Global Distributed Control Systems (DCS) Market Report, published by Variant Market Research, forecast that the global market is expected to reach $24 billion by 2024 from $17 billion in 2016; growing at a CAGR of 4.5% from 2016 to 2024. By geography, Asia-Pacific and Rest of the world (RoW) are expected to grow at a CAGR of 5.7% and 4.4%, respectively, during the forecast period.
The global distributed control systems market is majorly driven by emergence of open sources DCS solutions, growth in energy generation based on renewable resources, and cost & time effectiveness. However, slow industrial growth in developed economies would act as a restraint for the market. Rapid industrialization and technological advancement would provide several growth opportunities for the global DCS market in the coming years.
The global distributed control systems market is bifurcated into component, and end user. The DCS is further segmented by component into DCS hardware, DCS software, and DCS services. DCS software accounted for the largest market share in the overall component segment in 2016. However, DCS hardware segment is anticipated to attain the fastest CAGR during the forecast period, driven by increase in number of replacement and system upgrades. Furthermore, end user segment includes oil & gas, chemical, power, pulp & paper, pharmaceutical, metal & mining, water & wastewater management, and others. Oil & gas dominated the end user segment driven by increased demand for innovative systems to control and monitor activities.
Geographically, the global DCS market has been categorized into North America, Europe, Asia-Pacific and rest of the world. Asia-Pacific accounted for the largest market share of 34.1% in 2016, owing to the growth in manufacturing industries in countries such as China and India. Europe accounted for the second largest market share of 32% driven by technological advancement and decline in greenfield investments. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR of 5.7% during the forecast period 2016-2024.
The major players in the distributed control systems market include, Honeywell International Inc., Yokogawa Electric Corporation, Emerson Electric Co., NovaTech Process Solutions LLC, ABB Ltd., Siemens AG, Rockwell Automation Inc., Emerson Electric Co., Metso Corporation, and Schneider Electric SA, among others.