Programmable Logic Controller (PLC) Market to Grow by USD 3.28 billion during 2024 and 2028, Analyzing market growth in Modular Segment, Technavio

NEW YORK, April 10, 2024 /PRNewswire/ -- The Programmable Logic Controller (PLC) Market is estimated to grow by USD 3.28 billion at a CAGR of 4.1% between 2022 and 2027. The modular segment, valued at USD 4,775.73 million in 2017 and growing, offers customizable controllers assembled from distinct modules. Widely used in industries with complex processes like manufacturing and oil, gas, and mining, they enhance functionality and enable future expansions. Their versatility and memory modules drive significant growth.

Information Services Market Insights -

• Vendors: 15+, Including ABB Ltd., Beckhoff Automation GmbH and Co. KG, Eaton Corp. Plc, Emerson Electric Co., Ependion AB, Festo SE and Co. KG, Furukawa Electric Co. Ltd., IDEC Corp., Keyence Corp., Lenze SE, Mitsubishi Electric Corp., OMRON Corp., Panasonic Holdings Corp., Parker Hannifin Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Toshiba Corp., Infineon Technologies AG, among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: Product (Modular, Unitary, and Rackmount), End-user (Process industry, Discrete industry, and Building automation), and Geography (APAC, North America, Europe, Middle East and Africa, and South America)

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Customer Landscape

To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity

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Segment Overview:

The modular PLC segment dominates the market, offering customizable controllers through modular assembly. Valued at USD 4,775.73 million in 2017, it continued growing through 2021. Modular PLCs enable multifunctionality and are vital for applications demanding numerous inputs/outputs, such as manufacturing process control. Industries like oil, gas, mining, and automotive utilize modular PLCs for their complex processes and future expansion needs. Enhanced memory modules facilitate faster operations, driving significant segment growth forecasted.

Market Dynamics

The demand for PLCs in renewable power generation is notably driving the market growth:

The demand for PLCs in renewable power generation is driving market growth. PLCs manage wind turbine operations, optimizing blade angles and controlling hydraulics based on sensor data. They also monitor solar panels in arrays, ensuring optimal performance. With growing adoption of renewable energy and regulatory support, PLCs are essential for efficient data handling and control in wind and solar power systems, fueling market growth.

• The increasing focus on expanding the capability of micro PLCs is an emerging trend in market growth. 
• The growing market for industrial PC and DCS as substitutes are major challenges impeding market growth. 

Drivers, & Challenges have an impact on market dynamics and can impact businesses. Find some insights from 

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What are the key data covered in this Programmable Logic Controller (PLC) Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Programmable Logic Controller (PLC) Market between 2024 and 2028
• Precise estimation of the size of the Programmable Logic Controller (PLC) Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Programmable Logic Controller (PLC) Market industry across APAC, North America, Europe, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Programmable Logic Controller (PLC) Market vendors

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Analyst Review:

The Programmable Logic Controller (PLC) Market is witnessing significant growth, driven by advancements in technology and increasing automation across various industries. PLCs, manufactured by key players such as ABB Ltd, Mitsubishi Electric Corporation, and Omron Corporation, play a crucial role in controlling and automating industrial processes, leading to improved efficiency and productivity.

The market, segmented by type into hardware and software, caters to a wide range of end-user industries, including the automotive industry, manufacturing plants, and smart factories. PLCs are integral to the operation of automated machines, ensuring high reliability and minimal errors or flaws in industrial processes. PLCs offer several advantages over traditional control systems, including easy programming, operation fault diagnosis, scalability, smaller sizes, and high-speed Ethernet connectivity. They are widely used in conveyor systems, packaging systems, assembly lines, and robotic devices to streamline manufacturing processes and minimize machine downtime. One of the key drivers of the PLC market is the trend towards mass customization in manufacturing, where PLCs enable the production of personalized products while maintaining the efficiency of a mass production model. This trend is particularly prominent in the automotive industry, where PLCs play a crucial role in the electrification of vehicles, connected and autonomous cars, and the integration of electronic and control units.

The Asia-Pacific region, particularly China, India, Japan, South Korea, and Singapore, is witnessing significant growth in PLC adoption, driven by the rapid industrialization, automation, and the deployment of robotic process automation (RPA) and artificial intelligence (AI) technologies. However, the market faces challenges such as geopolitical issues, including the Russia-Ukraine war, and bottlenecks in the manufacturing stage, which can impact expenses, production time, and overall manufacturing efficiency. In conclusion, the PLC market is poised for robust growth, fueled by the increasing demand for automation and the adoption of advanced technologies such as RPA and AI. With continuous innovation and technological advancements, PLCs are expected to play a pivotal role in driving efficiency, accuracy, and dependability across various industries worldwide.

Market Overview:

The Programmable Logic Controller (PLC) market is witnessing significant growth driven by factors like automation, efficiency, and reliability. PLCs, both hardware and software types, play a pivotal role in various end-user industries, optimizing industrial processes and assembly lines. Manufacturers like ABB Ltd and Mitsubishi Electric Corporation offer advanced PLC systems with features like easy programming and operation fault diagnosis, reducing machine downtime and errors. With the rise of smart factories and robotic automation, PLCs ensure flexibility, accuracy, and dependability in manufacturing. Geopolitical issues, like the Russia-Ukraine war, impact the industrial sector and worldwide automobile sales, influencing the PLC market's dynamics, especially in regions like Asia-Pacific. Advanced technologies like Robotic Process Automation (RPA) and Artificial Intelligence (AI) further enhance PLC functionality, catering to the evolving needs of industries worldwide.

Related Reports: 

The Asia-pacific (APAC) - Programmable Logic Controller (PLC) Market is poised to grow by USD 1.19 billion during 2024 and 2028.

The PLC software market size is estimated to grow at a CAGR of 5.82% between 2022 and 2027. The market size is forecast to increase by USD 867.32 million.

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