According to our latest market study on “Distributed Control Systems Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Components and Industry,” the market is anticipated to grow from US$ 15,982.29 million in 2021 and is projected to reach US$ 23,108.60 million by 2028; it is expected to grow at a CAGR of 5.4% from 2021 to 2028.
The top five companies in the market ABB Ltd.; Emerson Electric Co.; Honeywell International Inc.; Siemens AG; and Yokogawa Electric Corporation. The above listing of key players is derived by considering multiple factors such as overall revenue, current distributed control systems portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities.
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Integration of Industrial IoT (IIoT) and Artificial Intelligence in Industrial Processes to Drive Market Growth during Forecast Period
The industrial sector is highly inclined toward artificial intelligence and big data, among other modern technologies. Further in addition to boosting productivity, automation is also predicted to provide a smart assistance to humans in the coming years. Companies are significantly investing in the development of industrial robots integrated with Artificial Intelligence, which would further reduce human intervention in different processes; this is likely to benefits economies by reducing dependency on humans, further lowering the impact of high labor costs on businesses. However, this may also result in loss of employment in the labor-intensive economies. Further, the adoption of distributed control systems is likely to increase dramatically with the growing traction toward IIoT. Because the IIoT combines manufacturing and information technologies, it necessitates substantial data collection and analysis in order to continuously improve factory operations. One of the most significant technologies for supplying IIoT with data is the DCS. The rapid adaption of IIoT in the manufacturing sector has led to a renaissance of robotics, further underlining the need for DCS.
Key Findings of Study:
The global distributed control systems market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Based on component the distributed control systems market is segmented into hardware, software, and services. The software segment held the maximum share in 2020. Similarly, based on industry vertical the distributed control systems market is segmented into power generation, oil and gas, pharmaceutical, food and beverages, chemicals, and other industries.
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