Market Scenario
The global industrial controls market is experiencing significant growth and is estimated to reach a market size of US$ 341.8 billion by 2031, up from US$ 212.3 billion in 2022. This represents a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period 2023-2031. In terms of volume, the market is expected to project a CAGR of 4.2% during the same period.
The global industrial controls market is witnessing substantial growth owing to the increasing adoption of automation across various industries such as oil & gas, chemicals, food and beverage, and automotive. Industrial control systems play a crucial role in streamlining the manufacturing processes, optimizing production and enhancing efficiency, which is driving the demand for industrial control systems.
Additionally, the growing demand for industrial robots and the integration of artificial intelligence (AI) and machine learning (ML) in industrial processes are also propelling market growth. The use of AI and ML in industrial controls enables predictive maintenance, reduces downtime and enhances productivity, which are key factors driving the market growth.
Moreover, the rise of Industry 4.0, the fourth industrial revolution, has led to the increasing adoption of smart manufacturing and connected devices in the global industrial controls market. The implementation of Industrial Internet of Things (IIoT) is transforming the industrial controls landscape by enabling real-time monitoring, control and analysis of industrial processes, which is further fueling market growth.
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Market Dynamics
Smart Factories and Mass Production Driving Market Growth
The rise of smart factories is driving the growth of the industrial controls market. Smart factories use advanced technologies, such as the Internet of Things (IoT), to enable automation, data exchange, and real-time analysis of data. Industrial control systems play a crucial role in smart factories by optimizing production, enhancing efficiency, and streamlining manufacturing processes.
In addition to smart factories, the increasing population and their rising demand for more products have made large companies pay more attention to mass production. This trend is driving the demand for industrial control systems that can help companies achieve economies of scale and meet the growing demand for their products.
Cybersecurity Concerns Limiting Market Growth
The increasing use of industrial control systems has also raised concerns about cybersecurity. Industrial control systems are often connected to the internet and carry critical data, making them vulnerable to cyber-attacks. Cyber-attacks on industrial control systems can have severe consequences, including loss of production, equipment damage, and even human casualties.
To address this, companies in the global industrial controls market are increasingly investing in cybersecurity measures to protect their industrial control systems and maintain their security. These measures include firewalls, intrusion detection systems, and secure communication protocols. The increasing focus on cybersecurity is driving demand for secure industrial control systems, which is expected to contribute to the growth of the market.
R&D Investments Providing Growth Opportunities
The industrial controls market is highly competitive, and companies are investing heavily in research and development (R&D) to enhance their products and develop new technologies. R&D investments are providing growth opportunities for the market, as companies seek to improve the efficiency and reliability of their products.
New technologies, such as cloud computing and artificial intelligence, are driving innovation in the industrial controls market. Cloud computing enables industrial control systems to access and process large amounts of data from anywhere, while artificial intelligence can improve the efficiency and reliability of industrial control systems.
Segmental Analysis of Global Industrial Controls Market
Components
The Industrial Automation and Control System (IACS) segment held the largest share in the market in 2022 and is also expected to grow at the highest CAGR during the forecast period. This segment includes various components such as Programmable Logic Controllers (PLCs), Distributed Control Systems (DCS), Human Machine Interface (HMI), and others. The growing adoption of Industry 4.0 and IIoT, and the growing wireless sensors market are the major drivers for the IACS segment growth. The implementation of smart manufacturing and digitalization in the industrial sector has created a need for advanced automation systems, which is driving the demand for IACS.
Type
On the basis of type, the Distributed Control Systems (DCS) segment holds the largest industrial controls market share in 2022. DCS are used in large and complex industrial processes to control and monitor the process parameters. The rising use of smart devices and field buses in industrial processes is driving the demand for DCS. Moreover, the process control systems segment is expected to grow with the highest CAGR over the forecast period. These systems are used to control and optimize the manufacturing processes, thereby reducing the operational cost and improving the efficiency of the manufacturing process.
