Distributed Control System Market Size to Hit USD 24.82 Billion by 2026
The global distributed control system market size is expected to grow from USD 16.18 billion in 2018 to USD 24.82 billion by 2026, exhibiting a CAGR of 5.6% during the forecast period. The power industry is experiencing rising technological advancements at present. It is one of the most vital factors that is likely to augment the DCS market growth in the coming years. New technologies are aiding in improving the reliability, efficiency, and productivity in this sector, states Fortune Business Insights™, in its report titled “Distributed Control System Market, 2021-2026.”
Growing power requirements of end users and increasing awareness about emissions-free electricity will push for deployment of distributed management systems on the global market. Rising oil production and increasing energy demand will drive demand for the deployment of DCS at scales across the oil and gas and electricity sectors, which is expected to boost the market in the forecast period.
Key industry developments:
Rockwell Automation, unveiled its latest DCS system called PlantPAx to consolidate servers in a single machine, leveraging both IEC-61850 and Ethernet/IP standards.
ABB bagged a new contract from China to control its first ever commercially operated concentrated solar power plant. ABB is set to deliver its ‘Ability Symphony Plus’ DCS to maintain production.
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Report Highlights:
Report CoverageDetailsForecast Period2019-2026Forecast Period 2019 to 2026 CAGR5.6%2026 Value ProjectionUSD 24.82 billionBase Year2018Market Size in 2018USD 16.18 billionHistorical Data for2015-2017No. of Pages220Segments coveredBy Component, By End-User, and Regional ForecastGrowth DriversRising Investment for Developing New Technologies to Boost GrowthSoftware Segment to Gain Maximum Share Backed by their Extensive Usage in DCS
Drivers & Restraints-
Rising Investment for Developing New Technologies to Boost Growth
The power industry is experiencing rising technological advancements at present. It is one of the most vital factors that is likely to augment the DCS market growth in the coming years. New technologies are aiding in improving the reliability, efficiency, and productivity in this sector. Apart from that, in the processing and manufacturing industry, the increasing investment in the development of unique technologies for power plants would affect the market positively.
Furthermore, the high demand for I/O and proliferation of digital networks in the process control system would transform the market. Important changes in technologies, namely, field networks, control networks, and physical I/O are gradually remoulding with the emergence of smart IIoT-connected sensors, analytics, big data, cloud computing, Industrial Internet of Things (IIoT), and virtualization. However, underinvestment in infrastructure and shale oil exploration may hamper market growth.
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Segment-
Software Segment to Gain Maximum Share Backed by their Extensive Usage in DCS
Based on component, the market is grouped into services, hardware, and software. The software segment held 45.9% distributed control system market share in 2018. It occurred because of the increasing usage of these software solutions in DCS to gain several benefits, such as easy maintenance, smooth operation, and intelligent control. These solutions consist of equipment simulator, system configurator editor, operator interface, and system management tool. This segment is expected to gain the maximum share during the forecast period.