Global Programmable Logic Controller Market Is Estimated To Witness High Growth Owing To Increased Industrial Automation and Growing Adoption of IoT
The global programmable logic controller (PLC) market is estimated to be valued at US$ 11.6 Bn in 2021 and is expected to exhibit a CAGR of 5.4% over the forecast period (2021-2030), as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Programmable logic controllers are electronic devices used to automate industrial processes. They are widely used in manufacturing industries to control and monitor machinery and processes, thereby improving efficiency and reducing manual efforts. PLCs find application in various industries such as automotive, oil and gas, food and beverages, and pharmaceuticals, among others. They enable real-time monitoring, data logging, and remote control, allowing businesses to streamline their operations and enhance productivity.
B) Market Dynamics:
1. Driver 1: Increased Industrial Automation
The demand for PLCs is being driven by the increasing need for industrial automation. With advancements in technology, industries are replacing manual labor with automated systems to improve productivity, accuracy, and safety. PLCs play a crucial role in automating processes by controlling and monitoring equipment and machinery, ensuring smoother and more efficient operations.
For example, in the automotive industry, PLCs are used to control assembly lines, robotic arms, and welding processes. PLCs enable seamless communication between different stages of production, reducing errors, and increasing overall efficiency.
2. Driver 2: Growing Adoption of IoT
The rising adoption of the Internet of Things (IoT) is another significant driver for the Programmable Logic Controller Market. IoT allows interconnected devices to communicate and share data, enabling efficient monitoring and control of industrial processes. PLCs are an essential component of IoT-based systems, as they act as the gateway for data collection, analysis, and control.
PLCs integrated with IoT technology offer advantages such as remote access and real-time data analysis, leading to predictive maintenance, energy optimization, and cost reduction. This integration enables industries to monitor and control their operations from any location, resulting in increased operational efficiency and reduced downtime.
C) SWOT Analysis:
- Strengths:
1. Advanced Functionality: PLCs offer advanced functionalities such as data logging, remote access, and real-time monitoring, providing businesses with greater control over their processes.
2. Wide Application: PLCs find application in various industries, including automotive, oil and gas, food and beverages, and pharmaceuticals, among others, making them a versatile solution for different needs.
- Weaknesses:
1. Initial Implementation Cost: The initial cost of implementing PLC systems can be high, especially for small and medium-sized businesses.
2. Technical Expertise Required: PLCs require technical expertise for programming and maintenance, which may pose a challenge for businesses with limited resources and skilled personnel.
- Opportunities:
1. Integration with AI and Machine Learning: The integration of PLCs with artificial intelligence (AI) and machine learning (ML) can enhance their capabilities and enable predictive maintenance and intelligent decision-making.
2. Emerging Markets: Growing industrialization and increasing investments in automation in emerging markets present significant growth opportunities for the PLC market.
- Threats:
1. Cybersecurity Risks: The connected nature of PLCs makes them vulnerable to cyber threats, which can result in data breaches, system downtime, and operational disruptions.
2. Potential Competition from Software-Based Solutions: The emergence of software-based control solutions may pose a threat to the PLC market, as these solutions offer comparable functionalities at a lower cost.
D) Key Takeaways:
- The global PLC market is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing industrial automation and the growing adoption of IoT.
- In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the PLC market. This growth can be attributed to the rapid industrialization, increasing investments in infrastructure development, and the presence of key market players in the region.
- Key players operating in the global PLC market include ABB Ltd, Toshiba International Corporation, Hitachi Ltd, Emerson Electric Company, Robert Bosch GmbH, Panasonic Corporation, Omron Corporation, Honeywell International Inc., Siemens AG, Rockwell Automation, Schneider Electric SE, and Mitsubishi Electric Corporation.
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