Network Component
Based on network component, the fieldbus segment dominated the industrial controls market in 2022. Fieldbus is a communication network that connects various industrial devices and instruments to the control system. It enables real-time monitoring and control of the manufacturing process. Moreover, the remote access points segment is anticipated to grow at the highest CAGR over the forecast period due to the increasing trend of remote work culture. Remote access points provide secure access to the industrial control systems from remote locations, thereby enabling remote monitoring and control of the manufacturing process.
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End User
In terms of end-user, the automotive segment holds the highest share in the industrial controls market in 2022. The automotive industry is one of the largest users of industrial controls systems. The use of advanced automation systems in the automotive industry has improved the efficiency of the manufacturing process and reduced the production cost. Furthermore, the food and beverage segment is expected to grow with the highest CAGR over the forecast period. The increasing demand for processed food and the growing trend of automation in the food and beverage industry are the major drivers for the growth of this segment.
Regional Analysis
By region, Europe accounted for the largest share of the industrial controls market in 2022 and is also expected to project the highest CAGR over the forecast period. The European region is home to several large manufacturing companies, and the adoption of Industry 4.0 and smart manufacturing is driving the demand for industrial control systems in the region. The region also has a strong focus on energy efficiency and environmental sustainability, which is driving the adoption of advanced automation systems in various industries.
Moreover, the increase in demand for modernization of oil & gas, water & wastewater, and power infrastructures among others drives the growth in the region. The European Union has set ambitious targets for reducing carbon emissions, and the modernization of the infrastructure is necessary to achieve these targets. This has led to the adoption of advanced automation systems in various industries to improve energy efficiency and reduce carbon emissions.
In addition to Europe, North America and Asia-Pacific are also significant markets for industrial controls. North America has a strong presence of several leading industrial control system manufacturers, and the region is witnessing a significant increase in the adoption of automation systems in various industries such as automotive, aerospace, and defense. The Asia-Pacific region is witnessing rapid industrialization, and the increasing demand for automation systems in industries such as manufacturing, oil & gas, and chemicals is driving the growth of the industrial controls market in the region.
List of Key Companies Profiled:
Segmentation Overview
Global Industrial Controls Market is segmented based on components, type, network component, end-user, and region.
By Components:
By Type:
By Network:
By End User:
By Region:
| Market Size Value in 2022 | US$ 212.3 Billion |
| Expected Revenue in 2031 | US$ 341.8 Billion |
| Historic Data | 2018-2021 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Unit | Value (USD Bn) |
| CAGR | 5.5% |
| Segments covered | By Components, By Type, By Network, By End-User, By Region |
| Key Companies | 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, Other Prominent Players |
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Industrial control system (ICS) is a collective term which is used to describe different types of control systems and associated instrumentation, including devices, systems, networks, and controls used to operate or automate industrial processes.
Industrial control systems (ICSs) are used for various kinds of social infrastructure, in order to maintain and perform various industrial tasks with high precision and reliability.
Controllers, software applications, field devices and communications devices are the different elements of industrial control.
The most common type of ICSs are Supervisory Control and Data Acquisition (SCADA) systems and Distributed Control Systems (DCS).
The growth rate of the global industrial control market is 5.5%, with an estimated value of US$ 341.8 Billion by 2031.
Europe held the major share in terms of revenue, in the global industrial controls market in 2022.
Factors such as increasing focus on smart factories and rising demand for mass production drive the growth in the global industrial controls market.
Vulnerability of industrial controls to cyber attacks is a restraining factor that inhibits the market growth during the forecast period.
The Industrial Automation and Control System (IACS) segment is expected to project the highest CAGR over the forecast period.
Increase in adoption of edge computing in manufacturing sector provides a lucrative growth trend in the industrial control market.
The industrial control market has been significantly impacted by the COVID-19 outbreak as production facilities of major sectors like automobile, electronics, food & beverage etc. were shut down.
Components, type, network component and end user are the segments to invest in over the assessment period in the global industrial controls market.
Emerson Electric Co., Endress+Hauser AG, Honeywell International Inc., Mitsubishi Electric Corp., Omron Corporation, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation, GE Digital and ABB Ltd (ABB Ability) among others.
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