Industrial Controls Market Size Trend Shows 5.1% CAGR With $163,345.7 Million by 2024

PORTLAND, Oregon, March 20, 2019 /PRNewswire/ -- Big Market Research added a report, "Industrial Controls Market By Control System (Distributed Control System (DCS), Supervisory Control And Data Acquisition System (SCADA), Manufacturing Execution System (MES), And Others), Component (Sensor, Switch & Relay, Control Device, And Others), And End User (Automotive, Utility, Electronics & Semiconductors, Mining, And Others) - Global Opportunity Analysis And Industry Forecast, 2017-2024" The global industrial controls market is expected to reach $163,345.7 million in 2024, from $117,370.3 million in 2017 growing at a CAGR of 5.1% from 2018 to 2024.

The Industrial control systems are interconnected equipment, used to monitor and control physical equipment in different industries. ABB Ltd., Mitsubishi Electric Factory Automation, Siemens, Honeywell International Incorporation, Emerson Electric Company, and Schneider Electric SA are some of the leading key players of the global industrial controls market.

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The rise in demand for IoT-based smart solutions and automation in various industries increase the demand for the industrial controls. Moreover, rise in demand for mass production in manufacturing industries to cater to the growth in population also boosts the market growth. These factors increase the demand for industrial controls in the market. In addition, surge in demand for cloud-based services and growth in deployment of smart grid solutions to protect critical infrastructures from cyberattacks provide lucrative growth opportunities. However, increase in cyberattack threats, unavailability of authentication procedure to secure ICS, and lack of skilled professionals hinder the growth of the industrial controls market.

The component segment is classified into sensor, switch & relay, control device (drive, programmable logic controller (PLC), monitoring device, and others), and others includes. In 2017, sensor segment contributed the highest share in industrial controls market and it is expected to dominate the market throughout the forecast period. The end-user industry segment is divided into automotive, utility, electronics & semiconductor, mining, and others. In 2017, the utility segment accounted for the highest market share due to increased demand for industrial controls in oil & gas industries to control and monitor physical processes.

The global industrial controls market is analyzed across North America (U.S., Canada & Mexico), Europe (UK, Germany, France, Russia & others), Asia-Pacific (China, India, Japan & others), and LAMEA (Latin America, Middle East & Africa). In 2017, North America was the highest contributor to the industrial controls market and is anticipated to secure the leading position during the forecast period, due to extensive demand and strong manufacturing base of network security industries.

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Besides their basic information, the study offers details about their product portfolio, company snapshot, operating business segments, business performance, and key strategic moves and developments. The key players included in the study are ABB Ltd, Emerson Electric Company, Honeywell International Incorporation, Kawasaki Robotics, Mitsubishi Electric Factory Automation, Omron Corporation, Rockwell Automation, Inc., Schneider Electric SA, Siemens AG, and Yokogawa Electric Corporation.

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