January 08, 2024 06:00 ET | Source: Research Nester Research Nester
New York , Jan. 08, 2024 (GLOBE NEWSWIRE) -- The global programmable logic controller market size is projected to expand at 5% CAGR between 2024 and 2036. The market is expected to garner a revenue of USD 18 billion by the end of 2036, up from a revenue of USD 12 billion in the year 2023. The growth of the market can be attributed to the growing integration of automation in several industries and companies. Workflow automation is required for boosting production according to 83% of IT leaders. Currently, 48% of organizations are implementing automation solutions to automate manual operations. Moreover, around 24% of businesses employ low-code process automation technologies, with 29% planning to do so shortly. MR-J2S-40CP-EG
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These systems assist businesses in streamlining workflows, making better use of data, and conserving time and money. In addition to this, the rising acceptance of renewable energy, which has increased the installation of solar and wind energy facilities, is thought to be fueling the programmable logic controller market expansion. They are also utilized to control and monitor the electricity through the system. They enable more accurate system control, improving efficiency and reducing waste. They may additionally monitor the system's functioning in real-time, identifying flaws and enabling for timely maintenance and adjustment.
Programmable Logic Controller Market: Key Takeaways
Increasing Need to Reduce the Downtime across the Globe to Boost Market Growth
Downtime may be extremely costly to a business when it comes to both maintenance costs and production losses. Inadvertent downtime, in particular, can raise the risk of occupational casualties and environmental issues, such as unintentional fuel spills. Since so much of the company depends on technology working smoothly, the cost of downtime in the enterprise market is valued at more than USD 1 million per hour and can exceed USD 5 million, without penalties or sanctions. Innovative technologies such as program logic controllers, have resulted in advancements in mass customization as well as assembly and manufacturing processes that use additive manufacturing. They also assisted in the implementation of mass customization on a more detailed level. Automation, computer-integrated manufacturing and modeling, computer-aided design and manufacturing (CAD/ CAM), and flexible manufacturing systems (FMS) are important technologies in mass customization. One of the major advantages of mass customization is the possibility of waste reduction and more sustainable development. Manufacturers can decrease excess inventory and wasted resources by creating only what is required. Furthermore, mass customization enables cost savings and enhanced efficiency. Many rich countries, like the United States, Australia, Russia, and the United Kingdom, have worked for the creation of intelligent traffic management systems.
Programmable Logic Controller Industry: Regional Overview
The global programmable logic controller market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Adoption of Industry 4.0 to Drive the Market Growth in North America Region
The programmable logic controller market in North America region is estimated to garner the largest revenue by the end of 2036. The growth of the PLC market can be attributed majorly to the growing transformation of the industries and higher adoption of automation and robotic process automation. Companies in North America increased their expenditure on industrial robots in the first quarter as they tried to meet growing demand in the aftermath of the COVID-19 pandemic. According to the Association for Advancing Automation, North American corporations ordered around 9,000 robots in the first quarter of 2022, an approximate 20% increase over the previous year. The total value of the orders exceeded USD 466 million. Industry 4.0 emphasizes the integration of digital technologies into manufacturing processes to create a more connected and intelligent industrial ecosystem. PLCs play a pivotal role in this paradigm, providing the flexibility and connectivity needed for smart factories. The implementation of IoT-enabled PLCs allows real-time monitoring and data-driven decision-making, enhancing overall operational efficiency. The manufacturing sector in North America has experienced a resurgence, driven by factors such as reshoring, increased investment in advanced manufacturing technologies, and a focus on maintaining competitive advantages.
Expansion of the Automotive Sector to Propel the Growth in the Europe Region
The Europe programmable logic controller market is estimated to garner the highest CAGR by the end of 2036. The growth of the PLC market can be attributed majorly to the rising investment in the fourth revolution of automation. Europe has emerged as the most notable industrial automation adopter as a result of growing investments in the industry 4.0 revolution. Europe accounts for more than one-third of worldwide Industry 4.0 investments, according to the CBI Ministry of Foreign Affairs. Europe's automotive industry is undergoing a transformation, marked by a shift toward electric vehicles, customization demands, and the integration of advanced manufacturing technologies. PLCs, with their ability to provide precise control and adaptability, are integral to the optimization of production processes in the automotive sector. The emphasis on sustainability and energy efficiency is a key driver for the adoption of PLCs in Europe. These controllers enable industries to optimize energy usage by regulating equipment operation, managing power consumption, and integrating with energy monitoring systems, aligning with the region's commitment to greener industrial practices.
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Programmable Logic Controller Segmentation by Product Type
Amongst these segments, the programmable logic controller market modular PLC segment is anticipated to hold the largest share over the forecast period. The increased efficiency of current PLCs over compact and rack one in the automated manufacturing processes can contribute to the segment's rise. Modern PLCs are primarily integrated for more complex uses, such as computer vision-based quality control, AI-driven shipping, and predictive maintenance. They have significantly greater power than the other two PLCs. Modular PLCs are commonly used in applications that require a large number of inputs in addition to outputs, including process management in the manufacturing industry. As a result, it can store a large amount of data and execute multiple activities. Modular PLCs, with their adaptable architecture, allow for easy customization and scalability. This growth statistic reflects the industry's confidence in the capacity of modular PLCs to meet the evolving needs of manufacturing processes, providing a versatile and future-ready automation solution. The quantifiable reduction in both automation costs and downtime showcases the economic viability of modular PLCs. Businesses are recognizing the cost-saving potential of these systems, especially when it comes to minimizing disruptions during maintenance or upgrades, thereby enhancing operational efficiency. A study found that companies adopting modular PLCs experienced an average reduction of 15% in overall automation costs and a significant 20% decrease in downtime compared to traditional PLC systems.
Programmable Logic Controller Segmentation by End User
Amongst these segments, the programmable logic controller market automotive segment is anticipated to hold a significant share over the forecast period. The shift towards electric vehicles is a powerful driver in the automotive segment. Governments worldwide are setting ambitious targets to phase out internal combustion engine vehicles, and automakers are responding with increased production of electric cars. This surge in electric vehicle adoption not only aligns with environmental goals but also stimulates growth in associated industries such as battery manufacturing and charging infrastructure. According to the International Energy Agency (IEA), global electric car sales surged by 41% in 2020, reaching over 3 million units. The automotive segment is witnessing a surge in connectivity, with cars becoming sophisticated digital platforms. IoT integration allows for real-time data exchange, enabling features like remote diagnostics, over-the-air updates, and enhanced infotainment. This connectivity not only elevates the driving experience but also opens new avenues for services and business models within the automotive ecosystem.
Programmable Logic Controller Segmentation by Type
Few of the well-known market leaders in the global programmable logic controller market that are profiled by Research Nester are Eaton Corporation, Omron Corporation, Emerson Electric Co., OTEK Corporation, Electric Power Construction Corporation, Robert Bosch GmbH, Honeywell International Inc., Siemens AG, Rockwell Automation, Schneider Electric SE, and other key market players.
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Recent Development in the Programmable Logic Controller Market
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