Westford, USA, Dec. 19, 2022 (GLOBE NEWSWIRE) -- The global programmable logic controller (PLC) market is expected to grow at a CAGR of 4.8% from 2021 to 2028, owing to the increasing adoption of automation in various industrial sectors. The market is segmented on the basis of product type into industrial controllers, process controllers, and machine control solutions. The industrial controller’s segment is expected to grow at the fastest rate, owing to the increasing adoption of automation in various industrial sectors. The market for machine control solutions is expected to grow faster than the market for process controllers and industrial controllers due to the increasing demand for smart manufacturing.
SkyQuest's report on the PLC market provides a snapshot of the current state of play and some insights into where the market is headed. The report covers six main categories: utility, manufacturing, retail, oil & gas, financials and industrials. The utility category is forecast to account for the largest share of the PLC market in terms of revenue (24%) in 2021. This is due to the growing demand for smart grid and energy management solutions. Another trend that is driving this growth is the increasing focus on asset utilization and cost optimization by utilities. In the manufacturing category, companies are increasingly turning to PLCs to manage their industrial processes. This is because PLCs offer specific capabilities such as automation, reliability and flexibility.
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Some of the leading manufacturers in this sector include GE, Siemens and ABB.
Retail is expected to be the fastest-growing category over the next few years due to increasing digitization and penetration of mobile devices in this sector. Retailers are now looking to deploy intelligent applications such as inventory management systems, customer service platforms and point-of-sale systems using PLCs. The oil & gas industry is one of the key beneficiaries of advancements in PLC technology. Many companies in this sector use PLCs to control critical processes such as drilling operations, well construction and production monitoring. In addition, PLCs are used to manage data flows and automate communication between various stakeholders involved in the oil & gas industry.
The Increasing Adoption of Automation in Various Industrial Sectors is Driving the Growth of the Global Programmable Logic Controller (PLC) Market
The market for programmable logic controllers (PLCs) is growing at a rapid pace owing to the increasing adoption of automation in various industrial sectors. The automotive industry is one of the key markets that are benefiting from this trend. Increasingly, carmakers are adopting automation solutions to improve production processes and trim down costs. This has helped drive the growth of the PLC market in this sector. Other key industrial sectors that are benefiting from increased automation include food & beverage, chemical, transportation & logistics, and semiconductor manufacturing. On the whole, programmable logic controllers play an important role in performing automated tasks within an industrial setting. They are renowned for their reliability and precision, which make them ideal for controlling complex processes.
Trends Analysis of Programmable Logic Controller (PLC) Market
In this report, SkyQuest provides an in-depth analysis of the PLC market and offers insights into the drivers and trends that are shaping the growth of this market. One of the key factors shaping the growth of the PLC market is the increasing demand for remote maintenance and control across a variety of industries. This increasing demand is being fueled by the increasing adoption of IoT (Internet of Things) and other advanced industrialization technologies, as well as rising automation requirements across various sectors. Other major drivers of the PLC market include increasing demand from commercial enterprises; growing application areas such as machine operations, intermittent valve operation, and environmental monitoring; and improvements in performance, reliability, and efficiency.
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The rapid growth of the PLC market is mainly driven by demand from industries such as industrial automation, oil and gas, food processing, and wind power generation. The demand for PLCs is also expected to be boosted by the government's focus on Automation and Industrial Revolution 4.0 in several economies. The use of PLCs in industrial automation is the main driver of the market growth. Companies are deploying these machines for varied applications such as process control, automatic material handling, inspection and QC, shipment tracking, HVAC control, and machine learning.
Meanwhile, companies in the global programmable logic controller (PLC) market are also migrating their portfolio of applications to digital platforms for better efficiency and manageability. This trend is likely to increase the adoption of PLCs in various industrial automation segments over the next few years. The oil and gas industry is another major adopter of PLCs because these machines are essential for controlling production processes such as drilling, fracking, and well completion. They are also used for safety purposes such as unmanned operations and communication between workers and control rooms. Food processing has emerged as a key market for PLCs due to the increasing demand for quality products along with stringent regulations related to hygiene and food safety. Automation in food production helps in minimizing human error while providing accurate results all the time.
Global Programmable Logic Controller (PLC) Market is Highly Fragmented
SkyQuest's analysis of the PLC market shows that it is highly fragmented. There are more than 1,500 companies operating in the space, and many of them are small and lack the resources to compete with larger competitors. This fragmentation has led to a lack of innovation, as companies are not able to develop new products or improve existing ones. The analysis also found that the market is dominated by a few major players. Top 10 companies account for almost 30% of the market value, and they are not likely to change this position in the near future. These companies are able to offer high-quality products and services at low prices, which has made them very successful.
However, this may not be indicative of the true programmable logic controller (PLC) market power within the industry. SkyQuest found that four out of five companies with the lowest sales were also among the smallest vendors in terms of revenue. This demonstrates that even amidst a highly fragmented market, there are some dominant players. Vendors' strategies vary drastically as well. Some focus on developing new products and services while others rely on licensing their existing products and technologies to other companies. Many companies also pursue partnerships with other entities to broaden their reach and increase their exposure to new markets. Some vendors also focus on marketing their products through third-party distributors or resellers.
Despite these wide variations, certain strategies are common among many vendors in the global programmable logic controller (PLC) market. These encompass aggressive pricing tactics, aggressive marketing campaigns, and strong partnerships with other companies.
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Top Players in Global Programmable Logic Controller PLC Market
- ABB Ltd
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Rockwell Automation
- Siemens AG
- Honeywell International Inc.
- Omron Corporation
- Panasonic Corporation
- Robert Bosch GmbH
- Emerson Electric Company
- Hitachi Ltd
- Toshiba International Corporation
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