Industrial Control System Market to See Incredible Growth By 2023 | Analysis of Corona-Virus

Market Highlights

The COVID-19 pandemic has brought a halt to all production processes to restriction of human contact and movement within industrial premises. But remote controlling of processes and automation has ensured the continuity of production. Cyber threats to ICS can threaten the global industrial control system market growth. Collaborations and partnerships are on the rise to combat ICS threats as evident with the partnership between Check Point Software Technologies and Claroty which provides users complete visibility on processes and alerts them in case of attacks.

Industrial control systems (ICS) encompass a wide variety of instruments and tools for control of industries. The automation of processes and threats to the network owing to adoption of cloud computing can lead to the integration of ICS. The global industrial control system market report by Market Research Future (MRFR) takes into consideration the various growth enablers, challenges, security solutions, and developments in ICS for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its impact on the industry are explored in the report as well.

The global industrial control system market is projected to expand at a stupendous growth rate over the forecast period. The need for industrial automation and emergence of internet of things (IoT) for expediting automation can drive the market. This is exemplified by the adoption of connected devices by enterprises for monitoring the condition of machinery and workers. The huge demand for protection of critical infrastructure across various industries can induce heavy market demand till 2023. The use of cryptography and heavy encryption at various stages can stave off common attacks such as DDoS and data theft. Monitoring of industrial processes in oil & gas and water treatment plants can provide a lucrative opportunity for the market.

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Regional Analysis

By region, the market is segmented into North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).

North America is expected to dominate the industrial control system market as there is an increase in demand for safer and reliable process automation in various sectors such as utilities, transportation, oil and gas, water and water-waste treatment, and others. Rollout of guidelines for companies to strengthen their defenses against ICS threats and availability of network products can drive the regional market growth. Allocation of budgets and mandatory security policies can bode well for the global ICS market.

The integration of industrial IoT and rise in sensors, controllers, and other network devices can trigger the demand for industrial control systems. The growth in APAC is expected due to the adoption of new technologies such as IoT in the manufacturing and application of industry 4.0 concept. The region can recover gradually from 2020 due to a plethora of opportunities in South Korea, India, China, and Japan.

The Europe industrial control system market is driven by rapid increase in the demand for modernization, smart grid, and cloud computing.

Competitive Outlook

Emerson Electric Co, ABB Ltd, Yokogawa Electric Co, Rockwell Automation, Schneider Electric, Siemens AG, Omron Co, Alstom, Honeywell International Inc, and General Electric Co are key players of the global industrial control system market.

Segmentation:

By control systems, the industrial supervision system market is segmented into distributed control system (DCS), supervisory control and data acquisition (SCADA), and hybrid (hybrid of SCADA and DCS).

By components, the market is segmented into SCADA communication systems, human-machine interface (HMI), remote terminal unit (RTU), programmable logic controller (PLC), and others (control server, remote diagnostics & maintenance).

By application, the market is segmented into pharmaceutical industry, electrical power (generation, transmission, and distribution), oil and gas, automobile industry, water and water-waste treatment, and others (aerospace, defense, transportation).

Also Read: https://www.marketwatch.com/press-release/industrial-control-system-market-is-rising-due-to-investments-in-industrial-iot-ics-market-size-share-growth-opportunities-and-covid-19-analysis-2020-09-10