The transition to Industry 4.0 is also expected to improve efficiency and productivity, as well as introduce many changes in the way industrial processes work. The industrial controls market has extensive demand in multiple industries, such as automotive, utility, electronics, and semiconductors, owing to its ability to control the automated processes.
– The rising cost of labor, coupled with the immense pressure on manufacturers to meet deadlines, has resulted in increased adoption of automation in factories. The automation of factories has fueled the market for ICS.
– In addition, the quality control issue involved with human error is minimized, owing to efficiency, reliability, and faster work rate of systems. Moreover, the demand for mass production in manufacturing industries fuels the need for industrial controls to cater to the needs of the growing population.
– However, the absence of talented experts, for mechanical security arrangements, may halt business development. Moreover, high execution costs for the ICS set up confines the development of the ICS market.
Key Market Trends
Food and Beverage Sector to Widely Use Industrial control Systems
– The demand for food and beverage industry is growing each year because of the growth of the economy and disposable incomes. Increasing population is also contributing to this industry.
– The food and beverage companies are facing challenges, such as regulatory compliance, management of the global supply chain, product quality, and continuous process improvement.
– Successful integration of different automation stages in the food and beverage industry leads to value-creation in the supply chain, which ensures a long-term competitive edge and efficient production.
– Hence, food companies are finding ways to improve reliability, increase productivity, reduce waste and decrease total cost through process automation. With this requirement of automation, controls are also becoming significant to a company’s production.
– For instance, in November 2018, Mitr Phol Group of Thailand joined hands with ABB group to help meet its goals of plant reliability and availability. ABB will deliver products that will enable total control of the processes at the sugar plants and biomass power plant, providing precise operational information.
Competitive Landscape
The industrial control system market is highly fragmented. The market is comprised of several large players and they dominate the entire industry. All the players are focusing on R&D activities to attain competitive advantage. These key players compete based on innovation, pricing, and service. Expansion in the emerging market helps the established key players to extend their sales networks. GE Digital, Siemens AG, Schneider Electric AG, SAP, ABB Group, Fanuc, Honeywell International Inc., Bosch, and Cisco Systems are some of the companies that provide the industrial internet platform.
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