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Distributed Control System Market to Reach $24.82 billion by 2026; Rising Depletion of Fossil Fuel to Accelerate Growth

April 24, 2020 | Energy & Power

The global distributed control system market size is projected to reach USD 24.82 billion by 2026. It is likely to gain impetus from the rising demand for energy owing to the increasing urbanization and industrialization worldwide. The generation of renewable power is hence, necessary to fulfil the urgent need for energy. Also, the depletion of fossil fuel would surge demand. Fortune Business Insights™ mentioned this information in a recent study, titled, “Distributed Control System Market Size, Share and Industry Analysis, By Component (Hardware, Software, and Services), By End-User (Oil & Gas, Chemicals, Power Generation, Pharmaceutical, Food & Beverage, and Others), and Regional Forecast 2019-2026.” The study further states that the market stood at USD 16.18 billion in 2018. However, it is set to exhibit a CAGR of 5.6% during the forecast period between 2019 to 2026.


ABB Upgrades Ability™ System 800xA 6.1 to Enhance Project Engineering


In May 2019, ABB, a multinational corporation based in Switzerland, announced that it upgraded its Ability™ System 800xA 6.1. This new system would bring about crucial value to capital projects with more efficient and flexible engineering. It would also deliver important advancements to the DCS architecture and unveil technologies that would further shorten the time period required for project execution. Apart from that, it would help in refining the scalability of the system, lower the impact of late changes, and provide substantial value to capital projects. These would be brought about by a series of new engineering tools, namely, an Ethernet I/O Wizard, a new Ethernet I/O Field Kit, and control builder. Also, it would consist of high integrity controllers and Ethernet I/O solutions.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/distributed-control-system-market-101344


Increasing Demand for Power to Favor Growth


In the developed and developing countries across the globe, the ongoing technological advancement is resulting in the expansion of several industries. Therefore, the demand for power is also increasing. The International Energy Agency (IEA) declared that in 2019, the generation of renewable energy surged by 7%. Solar and wind PV technologies are the major contributors to this growth. They accounted for 60% the total generation. Also, awareness campaigns regarding emission-free power is set to propel the market growth for distributed control system in the coming years. However, slowdown in the economy and variations in the prices of oil may obstruct market growth.


Key Companies Engage in Novel Product Launches to Strengthen Position


The market includes numerous companies that are presently focusing on gaining new contracts or introducing unique products in the market. They are investing huge amount on research and development activities for creating products as per the most recent DCS market trends. This strategy is helping them in increasing sales and expanding their geographic presence.


Fortune Business Insights™ lists out all the companies operating in this market. They are as follows:



  • ABB (Switzerland)

  • Schneider Electric (France)

  • Emerson (US)

  • Siemens (Germany)

  • Honeywell Process Solutions (US)

  • GE Power (US)

  • Rockwell Automation (US)

  • Toshiba Corporation (Japan)

  • Hitachi (Japan)

  • Valmet (Finland)

  • Yokogawa (Japan)

  • Azbil Corporation (Japan)

  • NovaTech LLC (US)


Noteworthy Industry Developments-



  • June 2018: Rockwell Automation, provider of industrial automation and information technology headquartered in the U.S., launched its latest distributed control system featuring digitally transform process control operations and new capabilities to skyrocket plant-wide value.

  • February 2018: The Egyptian Electricity Holding Company (EEHC) awarded a new contract to Yokogawa, a Japanese electrical engineering and software company for supplying the former DCS system for the Alwaleediya station.


Further Report Findings-



  • North America generated USD 5.10 billion DSC market revenue in 2018 owing to the upsurging of power consumption by Canada and the U.S.

  • Europe is anticipated to grow considerably backed by the rising oil and gas production in countries, such as Spain, Italy, and Germany.

  • By component, the software segment held 45.9% distributed control system market share in 2018. This growth is attributable to their extensive usage for easy maintenance, operation, and intelligent control.


The DCS market can be segmented in the following way:








































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Component



  • Hardware

  • Software

  • Services



By End-User



  • Oil & Gas

  • Chemicals

  • Power Generation

  • Pharmaceutical

  • Food & Beverage

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, South East Asia, and Rest of Asia Pacific)

  • Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)


Distributed Control System Market
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  • 2018
  • 2015-2017
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