According to a new market research report published by Credence Research, “Distributed Control Systems (DCS) Market– Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global distributed control systems market was valued at US$ 16.57 Bn in 2018 and is expected to grow at a 4.3% CAGR during the forecast period from 2019 to 2027.
Browse the full report at https://www.credenceresearch.com/report/distributed-control-systems-dcs-market
The spending on industrial automation and consequently the demand for distributed control systems declined in the first half of this decade due to prevailing unstable economic conditions worldwide. However, with financial markets showing signs of recovery, the global distributed control systems market is expected to surge, although with slow & steady growth. The same trend is forecasted, at least during the first half of the forecast period. The resurgence in the industrial sector and consequent rise in industrial automation spending is one of the major factors driving demand for DCS solutions and services worldwide.
Report Scope by Segments
- By Component (Hardware, Software, and Services),
- By End-use Vertical (Oil & Gas, Power & Energy, Industrial Manufacturing, Pharmaceutical, Food & Beverage, Paper & Pulp, and Others (Utilities, etc.)),
- By Application (Continuous Process and Batch-oriented Process),
- By Geography (North America, Europe, Asia Pacific, and Rest of the World))
Imminent need for augmenting power generation capacity in view of ever-growing energy demand coupled with awareness with respect to limiting dependence on fossil fuels and achieving energy conservation will play an important role in shaping the futuristic demand for distributed control systems worldwide. Power & Energy sector is the major end-use segment in the global DCS market. Large power plants install distributed control systems to improve plant efficiency, reliability of control, and process quality. Heightened investments in power & energy sector and increasing use of renewable energy sources in view of limiting dependence on fossil fuels is paving the way for DCS solutions and services worldwide. For instance, the International Renewable Energy Agency (IRENA) expects over US$ 400 Bn investments in renewable energy sources worldwide by 2020, thereby supporting market growth.
In terms of the offering, software accounted for the majority of market value share in 2018. Over the last few years, with technology integration driving disruption, the focus has shifted from hardware to software. Advancements in technology have led to distributed control systems becoming more secure, open, and interoperable, thereby allowing users to address the challenge of a single vendor lock-in. On the other hand, the technological advancements leading to enhanced integration capabilities have complicated the connection between on-premise IT systems and the network infrastructure of distributed control systems. This, in turn, has increased demand for DCS services as end-users are compelled to rely on service providers to install the control systems securely and for software update.
Some of the leading manufacturers profiled in the research study include ABB Group, The Emerson Electric Co., Metso Corporation, Honeywell International Inc., Yokogawa Electric, Rockwell Automation, Inc., General Electric, Invensys, Schneider Electric SE, and Siemens AG among others.
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