PORTLAND, Oregon, October 5, 2016 /PRNewswire/ --
A new report published by Allied Market Research titled, "World Distributed Control Systems (DCS) Market by Component Type, Industry Vertical, and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022," projects that the market is expected to reach revenue of $24,609 million by 2022, growing at a CAGR of 5.2% from 2016 to 2022. Factors such as increase in demand in power and energy sectors, emergence of open source DCS solutions, and cost & time effectiveness drive the global market. Asia-Pacific is expected be the largest market for DCS during the forecast period.
Summary of Distributed Control Systems (DCS) Market can be accessed on the website at https://www.alliedmarketresearch.com/distributed-control-system-DCS-market
Software interface constitute the highest market share among other component types due to increased use of DCS in cloud computing technology. Nonetheless, DCS service is estimated to grow at the fastest rate owing to the growth in skid-mounted DCS technology.
The oil & gas industry is projected to dominate the market, pertaining to the increase in demand for oil, gas, petrochemical, and refined products paired with deregulation of energy markets. However, the food & beverage industry is expected to depict fastest growth, owing to the introduction of vision inspection systems used for bottling and packaging application for increased efficiency.
"Asia-Pacific is the most lucrative market for DCS and leads in process automation & controls pertaining to service opportunities in Greenfield projects paired with increasing manufacturing activities in the emerging economies of Asia-Pacific.", states Seapee Bajaj, Lead Analyst, ICT & Media at AMR.
LAMEA is estimated to grow at the highest CAGR on account of growth in South Africa and increase in rate of adoption in traditional industries in LAMEA such as metals, minerals, petrochemicals and chemicals.
Key findings of the study:
- Software interface segment is expected to exhibit a remarkable growth during the forecast period, due to growth in cloud computing technology and commercial off-the-shelf (COTS) technology.
- Oil & gas industry contributes the highest market share pertaining to the requirement of increased safety in manufacturing plants and environmental policies.
- Asia-Pacific is expected to exhibit a promising growth during the forecast period.
- Industry participants focus on expansion to innovate their product offerings and to improve their market share.
The distributed control systems market comprises dominant players such as General Electric, Siemens, Honeywell International Inc., Schneider Electric SE, and others. These market players focus on expansion, product launch, R&D, and acquisition as their key strategies to establish their market position.
Summary of Similar Reports can be viewed at https://www.alliedmarketresearch.com/construction-&-manufacturing/equipment-and-machinery-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research