Programmable Logic Controller (PLC) Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2470
Programmable Logic Controller (PLC) Market size is expected to gain momentum during the period of seven years owing to wide applications in industries including aerospace & defense, automotive, food & beverage, pharmaceuticals, petroleum & chemicals, textile, printing, and plastics. These components have exceptional functional features such as ease of programming, sequential control, ease of usage, and reliable performance & process control capabilities. Due to these features, the industries are adopting these components in control systems.
The heavy industrial manufacturing sector is increasingly utilizing intelligent machine tools to enhance productivity. In light of industrial revolution, intelligent machining tools are using smart devices and components such as PLCs and smart sensors to cater to the requirements of industries such as food & beverage, petrochemical, and automobile. These components control a wide array of applications ranging from lighting functions to controlling environmental conditions such as in chemical industries. Increasing automation in industries is expected to propel the PLC market growth over the next seven years.
In addition to the industrial use of these components, the PLC market is projected to gain momentum over the forecast time span owing to increased applications in commercial applications such as elevators, traffic controls, and washing machines. Growing consumer trend toward the adoption of intelligent machines has encouraged the vendors of commercial products, such as washing machines, to implement these components in the devices, aiding the PLC market growth.
The complexity in the industrial control software is increasing and proper & efficient software is necessary to produce reliable, robust, & reusable software. This is expected to hamper the industry growth over the forecast time span. The International Electrotechnical Commission (IEC) has developed a set of standards for programmable control systems. This has simplified the standards-based reporting which allows accurate and meaningful reporting. These components have limited performance in high-temperature and vibration conditions. Due to these limitations, the usability of these components reduces to a large extent. This is expected to decelerate the PLC market over the forecast time span. However, the manufacturers are designing robust components to improve the performance of these systems.
In industrial automation, these components require communication with other control levels for monitoring & reporting functions and identifying errors in processes. With the increasing volume of data these components have to manage, high-speed connections have become a requirement for reliable and secure data flow. Companies that provide secure connections are working on faster, stable, and more secure connections to make the process control technology efficient and cost-effective. This trend will impact the PLC market ecosystem due to the improved functionality of the systems as a whole.
The PLC market is characterized by the size of components including integrated or compact, modular, small, large, and mid-sized. The integrated/compact PLC market is expanding rapidly owing to the increasing focus on the miniaturization of electronic products and machinery. The rapidly growing trend of miniaturization of electronics has helped in the penetration of integrated or compact components across industries, particularly the consumer electronics industry, where product design plays a vital role.
The PLC market is characterized by the demand from application industries including automotive, oil & gas, pharmaceutical & chemical, food & beverage, and energy & power. The demand for these components from the automobile sector is growing rapidly owing to the increasing automation in the manufacturing industries. The automobile manufacturers are focusing on severe demand influx and are finding it difficult to cater to the requirements with increasing turn-around time hampering their businesses. To improve the turn-around time, the manufacturers are implementing automation in the manufacturing facilities, thus propelling the PLC market growth in the sector.
The PLC market growth is expected to accelerate owing to the increasing demand from the oil & gas industry. These components address the challenges regarding monitoring leaks and spillage in industries and during the transportation of oil & gas. Furthermore, these types of industries are spread over vast stretches of land and PLC helps in coordinating the activities performed in different segments of the facility.
China PLC market is expected to grow rapidly over the forecast time span owing to the increasing focus of industries in the region on automation. Recovering economy and increasing government stimulus toward the automation in industries are propelling the increasing demand for these components in China. Increasing electronics manufacturing in the Asia Pacific region is expected to positively impact the PLC market growth in China. The manufacturers in the country own intellectual property rights to gain competitive advantage. This has enabled the companies to develop customized products for the customers.
Prominent vendors in the PLC market include Bosch Rexroth, ABB, Eaton, Fuji Electric, KEYENCE, Koyo Electronics, IDEC, Panasonic, Yokogawa, Toshiba, Mitsubishi Electric, Rockwell Automation, OMRON, Schneider Electric, and Siemens. The vendors are increasingly investing in the technology to provide customized solutions to the customers. The customization strategy is expected to aid companies to gain a competitive advantage.
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