Distributed Control Systems (DCS) Market to Reach $24,609 Million, Globally, by 2022
Distributed Control Systems (DCS) Market is segmented into component type & industry verticals. Asia-Pacific region generates the highest revenue worldwide. Factors such as increase in demand in power and energy sectors, emergence of open source DCS solutions, and cost & time effectiveness drive the global market. Asia-Pacific is expected be the largest market for DCS during the forecast period.
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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.
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.
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.
Key Findings of Distributed Control Systems (DCS) Market Study:
Software interface segment is expected to exhibit a remarkable growth during the forecast period, due to growth in cloud computing technology and commercial off-the-shelf (COTS) technology.
Oil & gas industry contributes the highest market share pertaining to the requirement of increased safety in manufacturing plants and environmental policies.
Asia-Pacific is expected to exhibit a promising growth during the forecast period.
Industry participants focus on expansion to innovate their product offerings and to improve their market share.
The distributed control systems market comprises dominant players such as General Electric, Siemens, Honeywell International Inc., Schneider Electric SE, and others. These market players focus on expansion, product launch, R&D, and acquisition as their key strategies to establish their market position.
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