by The Programmable Logic Controller Market is estimated to be valued at US$ 12.89 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A programmable logic controller or PLC is a digital computer used for automation of industrial processes. PLCs are robust, reliable in harsh environments such as factories and are able to withstand temperature extremes, humidity, vibration and exposure to smoke, fumes and dust. They are equipped with inputs and outputs that interface with sensors and actuators installed in machines or industrial processes. Communication interfaces also allow for connecting to networks for remote monitoring and control. Common applications include controlling conveyor systems, machine tools, packaging equipment and monitoring processes.
Market Dynamics:
Rising adoption of Industrial Internet of Things (IIoT) is a major driver for the PLC market. IIoT incorporates machine learning, artificial intelligence and big data analytics to enhance efficiency, optimize processes and drive predictive maintenance in manufacturing facilities. Connected devices like smart sensors and meters in PLC systems provide real-time data that can be analyzed for insights to improve productivity. Growing demand for energy efficiency and sustainability in industries is also fueling the PLC market. Programmable controllers enable remote monitoring and control of industrial processes and optimize energy usage through automated control. They help reduce wastage and enhance overall energy efficiency of operations.
Segment Analysis
The global programmable logic controller market is segmented into module, product type, networking type, industry vertical and region. The modular PLC segment dominated the market and accounted for more than 60% share of the global programmable logic controller market in 2022. Modular PLCs provide extensive input/output connectivity options, processing power and flexibility which has increased their adoption across industries.
PEST Analysis
Political: Governments across countries are implementing industrial automation initiatives and supporting SMEs to adopt advanced automation technologies like PLCs to enhance productivity and competitiveness. This is expected to drive the adoption of PLC systems.
Economic: Cost optimization and increased productivity through automation is driving PLC adoption across industries. Additionally, the growing need for customized automation solutions is propelling the engineered system and modular PLC segment growth.
Social: Adoption of IoT and connectivity in automation fosters innovations in PLC technology. Increased awareness about predictive maintenance and remote monitoring benefits among end-users is fueling the demand.
Technological: Developments in industrial communication protocols, distributed control system architecture and cloud computing are enhancing PLC capabilities. Additionally, advancements like enhanced processing power, modular design and safety control integration are augmenting their use.
Key Takeaways
The global Programmable Logic Controller Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing investments in industrial infrastructure and manufacturing sector across developing regions.
The Asia Pacific region is expected to dominate the programmable logic controller market during the forecast period. China, India, Japan and South Korea are major markets in the region. Rapid industrialization, growing manufacturing sector and adoption of industrial automation by SMEs are fueling the demand in the region.
Key players operating in the programmable logic controller market are ABB Ltd, Toshiba International Corporation, Hitachi Ltd, Emerson Electric Company, Robert Bosch GmbH, Panasonic Corporation, Omron Corporation, Honeywell International Inc., Siemens AG, Rockwell Automation, Schneider Electric SE, and Mitsubishi Electric Corporation. Major players are focusing on expanding their offerings and investing in developing customized, application-specific PLC solutions to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
