leads in process automation pertaining to service opportunities in greenfield projects paired with increasing manufacturing activities in the emerging economies
PUNE, MAHARASHTRA, INDIA, December 2, 2020 /EINPresswire.com/ — Distributed Control Systems (DCS) is a decentralized control methodology that is used by various industry verticals to manage their operations. The control system is distributed throughout the operational network of an organization where each sub-system is managed by more than one controller. It is a computerized control mechanism where all the controllers are connected through a network for communication and management.
The global DCS market was valued at $16,843.6 million in 2014, and is projected to reach at $24,609.1 million by 2023, growing at a CAGR of 5.2% from 2016 to 2022. Asia-Pacific is expected be the largest market for DCS during the forecast period. LAMEA is estimated to grow at the highest CAGR on account of growth in South Africa and increase in rate of adoption in traditional industries in LAMEA such as metals, minerals, petrochemicals and chemicals.
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The DCS industries is primarily driven by the increasing demand in the power and energy sectors, cost and time effectiveness, and the emergence of open source DCS solutions. However, slow industrial growth in developed economies, and relatively slow growth in the oil & gas industry are some of the restraints of the market. The impact of these factors would be nominal due to the introduction of new techniques in distributed control systems.
The DCS market size is segmented on the basis of component type, industry vertical, and geography. The segmentation under component type includes hardware, software, and services. Software interface constitute the highest market share among other component types due to increased use of DCS in cloud computing technology. Nonetheless, DCS service is estimated to grow at the fastest rate owing to the growth in skid-mounted DCS technology.
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The oil & gas industry is projected to dominate the market, pertaining to the increase in demand for oil, gas, petrochemical, and refined products paired with deregulation of energy markets. However, the food & beverage industry is expected to depict fastest growth, owing to the introduction of vision inspection systems used for bottling and packaging application for increased efficiency.
The leading players profiled in DCS market report are Siemens AG, ABB Ltd., Honeywell International, Inc., Yokogawa Electric Corporation, General Electric, Rockwell Automation, Inc., Emerson Electric Co., Metso Corporation, Schneider Electric SA, and Novatech Process Solutions LLC.
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Moreover, Honeywell decided to provide process automation and safety systems to a new liquefied natural gas facility in Canada. Honeywell would serve as an integrated main automation contractor (I-MAC) for processing North American natural gas for international export.
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Source: EIN Presswire