Industrial control systems poised for growth through 2021
A recent report has been released which shows that the industrial control system sector is poised for growth. The report highlights the sector’s market value in 2014 at $58 billion and analysts expect the number to rise to around $81 billion by the end of 2021. When analysts looked at the compound annual growth rate (CAGR) for the seven-year period, they notated that the growth aims to be at 4.9%.
It’s not a coincidence that the market is set to grow, as industrial control systems play an important role within the manufacturing sector. Industrial facilities utilize these advancement systems to monitor the performance of various systems and equipment. Interconnected equipment is crucial within industrial applications where automation is processed and remote direction is controlled. The most common types of these control systems are called programmable logic controllers or PLCs.
As more factories turn to automation to drive up production and reduce costs, PLCs have flooded the market. PLCs add immense value to a factory production line, most notably their integration with ERP and manufacturing execution systems. Emerging markets such as China, Indonesia and India have been tapped with expecting the highest growth.
North America was reported as being the largest regional market for industrial control systems in 2014. At the time, the region garnered a 33.5% share of the market. The highest concentration of the adoption of these systems was seen within the oil and gas industry. The industry utilizes fracking activities, which have revitalized their operations due to the shale boom seen in the United States.
Industrial control systems should have a sustained outlook even passed 2021. Automation is squeezing manual supervision of processes out of the market. With the Internet of Things (IoT) becoming more and more commonplace, automation should only increase and with that industrial control systems. Cost-effective, safety, increased production and innovation have spurred growth for decades and figure to continue into the future.
With the rise industrial control system use within more and more manufacturing facilities, preventive maintenance is not only recommended for heavily used machines but imperative. ICR’s engineering team developed preventive maintenance procedures and guidelines to ensure industrial equipment runs at optimal performance. Turn to ICR when adding industrial control systems to your production line and let us develop a preventive maintenance plan for your facility.
