The global industrial controls market held a market value of USD 203.6 billion in 2021 and is expected to grow at a CAGR of 5.5% from the forecast period 2022 to 2030. The market volume is projected to grow at a CAGR of 4.2% over the predicted period.
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Industrial controls market has been booming over the historic period and is subject to significant growth over the forecast period owing to the rising investments in manufacturing and innovation sector, increased mass production, as well as rising smart factories implementation in developing and underdeveloped regions of the world. On the other hand, the pressure generated to meet deadlines for manufacturers has also pushed the market demand for cutting edge industrial controls.
On the other hand, the lack of skilled labor for mechanical arrangements can hinder the growth rate of the industrial controls market in few countries to a limited extent. The high execution cot also hinders market growth.
Based on region, the global industrial controls market has been segmented into North America, Europe, Middle East & Africa, Asia Pacific, and South America. The European industry for industrial controls held the largest market share of more than 35% in 2021 owing to the increasing industrialization in the Western countries of Europe, including Germany, UK and France.
The global industrial controls market is segmented based on components, type, network component, and end user. Based on type, the supervisory control and data acquisition and distributed control systems segments accounted for more than 50% of the market share in 2021.
Major players operating in the global industrial controls market include ABB Ltd., Emerson Electric Co., Endress+Hauser AG, General Electric, Honeywell International Inc., Mitsubishi Electric Corp., Omron Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation, among others. The top four players in the market held more than 45% market share.
Recent Developments by Market Players in the Global Industrial controls Market
- In October 2021, Emerson Electric Co. entered into a definitive agreement with AspenTech to contribute two of their industrial software businesses, namely OSI Inc. and Geological Simulation Software business, to the combined company along with USD 6 billion in cash to AspenTech shareholders to create a diversified, high-performance industrial software leader with greater scale, capabilities and technologies
- In November 2018, Mitr Phol Group, Thailand partnered with ABB group to help meet its goals of plant reliability and availability
- In November 2018, Dragos Inc., Germany, partnered with General Electric Company (US), to strengthen industrial threat detection and response
- In March 2020, Epson Robots, a SCARA robot manufacturer based in the U.S., collaborated with Air Automation Engineering (AEE) to provide technical support in the Midwest, U.S.
- IT and OT
- Programmable Logic Controller (PLC)
- Remote Thermal Unit (RTU)
- Control Loop
- Industrial Automation and Control System (IACS)
- Programmable Automation Controller (PAC)
- Human Machine Interface (HMI)
- Master Thermal Unit (MTU)
- Intelligent Electronic Device (IED)
- Supervisory Control and Data Acquisition (SCADA)
- Distributed Control Systems (DCS)
- Process Control System
- Safety Instrumented System
- Energy Management System
By Network Component
- Communication Router
- Remote Access Points
By End User
- Oil and Gas
- Food and Beverage
- Medical Device
- Aerospace and Defence
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of Latin America
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