Programmable Logic Controller Market Is Estimated To Witness High...

Programmable Logic Controller Market Is Estimated To Witness High Growth Owing To Rising Adoption Of Automation Across Industries

Posted 2023-11-30 12:17:23

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The Programmable Logic Controller market is estimated to be valued at US$ 12.89 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
A programmable logic controller or PLC is a digital computer used for automation of industrial processes such as control of machinery and processes in factories and plants. PLCs are utilized across various industries for applications ranging from process and discrete control to motion control and robotics. They are designed to withstand harsh industrial environments and can easily interface with sensor and actuators in the field.

Market Dynamics:
Rising adoption of automation across industries is a key driver for the growth of PLC market. Automation enables industries to improve productivity, reduce costs and improve quality. With growing labor costs, industries are increasingly adopting PLCs for automation of plant operations and processes. Moreover, advancements in PLC technology which have made controllers more powerful, flexible and scalable is also fueling their adoption. PLCs deliver improved performance, reliability and connectivity compared to conventional automation solutions. The increasing connectivity of PLCs through industrial internet of things further enhances their monitoring and control capabilities. This is expected to drive greater demand during the forecast period.

SWOT Analysis
Strength: Programmable Logic Controller (PLC) market has strengths such as high versatility, wide range of applications, and scalability. Programmable logic controllers are versatile as they can be easily programmed to control a wide variety of industrial applications and have inputs/outputs that make them highly scalable.
Weakness: Complex programming of PLCs requires expertise and skilled workforce which increases the overall cost of operations. PLC systems also have vulnerability to cyber threats and security risks.
Opportunity: The growing adoption of cloud computing and internet of things (IoT) provides an opportunity for PLC vendors to offer cloud-based services. Growing industrial automation in industries like automotive, chemical offers huge market opportunities.
Threats: Emergence of alternative technologies like industrial PC, distributed control system poses a threat to PLC market. Trade wars and geopolitical tensions can negatively impact the global demand.

Key Takeaways
The global Programmable Logic Controller Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing demand for automation solutions across industries. Automation reduces production costs and improves productivity.

Regional analysis: Asia Pacific dominates the global PLC market, accounting for around 35% share, due to rapid industrialization and adoption of automation technologies in countries like China, India. Asia Pacific PLC market is projected to grow at highest CAGR during forecast period. Europe and North America are also significant markets for PLC owing to presence of major automotive companies.

Key players: Key players operating in the Programmable Logic Controller market are 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. These players are focusing on new product innovations and partnerships with system integrators to strengthen their market position.

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