Distributed Control System Market growth size To Expand at a Notable CAGR Of 5.8 % During 2018 - 2023 :
Market Research Future has published a half-cooked research report on the Global Distributed Control System Market growth
Market Segmentation
A Distributed Control Systems (DCS) is a computer-based system that actively manages the process with numerous autonomous distributed control loops which are spread throughout the system. These computerized devices are mainly used for improving the reliability of control and process quality efficiently. These are preferred to install in many industrial fields such as chemical plants, oil & gas industries, food processing units, nuclear power plants, automobile industries and many more. The DCS devices provide flexibility of design as well as simplicity of operation which eventually enhances its value. The global Distributed Control System Market growth is anticipated to generate a CAGR of 5.8 % during the forecast period ending 2027; a report revealed by Market Research Future (MRFR).
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Factors Driving the Market
The current scenario of the Distributed Control System Market growth is growing at a higher CAGR and is expected to rise in the years to come. The factor behind it is the inclination of various industries towards a Distributed Control Systems (DCS) which promises to make a positive pull to the market.
The prosperity of end-user industries and applications such as petrochemical, nuclear power, automobile, pharmaceutical, food processing and more coupled with increasing economy favoring reduced installation costs and reliability in a broader way. Some new comer industry are also supporting the installation of these devices for efficient remote monitoring, localizing of control functions and other. All these factors are the critical drivers of the Distributed Control System Market growth.
In addition, increasing industrial developments by technologically drives the market growth globally. MRFR reports that according to UNIDO 2017 statement, the manufacturing sector has increased the share in the world’s GDP by 1.2% concerning 2014. On the flip side, the global distribution system market growth is restraint due to some factors owing to the mobile interfaces, and remote management. The threat of security breaches market growth. Moreover, the scenario of falling oil prices and sluggish growth of the U.S economy has hindered the market to some extent. However, it is assessed that there will be a substantial growth of the global Distributed Control System Market growth mostly due empowering of the power sector and integration of power generation capacities.
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Market Segmentation
The global Distributed Control System Market growth has been segmented based on industry, component, and application.
Based on industry, the market is sub-segmented into oil & gas, power generation, chemicals, metal & mining, food & beverages, and others. Of these, power generation is holding the largest market share, due to increasing investment in renewables, power infrastructures, and power generation.
Based on the component, the market has been segmented as hardware, software, and services, where software usage has the most demanding status in the distribution control system and is expected to take the market to sky heights in the coming years.
Based on application, the market is further segmented by continuous and batch. Of them, the continuous segment is expected to lead the market growth in the coming years as industries such as oil & gas, power generation, and water & wastewater treatment employ the same process.
Regional Analysis
The globally Distributed Control System Market growth growth has covered the regions of Asia-Pacific, America, and Europe.
Of these, Asia Pacific has witnessed the largest market owing to the volatile growth of industries in China and India. Industries such as grids are into expansion and strengthening the base and due to which device control system is the most viable and convenient system for controlling of grid resulting in higher functionality.
Whereas, the Middle East & Africa region also has a promising market for the Distributed Control Systems (DCS) and is anticipated to present lucrative opportunities and growth with the Gulf nations leading the way.
Key Market Players
Dominant players in the Distributed Control System Market growth include ABB Ltd. (Switzerland), Emerson Electric Co. (U.S.), Siemens AG (Germany), Schneider Electric (United Kingdom), Honeywell International Inc. (U.S) and Yokogawa Electric Corporation (Japan) and others.
Industry News
In November 2017 – ABB and Hewlett Packard Enterprise (HPE) publicized a global strategic partnership which combines ABB’s industry-leading digital offerings, ABB Ability, with HPE’s innovative hybrid information technology (IT) solutions. The partnership offered customers with solutions which generated actionable insights from vast industrial data to upsurge the efficiency of their procedures and create competitive benefit.
