April 14, 2024

Programmable Logic Controller Market Poised to Grow owing to Growing Industrial Automation

PLCs monitor inputs and outputs connected to sensors and switches and process logic functions within the system controlling through programming instructions. PLCs are known for being highly reliable and durable in harsh industrial environments and can withstand temperature extremes, moisture, electrical noise and vibration. They help in monitoring sequences of operation, controlling functions and collecting data on industrial processes. The advantages of using PLCs include flexibility, user-friendly programming and ease of maintenance as only the program need to be changed, not the wiring. These features create demand for PLCs in various industrial applications like controlling conveyor belts in manufacturing facilities, controlling machinery in assembly lines, controlling chemical processes and automation of facilities.

The Global Programmable Logic Controller Market is estimated to be valued at US$ 14.85 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024-2030.

Key Takeaways
Key players operating in the Programmable Logic Controller market are HiMedia Laboratories, Thermo Fisher Scientific Inc., Sartorius AG, Merck KGaA, Corning Inc., Atlas Biologicals, Inc., TCS Biosciences Ltd., Bovogen Biologicals Pty Ltd., Novus Biologicals, LLC, Capricorn Scientific, PAN-Biotech GmbH, Atlanta Biologicals, Inc., Rockey Mountain Biologicals, GE Healthcare, Serana, and Zhejiang Tianhang Biotechnology.

The key opportunities in the market include growing demand for customized and integrated PLC solutions, increasing investments in industrial automation, rising adoption of IIoT technologies and use of cloud-based PLC programming tools.

Globally, Asia Pacific holds the largest share in PLC market owing to growth of manufacturing industries in China, India and other Southeast Asian countries. North America and Europe are also significant markets for PLCs due to high industrial automation levels. The developing regions of Latin America and Middle East and Africa are expected to offer strong growth opportunities in the coming years.

Market drivers
The growing industrial automation is a major driver for PLC market. The adoption of automation by various industries to enhance productivity, quality and reduce costs is driving demand for PLCs. The increasing requirements to minimize human intervention in manufacturing processes for improved safety is also propelling the PLC market. Other drivers include need for remote monitoring and data collection capabilities, demand for predictive maintenance offerings, and standardization of protocols for inter-connectivity of devices using PLCs.

PEST Analysis
Political: Programmable Logic Controller Market Size is regulated by government to ensure safety, security and product standards. New regulations related to product specifications and cybersecurity can impact the demand.

Economic: Economic growth and industrial automation adoption drives the demand for PLCs for process and discrete manufacturing applications. Global economic instability and uncertainties impact the capital expenditures of end-use industries.

Social: Growing population and urbanization increases the demand for automated industrial processes. Labor shortages encourage the adoption of automation solutions using PLCs for efficiency.

Technological: Advancements in IoT, connectivity, cloud computing, edge computing, and data analytics are enabling the development of next generation intelligent PLCs with analytics and remote monitoring capabilities. Adoption of industrial internet of things and industry 4.0 solutions boosts the market growth.

The programmable logic controller market in terms of value is concentrated in Asia Pacific region primarily in China, Japan and India. This is due to strong presence of manufacturing industry and adoption of industrial automation across sectors like automotive, electronics, pharmaceuticals etc.

North America is projected to witness the fastest growth during the forecast period due to ongoing technological innovations and increasing focus on process efficiency across process industries in the US and Canada. Initiatives promoting industrial automation and focus on factory modernization further support the market growth in the region.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it