Industrial Control Systems Market Size

Industrial Control Systems Market Analysis

The Industrial Control Systems Market size is estimated at USD 185.27 billion in 2024, and is expected to reach USD 283.76 billion by 2029, growing at a CAGR of 8.90% during the forecast period (2024-2029).

The rising cost of labor, coupled with the immense pressure on manufacturers to meet deadlines, has resulted in the increased adoption of automation in factories. The automation of factories has fueled the market for ICS.

• In September 2021, the Studio 5000 Simulation Interface from Rockwell Automation interfaced with Ansys Twin Builder, using simulation-based digital twins to help automation and process engineers. Users may build and test designs in a virtual environment, saving time and money on expensive physical prototypes.
• In addition, the quality control issue involved with human error is minimized, owing to efficiency, reliability, and faster work rate of systems. Moreover, the demand for mass production in manufacturing industries fuels the need for industrial controls to cater to the needs of the growing population.
• Connecting the industrial equipment and machinery and obtaining real-time data have played a key role in the adoption of SCADA, HMI, PLC systems, and software that offer visualization; thus, enabling reducing the faults in the product, reducing downtime, scheduling maintenance, and switching from being in the reactive state to predictive and prescriptive stages for decision-making.
• Moreover, government efforts such as Germany's industry 4.0 and France's plan industrial are likely to drive demand for IIoT solutions, which may, in turn, enhance demand for ICS security solutions and services in the future. A serious cyber catastrophe may result in significant financial losses, brand damage, loss of consumer trust, theft of intellectual property, safety concerns, and even death. As a result, to protect its ecosystem from any financial, operational, or human losses, ICS may need security mechanisms to audit and assure compliance.
• Due to the high rate of adoption of connected devices and sensors and the enabling of M2M communication, there has been a surge in the data points generated in the manufacturing industry. According to Zebra's latest manufacturing vision study, smart asset tracking solutions based on IoT and RFID are expected to overtake traditional, spreadsheet-based methods by 2022. A study by Industrial IoT (IIoT) company, Microsoft Corporation, established that 85% of companies have at least one IIoT use case project. This number is likely to increase, as 94% of respondents said they would implement IIoT strategies by 2021.
• The pandemic's impact has forced organizations to adhere to strict requirements while ensuring their employees' and customers' safety. As a result, the need for automated solutions witnessed a sudden spike. This could be observed as a notable trend in the foreseeable future. As the world is continuously fighting the rapid spread of the COVID-19 pandemic, factory automation with robotics is playing a very crucial role in helping to safeguard the people and in processing the supplies needed by the end user.