Global Programmable Logic Controller (PLC) Market to Reach $17.6 Billion by 2028
SkyQuest Technology Consulting Pvt. Ltd.Global programmable logic controller (PLC) market was valued at USD 11.8 Billion in 2021 and it is expected to reach at USD 17.6 Billion by 2028, with CAGR of…
The global programmable logic controller market (PLC), was valued at USD 11.8 billion in 2021. It is projected to grow at USD 17.6 billion by 2028 with a CAGR of 4.8% during the forecast period (2022-2028).
Westford, USA -- December 19, 2022 (GLOBE NEWSWIRE). The market for programmable logic controllers (PLCs) is expected to grow at 4.8% CAGR between 2021 and 2028 due to increasing automation in different industrial sectors. The market can be divided into three segments based on product type: industrial controllers (process controllers) and machine control solutions (machine controllers). Due to increasing automation adoption in different industrial sectors, the market for industrial controllers is expected to grow the fastest. Due to increasing demand for intelligent manufacturing, the machine control market is expected to grow more quickly than that for industrial controllers and process controllers.
SkyQuest's market report on PLCs provides an overview of the current market and insight into the future. This report covers six major categories: manufacturing, retail and utility. It also includes information about oil & Gas, financials, industrials, and financials. In 2021, the market for PLCs is expected to be led by the utility segment (24%) which will account for the largest portion of its revenue. This is due in large part to the increasing demand for energy management and smart grid solutions. This growth is also driven by a growing focus on asset utilization, cost optimization and asset utilization by utilities. PLCs are being increasingly used by manufacturing companies to manage their industrial processes. PLCs are able to provide specific capabilities like automation, reliability, and flexibility.
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ABB, Siemens, GE and GE are some of the top manufacturers in this industry.
Due to the increasing penetration of mobile devices and digitization, retail is expected to grow the fastest over the next few year. Retailers are looking for intelligent applications to manage inventory, customer service and point-of sale using PLCs. PLC technology has been a key benefit to the oil and gas industry. PLCs are used by many companies in the oil & gas sector to manage critical processes like drilling operations, well construction, and production monitoring. Additionally, PLCs can be used to automate communication and manage data flows between different stakeholders in the oil & natural gas industry.
The Global Programmable Logic Controller Market (PLC), is growing due to the increasing adoption of automation in various industrial sectors.
Due to automation's increasing acceptance in different industrial sectors, the market for programmable logic controls (PLCs), is expanding at an alarming rate. This trend is affecting the automotive industry. Automakers are increasingly adopting automation solutions to increase production and reduce costs. This has contributed to the rise of the PLC market within this sector. Food & Beverage, chemical, transportation and logistics, as well as semiconductor manufacturing are some of the other key industries that have seen increased automation. Programmable logic controllers are an integral part of automating tasks in an industrial environment. They are well-known for their reliability and precision which makes them excellent for controlling complex processes.
Trends Analysis of Programmable Logic Controller Market (PLC).
SkyQuest offers an in-depth analysis and insights into the PLC market. The increasing demand for remote maintenance and control in a wide range of industries is one of the main factors driving the market's growth. The increasing use of IoT (Internet of Things), advanced industrialization technologies, and rising automation needs across different sectors are driving this increasing demand. The PLC market is also driven by increasing demand from commercial businesses, growing applications areas like machine operations, intermittent valve operation and environmental monitoring, as well as improvements in performance reliability and efficiency.
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Demand from various industries, such as food processing and oil and gas, is driving the rapid growth in the PLC market. PLCs will also be more in demand as a result of the government's emphasis on Automation and Industrial Revolution 4.0. Market growth is mainly driven by the use of PLCs for industrial automation. These machines are used by companies for a variety of purposes, including process control, automatic material handling and inspection and QC, shipment tracking and HVAC control.
Companies in the global programmable controller (PLC), market are migrating their applications to digital platforms. This will improve efficiency and management. This will likely increase PLC adoption in different industrial automation segments over time. Because these machines are crucial for controlling production processes like drilling, fracking and well completion, the oil and gas industry is another big adopter of PLCs. These machines are used for safety reasons, such as unmanned operations and communication among workers and control rooms. Because of the growing demand for high quality products and strict regulations regarding hygiene and food safety, food processing has become a major market for PLCs. Automating food production reduces human error and produces accurate results every time.
The Global Programmable Logic Controller Market (PLC), is highly fragmented
SkyQuest's analysis shows that the PLC market is highly fragmented. More than 1,500 companies operate in this space. Many of these are small and do not have the resources to compete against larger players. The lack of innovation has resulted in a lackluster market. Companies are unable to create new products or improve on existing ones. It was also revealed that the market is dominated only by a handful of major players. The market's top 10 companies make up almost 30% of its value and are unlikely to change their position anytime soon. They are able offer high-quality services and products at very low prices which has made them extremely successful.
This may not indicate the true market power of the programmable logic controllers (PLCs) in the industry. SkyQuest discovered that the four-fifth of the five lowest-sales companies were also the ones with the lowest revenue. This shows that there are still some strong players in a market with many competitors. The strategies of vendors vary greatly. While some vendors focus on the development of new products and services, others license their existing products and technology to other companies. To expand their reach and expose themselves to new markets, many companies seek partnerships with other entities. Some vendors focus on selling their products through third party distributors and resellers.
Although there are many variations in the programmable logic controller market, some strategies are universal among all vendors. These include aggressive pricing strategies, aggressive marketing campaigns and strong partnerships.
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Global Programmable Logic Controller PLC Market: Top Players
Mitsubishi Electric Corporation
Schneider Electric SE
Honeywell International Inc.
Robert Bosch GmbH
Emerson Electric Company
Toshiba International Corporation
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