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Programmable logic controller market value predicted USD 10.595 billion by 2023 according to new research report

Industrial Market Research

Global Programmable Logic Controller Market - Analysis of Growth, Trends and Forecasts (2018 - 2023)

In 2017, the global programmable logic controller market was estimated at USD 8.491 billion and is expected to reach USD 10.595 billion by 2023, registering a CAGR of 3.7% during 2018-2023 (the forecast period). Automation systems that use PLC also help reduce the industrial emissions.

The CO2 emissions are expected to be brought down by around 34 million metric tons per year, by employing automation. Energy consumption can also be reduced by using automated systems.

Moreover, automation is expected to downsize the energy cost down by up to 70%. It has been proven that about 20-25% of the total energy resources be conserved by employing automation.

Increased Need to Reduce Machine Downtime to Drive the Market Growth

Employment of PLC systems can reduce the machine downtime, drastically. As these systems are automated, they can identify and rectify any error without human intervention.

These systems are designed to monitor the machines, which are working continuously, so as to detect any errors or malfunctioning of the machinery and initiate a rapid response. The downtime of machines can be reduced from 20% to 4% by the use of automated PLC systems.

The rise in need for reducing the system downtime is driving the PLC market growth. Today, industries are required to increase the efficiency of their production systems and reduce the losses caused by downtime.

PLC systems are being employed by many manufacturing and production industries, in order to reduce the total downtime and cut down additional costs of machine repair and labor.

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Chemical and Petrochemical To Dominate the Market Over the Forecast Period

The rate adoption of PLC systems in the chemical industry is growing at a fast pace. Even though, PLC entered the market late, there is a large scope for its use in the chemical industry.

Owing to several advanced and complicated processes, this industry requires the most innovative and productive process automation solutions. The batch process in the chemical industry is sequential in nature and requires the time-of-event-based decisions that are controlled by PLCs.

In petrochemical plants, there is an emphasis on safety with the concern over explosion. There is a great acceptance toward PLC technologies, as the processes vary less and can be repeated.

Overall, a control can be achieved via the remote Supervisory Control and Data Acquisition (SCADA) systems by linking many distributed PLC systems. In addition, the chemical and petrochemical plants cover large geographical areas, which necessitate remote and unmanned operations of the plants.

Additionally, raw materials and processed products are transported over great distances via pipelines. In such cases, pumping and valve stations need to work autonomously, with minimal remote supervision.

United States to Hold a Major Share in North America

The United States is on the verge of experiencing the fourth industrial revolution, as an extensive scale of data is being generated and integrated via a wide variety of manufacturing systems throughout the US supply chain. The United States is one of the largest automotive markets, worldwide, and a home to over 13 major automotive manufacturers.

The automotive manufacturing industry has been one of the largest revenue generators for the country, in the manufacturing sector. The formation of the ‘Advanced Manufacturing Partnership (AMP)’ is one such initiative undertaken to make industries, universities, and the federal governments invest in the emerging technologies.

This factor has helped the country to gain a competitive edge in the global economy. The National Network for Manufacturing Innovation (NNMI) was proposed by Obama, which focuses on developing regional hubs that can be involved in development and adoption of cutting-edge manufacturing technologies, in order to make innovative products to be used in the manufacturing sector.

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Major Players: ABB LTD, MITSUBISHI ELECTRIC COMPANY, SCHNEIDER ELECTRIC, ROCKWELL AUTOMATION, SIEMENS AG, GENERAL ELECTRIC, HONEYWELL INTERNATIONAL, OMRON CORPORATION, PANASONIC, and BOSCH REXROTH among others.

Reasons to Access this Report

The changing market scenario for PLC systems.

Various perspectives of the market, with the help of Porter’s five forces analysis

The security technology, services, and vertical expected to dominate the market

The regions expected to witness the fastest growth rates during the forecast period

The latest developments, market shares, and strategies that are employed by the major market players

3 months analyst support, along with the Market Estimate sheet (in excel)

Customization of the Report

This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.

Report: www.researchcosmos.com/customization/5442092

 

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