Programmable Logic Controller (PLC) Market Size

PLC Market Analysis

The Programmable Logic Controller Market size is estimated at USD 12.83 billion in 2024, and is expected to reach USD 15.07 billion by 2029, growing at a CAGR of 4.23% during the forecast period (2024-2029).

• PLC is the major computing system that manages automated machines. The system also assists in detecting errors or flaws and cautions the technician. Due to their packed sizes, PLC systems are desired over traditional ones, like relays and switch boxes. Another benefit of PLCs is their multi-functionality (due to their programmable nature that can be utilized for multiple operations relying on the application).
• Machine downtime is a significant factor affecting an industry's manufacturing efficiency. Downtime is responsible for 5-20% of the manufacturing losses during operation. Installing PLC systems allows the identification and rectification of errors and can create quick reactions even without human intervention, thereby bringing efficiency into industrial processes.
• Industry automation is one of the significant factors driving the growth of the PLC market. Automation can be described as automatic processing systems to improve the efficiency and reduce human intervention in the process via the optimal usage of resources. The industries have now discovered the reliability and long-term profits that can be accomplished by utilizing automated systems. Conveyor systems & packaging systems, among others, can be automated using PLC systems. The growing penetration of automation in the industrial sector isn also anticipated to favor the studied market's growth.
• Furtheremore, PLCs also help control manufacturing processes, like assembly lines, robotic devices, or any activity requiring high-reliability control and easy programming & operation fault diagnosis. PLCs are growing and remain the best choice for different industrial automation applications. Scalability, greater memory, smaller sizes, high-speed (gigabit) Ethernet, & built-in wireless are among the emerging programmable logic controller capabilities.
• Due to modern consumers' need for personalized products, industries have driven themselves from a mass production model into mass customization. PLCs are broadly embraced in industries whose processes do not change. However, the growing end-user need for customization of products has made the manufacturing processes more refined and complicated, with the need for frequent adjustments, consequently fueling the end-users to adopt and invest in more flexible systems, like PC-based and cloud-based controllers, rather than PLCs which is challenging the studied market's growth.
• Macroeconomic factors such as the genera economic condition of a region, geopolitical issues, etc. plays a crucial role in the industrial sector's growth as these factors influence the investment and expansion capabilities of the industrial sector. For instance, the recent Russia Ukraine war is impacting several countries on both economic as well as geopolitical stability verticals, which in turn is creating an unfavorable condition for the growth of the industrial sector. As PLCs are widely used in industries, such trends hamper the studied market's growth.