Industrial Control Systems Market
Market Research Future (MRFR) in its recently published study report asserts that the global industrial controls systems market will grow enormously by 2023 registering a phenomenal CAGR throughout the forecast period (2018 to 2023). The worldwide market is anticipated to see approximately 25 % annual growth in this era.
Industrial Control Systems are used in various industries such as oil and gas, mining, transportation, and power utilities.
The global Industry is segmented into type, component, voltage, application and region. By type the segment is further classified into skid mounted and mobile. By component, the segment is further classified into switchgear, bus bar, HVAC systems, transformer, frequency drives, monitoring and control systems and others. By voltage, the segment, is further classified into low voltage and medium voltage.
Market participants include: Schneider Electric (France), ABB Ltd (Switzerland), Honeywell International Inc (US), Rockwell Automation (US), Siemens AG (Germany), Omron Co (Japan), General Electric Co (US), Emerson Electric Co (US)., Yokogawa Electric Co (Japan), and Alstom (France).
The industry faces challenges from vendor dependency, security, and other factors, which have restrained global market growth.
The market benefits from the increasing research and development activities, resulting in the introduction of environment-friendly products that not only dissipate less heat but have enhanced mechanical properties. Another key trend gaining prevalence in the global market is the increasing focus on the electrification of vehicles, which is also giving rise to the production of light-weight vehicles and automotive brake friction products.
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