Industrial Control Systems (Energy & Power) Market Size, Share, Growth, And Industry Analysis By Type (SCADA, PLC, DCS, HMI, Others, And Industrial Control Systems (Energy & Power)) By Application (Petrochemicals, Utility, And Power Generation), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Industrial Control Systems (Energy & Power) Market Report Overview

• 

• Request a Free Sample to learn more about this report

The global industrial control systems (energy & power) market size was USD 119940 million in 2022 and market is projected to touch USD 226593 million by 2031, at a CAGR of 7.3% from 2022 to 2031.

The term industrial control systems (energy & power) refers to a broad range of tools, equipment, and automation-related technologies utilized by many industries. Industrial control systems (energy & power), also known as ICS, are systems that restrict human interaction during a company's manufacturing process. This system is particularly advantageous for the pharmaceutical industry since pharmaceutical production calls for special handling and sterilization. To supervise, monitor, and manage the tasks and industrial processes, the industrial control systems (energy & power) are built with cutting-edge control systems. It performs duties with a great deal more efficiency and dependability thanks to its automated nature, and it also raises the production's quality. SCDA, PLCs, and DCS are just a few of the control systems utilized in the diverse industrial control systems (energy & power) sector to help with process automation, remote supervision, and critical infrastructure.

The industrial control systems (energy & power) market growth is attributable to a wide range of things, from necessities to business equipment. the need to improve product quality through automated processes that offer the highest level of precision in contrast to human errors, as well as the growing use of cloud-based services. The market is being further boosted by the growing success of the information and technology sector as well as initiatives in the field of research and development. Another factor fueling the expansion of the market for industrial control systems (energy & power) is the digitalization process brought on by the increase in urbanization over the past ten years.

COVID-19 Impact: Safety Concerns Facilitated Market Growth

The COVID-19 outbreak in the year 2020 caused a significant shift in how the markets around the world conducted their daily business. The worldwide supply chain was disrupted, which negatively impacted revenue, and the markets experienced a sharp decline as a result of the lockdowns imposed by governments all over the world. In contrast to other markets during the pandemic, the growth of the market for industrial control systems (energy & power) was aided by the high level of safety offered by the automation process in the manufacturing industries. The pharmaceutical industry benefited the most from the lack of human touch in the production of medicines and vaccines, which facilitated the market. The safety provided by the ICS process was significant in the diversity of essential items being made during the outbreak.

Latest Trends

"Government Efforts Regarding CIP Boost Drives Market Value"

Industrial control systems (energy & power) are becoming more and more common, making them vulnerable to cyberattacks due to their constant connectivity to the cloud. As a result, the governments of various countries have created legislation to protect these systems from assaults that might result in data breaches and theft. The substantial government investment, made possible by their varied policies, enables the vital infrastructure and its protection via CIP.

Industrial Control Systems (Energy & Power) Market Segmentation

• 

• Request a Free Sample to learn more about this report

• By Type Analysis

According to type, the market can be segmented into SCADA, PLC, DCS, HMI, others, and industrial control systems (energy & power). Among these, the SCADA segment will rise exponentially during the forecast period in the market by type.

• By Application Analysis

Based on application, the market can be divided into petrochemicals, utility, and power generation. The petrochemicals segment will dominate the market by the application during the forecast years.

Driving Factors

"Application In Food & Beverages Push The Market"

The market for industrial control systems (energy & power) is considerably benefited from the widespread application of these systems in the food and beverage industry. The sizeable quantity of labor, accuracy, and efficiency needed in the food and beverage industry is important. The reliability and integration of industrial control systems (energy & power) make all of this feasible. The use of control systems has increased demand for the market since the production process calls for a certain and predetermined amount of ingredients in each product.

"Smart Solutions With Automation Sector Proliferates Market Demand"

The market's expansion has been greatly aided by the sharp rise in demand for Internet of Things (IoT)-based solutions that offer precise control across a wide range of industries and big production processes, as well as by the growing use of industrial control systems (energy & power) in the automotive and other mining sectors and the volume of R&D activities.

Restraining Factors

"Lack Of Trained Professionals Impedes Product Value"

The need for industrial control systems (energy & power) market is growing, but one of the main obstacles to the product's growth and the market's demand is the lack of educated people to assist with the operations of the systems. To operate the apparatus on a wide scale for industries, experience and certificates are required. Another reason for the market's sluggish expansion is the high cost of installing industrial control systems (energy & power). Small and medium-sized businesses are rapidly emerging throughout the world, but many are unable to install a control system due to financial constraints. As a result, the market is expanding slowly.

Industrial Control Systems (Energy & Power) Market Regional Insights

• 

• Request a Free Sample to learn more about this report

"North American Region Tops Due To Industrials Revolution"

One of the regions with the largest industrial control systems (energy & power) market shares in North America. This is a result of the fourth industrial revolution occurring in the area and the fact that it is a leader in the adoption of new technologies. Additionally, it is the automotive industry's leading manufacturing region.

Since the ICS has been widely adopted by the region's numerous industries, North America currently holds a commanding lead over Europe in terms of market share. The area is undergoing a digital transition and adjusting to the more modern technology of the world to effectively increase quality.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• ABB (U.S.)
• Emerson Electric (U.S.)
• Siemens (U.S.)
• Mitsubishi Electric (Japan)
• General Electric (U.S.)
• Schneider Electric (France)
• Rockwell Automation (U.S.)
• Honeywell International (U.S.)
• Yokogawa Electric (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors such as segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.