PLC Software Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2469
PLC Software Market size is anticipated to grow substantially over the forecast period owing to the rapid growth in industrialization in emerging economies. Increasing investments by various major players in the factory and process automation are key factors that drive the industry demand. PLC software is a significant component of factory automation due to its features such as real-time communications and high operating speed. Increasing labor costs in countries including China are compelling the factory owners to incorporate improved automation processes in the industries, contributing to the PLC software market growth.
Advancements and innovations, such as enhanced communication and data sharing techniques between PLCs, improved communication of PLCs with Human Machine Interfaces (HMIs), enhanced processing speeds, and expanded memory, are some of the key factors propelling the PLC software market growth. Latest innovations in PLCs have helped the manufacturers to reduce the size of PLCs and minimize the power consumption. These advanced PLCs find applications for picking & placing of objects in industries, robotic control to automate the industrial processes, and reduce the human involvement, thereby reducing time consumption.
Rising demand for automation across various industrial sectors is anticipated to drive the PLC software market growth. The demand for automating several business operations is on the rise to reduce human errors, enhancing the efficiency. With the entry of several software providers offering solutions, which can be easily utilized by operators & technicians, the PLC software market is set to witness a significant growth over the forecast timeline. In addition, the introduction of new & advanced features by the software providers and their integration into the industrial systems are helping the business to increase the operational efficiency, positively impacting the PLC software market growth.
Factors such as the inability of these systems to encapsulate codes for re-use and limited execution control are expected to limit the PLC software market growth. The program will become unmanageably long when done in a ladder diagram, making it difficult to code, debug, edit, and break it into manageable parts. These software systems are vulnerable to cybersecurity threats from hackers, posing significant challenges to the PLC software market growth.
PLC software market is segmented on the basis of product and region. Based on the product, the industry is classified into ladder logic and functional block diagrams. Ladder logic diagrams are gaining popularity across various sectors owing to the ease of use offered by such products. Despite the availability of various other languages, ladder logic is considered to be the most popular language utilized for programming PLCs. For replacement of relay circuits, less-complex control systems, and sequential control, the ladder logic is widely utilized. Other advantages of such products include intuitive and self-documenting, efficient representation for discrete logic, modern debugging tools.
Asia Pacific PLC software market is anticipated to witness a significant growth during the forecast timeline. The growth can be accredited to the increasing demand for such solutions across the ever-growing industrial sector in the region. These software systems provide a number of advantages such as offering system flexibility and reporting in detail for process optimization, resulting in greater productivity. Facilitating easy integration of network systems for simple communication is among the other benefits offered by the PLC software systems. The accelerated economic growth in India and China has been led by increased manufacturing activities in these countries. Initiatives, such as Make in India and Make in China by the Indian and Chinese governments, are boosting the regional industrialization activities, further contributing to the PLC software market growth. Furthermore, increasing demand for factory automation across these economies is driving the industry demand.
Major companies in the PLC software market include Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, Rockwell Automation, Inc., ABB Group, Robert Bosch GmbH, General Electric, Hitachi Ltd., Yokogawa Electric, Omron Automation, IDEC Corporation, and Honeywell International, Inc. The industry players are increasingly focusing on bringing in innovations and are incorporating advanced features into the existing product line to gain eminence in the marketplace. Furthermore, the PLC software market is currently witnessing rising competition among the established players followed by the surge in the number of new entrants. It is leading the players to increasingly invest in R&D activities as well as upgrade their product line.
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