control systems (ICS), to operate machinery, factories, and control areas. Hence the market revenue is poised to increase.
Distributed Control System Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growth in IoT Connected Devices to Drive the Market Growth in North America
The distributed control system market in North America is projected to generate the largest market share of about 35% over the forecast period. The growth of the market is this region could be influenced by rising IoT connected devices. For instance, it is projected that approximately 8 billion IoT connections are expected to exist in North America alone by 2030.
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Surge in Consumption of Renewable Energy to Influence the Market Expansion in Asia Pacific
The Asia Pacific market for distributed control system is estimated to have significant growth in the revenue over the forecast period. This growth could be dominated by rising consumption of renewable energy. By 2030, it is predicted that close to 42% of the energy in the Asia-Pacific area will come from renewable sources, primarily from investments in China and Australia, as well as Mongolia's great potential.
Distributed Control System, Segmentation by Component
- Hardware
- Software
- Services
The software segment is estimated to generate the largest market share of about 35% over the forecast period. This could be on account of growing investment in digitalization. It was projected that the amount spent on digital transformation (DX) would reach about 2 trillion dollars by 2022. Investments in digital transformation are expected to reach close to 4 trillion dollars worldwide by 2026.
Distributed Control System, Segmentation by End User
- Power Generation
- Oil & Gas
- Chemicals
- Refining
- Healthcare
- Paper
- Pulp
The healthcare segment is poised to have notable growth in the market over the forecast period. This growth of the segment could be encouraged by rising digitalization of healthcare sector owing to 5G mobile network. For instance, approximately 19% of hospitals in US have implemented 5G connectivity. Consequently, the market revenue for distributed control system is projected to grow.
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A few of the well-known industry leaders in distributed control system market that are profiled by Research Nester are ABB Ltd., Honeywell International Inc., Siemens AG, Schneider Electric, Rockwell Automation, Inc, NovaTech Process Solutions LLC, Emerson Electric Co., Automation Technologies Ltd., Concept Systems Inc., and others.
Recent Development in the Market
- ABB has revealed that DS Smith has given it a fresh order to execute on its goal of having highly automated, networked, and secure operations at its factory in Kemsley, UK. At a manufacturing capacity of about 849,000 tons annually, the Kent mill is the second largest waste paper mill in Europe. ABB's Ability System 80OxA control system (DCS) aids in the company's growth. Also improved via PM3, PM4, and PM are paper machine drives.
- Emerson has declared that the Dragos platform has been validated inside the DeltaVTM control system, or "DCS," which offers businesses far improved ICS/OT cybersecurity.
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