Variant
Market Research forecasted that the global
distributed control systems (DCS) market is forecasted to reach $24
billion by 2024 from $17 billion in 2016; growing at a CAGR of 4.5% from 2016
to 2024. There are the several driving factors of the market such as development
of open sources DCS solutions, cost & time efficiency and growth in energy
generation based on renewable resources. However, slow industrial growth in
developed economies may restrain the growth of the market. Furthermore, technological
advancements and rapid industrialization are the major opportunities of the
market.
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Key
segments of the global distributed control systems (DCS) market are component,
end-user and geography. DCS services, DCS software and DCS hardware are the key
sub segments of the component segment. In 2016, DCS hardware is expected to
dominate the segment during the forecast period 2016-2024. Moreover, end-user
segment has been segmented into pharmaceutical, oil & gas, pulp &
paper, chemicals, water & wastewater management, metal & mining, power
and others.
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North
America, Europe, Asia-Pacific and rest of the world are the major geographical
sub segment of the global distributed control systems (DCS) market. In 2016, Asia-Pacific
region accounted for the highest market share of 34.1%, owning to, expanding
manufacturing industries in countries such as India and China, followed by Europe.
Additionally, Asia-Pacific is predicted to grow at the highest CAGR of 5.7%
during 2016-2024.
The
market players have been adopting several strategies to increase their product
portfolio and geographical presence. The key market players in the distributed
control systems (DCS) market are Metso Corporation, Honeywell
International Inc., Emerson Electric Co., Siemens AG, NovaTech Process
Solutions LLC, Yokogawa Electric Corporation, ABB Ltd., Rockwell Automation
Inc., and Schneider Electric SA, among others.
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