Hyderabad, July 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Programmable Logic Controller (PLC) Market Report (2023-2028)," the market is estimated at USD 11.75 billion in 2023. It is expected to register a CAGR of 4.23% during the forecast period.
PLC is the main computing system that controls automated machines. Due to their compact sizes, PLC systems are favored over traditional systems, like relays and switch boxes. PLCs are also multi-functional (owing to their programmable nature that can be used for numerous operations depending on the application). All these factors drive the programmable logic controller market.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 11.75 billion |
| Market Size (2028) | USD 14.46 billion |
| CAGR (2023-2028) | 4.23% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Industry automation. |
| Escalating application of robotic process automation (RPA) and artificial intelligence (AI)-based technologies. |
Who are the Top Companies in the Global Programmable Logic Controller (PLC) Market?
The programmable logic controller (PLC) market is moderately fragmented. Players in the PLC market are adopting approaches such as partnerships, mergers, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
The significant players holding the PLC market share are:
- ABB Ltd
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Rockwell Automation Inc.
- Siemens AG
- Honeywell International Inc.
- Omron Corporation
- Panasonic Corporation
- Robert Bosch GmbH
- Emerson Electric Co.
- Hitachi Ltd
- Toshiba International Corporation
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Key Highlights from the Global Programmable Logic Controller (PLC) Market Report:
Automotive to Be the Fastest-growing End-user Industry
- PLCs are adopted at the manufacturing stage to manage the snowballing demands of the automotive industry. They permit manufacturers to work smarter and faster. As automated processes minimize the incidence of bottlenecks, PLCs cut expenses in operation and production time in the industry.
- Auto assembly has increased significantly using automation. The automotive industry has used robots in its assembly lines for countless manufacturing processes for many years. Nowadays, automakers are exploring the use of robotics in more processes. This technology enables the automotive industry to persist as one of the most significant robot users and seize one of the most automated supply chains.
Asia-Pacific to Be the Fastest-growing Market
- The manufacturing sector forms a substantial part of China's economy. China is undergoing a rapid transformation with the recent growth in IoT, owing to the rise in Industry 4.0 across global manufacturing industries. This large-scale transformation has placed China in one of the leading positions in the PLC market globally.
- India is driven by the expanding application of robotic process automation (RPA) and artificial intelligence (AI)-based technologies. According to the global RPA platform Automation Anywhere, after the United States, India is currently its second-biggest revenue generator.
What are the Latest Developments in the Global Programmable Logic Controller (PLC) Market?
- In August 2022, OMRON announced i-DMP (i-BELT Data Management Platform) for quick data-driven solution service implementation. This innovative data-driven solution will enable clients to resolve their problems transiently and efficiently by streamlining the integrated management of various data types.
- In June 2022, Toshiba announced partnering with Farnell, a distributor of electronic components, to consolidate its supply chain for an extended range of new and innovative products. With this partnership, there will be an increased focus on Toshiba’s strengths, including power solutions.
Mordor Intelligence has Segmented the Global Programmable Logic Controller (PLC) Market Based on Type, End-user Industry, and Geography:
- By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Hardware and Software
- Large PLC
- Nano PLC
- Small PLC
- Medium PLC
- Other Types
- Services
- Hardware and Software
- By End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Food, Tobacco, and Beverage
- Automotive
- Chemical and Petrochemical
- Energy and Utilities
- Pulp and Paper
- Oil and Gas
- Water and Wastewater Treatment
- Pharmaceutical
- Other End-user Industries
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Programmable Logic Controller (PLC) Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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