The global Industrial Control Systems (ICS) Market is estimated to be valued at US$ 139879.53 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Industrial control systems (ICS) are used to monitor and control industrial processes in various industries such as critical manufacturing, oil & gas refineries, chemical facilities, electric power transmission, water distribution and treatment in real time. ICS consists of programmable logic controllers (PLCs), SCADA systems, distributed control systems (DCS), and other control devices and network infrastructure. ICS plays a crucial role by enabling the automation and monitoring of industrial operations through centralized data acquisition and control. It improves efficiency by enabling remote access and management of industrial operations.
Market key trends:
One of the major trends in the industrial control systems market is the increasing deployment of cloud-based ICS solutions. Cloud-based ICS provides benefits such as improved scalability, reduced maintenance cost and enhanced cybersecurity features. The rising concerns regarding cybersecurity threats to critical industrial infrastructure is also fueling the demand for advanced ICS with built-in security features. Furthermore, the adoption of industry 4.0 technologies such as IIoT, M2M communication, edge computing, predictive maintenance etc. is expected to drive significant growth of ICS market during the forecast period.
Threat of new entrants: The ICS market requires huge investments in R&D to develop specialized and secure solutions catering to critical infrastructure needs. This poses high barriers for new players.
Bargaining power of buyers: Large utility and process manufacturing companies have significant bargaining power given the importance of ICS for their operations. They can negotiate on price and demand additional services.
Bargaining power of suppliers: Major ICS players like Siemens, Schneider and ABB have strong supply networks and proprietary technologies, giving them an edge over smaller suppliers in the market.
Threat of new substitutes: ICS solutions are highly specialized with no viable alternatives. However, cloud and IoT present potential threats as they can enable remote monitoring with fewer on-premise hardware requirements.
Competitive rivalry: The ICS market is highly consolidated with top players like Siemens, Schneider, ABB accounting for over 50% share. Intense competition exists on parameters of functionality, security and pricing.
The Global Industrial Control Systems (ICS) Market Size is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing focus on modernization of aging infrastructure and adoption of digital technologies in process manufacturing. The market size for 2023 is estimated at US$ 139879.53 Mn.
Regional analysis: North America dominates the global ICS market currently, owing to large-scale deployments across utilities, oil & gas and manufacturing facilities in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period, driven by ongoing infrastructure development projects in China, India and other developing countries.
Key players: Mitsubishi Electric Corporation, Siemens Ag, Schneider Electric Se, Abb Limited, Yokogawa Electric Corporation, Omron Corporation, General Electric, Emerson Electric Co., Honeywell International, Inc., and Rockwell Automation, Inc. are some of the prominent companies in the ICS market. These players offer advanced and integrated solutions to enable predictive maintenance and improve efficiency of critical processes.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it