July 21, 2024
Programmable Logic Controller Market
Ict

Rapid Industrialization to boost growth of the Programmable Logic Controller Market

The global 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:
Programmable logic controller or PLC is a digital computer used for automation of industrial processes. PLCs are designed for multiple input and output arrangements, extended temperature ranges, immunity to electrical noise, and resistance to vibration and impact. They are suited for demanding industrial environments as they are more durable than general-purpose computers. Common applications of PLCs include monitoring conveyor belts, controlling machines, automated assembly lines, and processes such as heating and cooling. The durability and flexibility of PLCs make them advantageous for industrial automation.

Market key trends:
Rapid industrialization and growing demand for automation across industries is a major trend boosting the programmable logic controller market. Industrial process automation has gained immense traction as it reduces human errors, minimizes downtime and enhances productivity. Advancements in PLC technology with increased I/O capability, communication capability, and processing power has expanded application scope in industries such as food & beverage, oil & gas, pharmaceuticals, and automobiles. Growing adoption of IoT platforms for remote monitoring is also augmenting market growth. however, availability of alternative fieldbus technologies may hamper the demand to some extent over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements along with mature technology pose a low threat of new entrants. However, established brands and need for technical expertise poses a barrier.
Bargaining power of buyers: Large buyers have significant bargaining power due to their demand. However, availability of substitutes and customized product offerings balance this power.
Bargaining power of suppliers: Suppliers of semiconductors and other electronic components have some bargaining power due to consolidation. However, availability of alternatives balances this.
Threat of new substitutes: IoT solutions pose a nascent threat as substitutes by enabling remote monitoring. However, programmable logic controllers continue to dominate discrete control applications.
Competitive rivalry: Intense competition exists among leading vendors. Product differentiation, innovations and integrated solutions determine competitiveness in this mature market.

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 demand from discrete manufacturing industries.

Regional analysis
North America dominates the programmable logic controller market owing to presence of large discrete manufacturing industries in the US. Asia Pacific is expected to witness the fastest growth owing to expanding manufacturing sector in China and India. Countries like Japan, South Korea are also major markets.

Key players
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.

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