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Programmable Logic Controller Market is Estimated To Witness High Growth Owing To Miniaturization Trend

Programmable Logic Controller Market is Estimated To Witness High Growth Owing To Miniaturization Trend

The Programmable Logic Controller Market is estimated to be valued at US$ 12.89 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A programmable logic controller (PLC) is an industrial digital computer which is used for automation of various industrial process or manufacturing processes such as monitoring input, processing logic and controlling output. It provides reliable and flexible solutions for industrial applications via ladder logic programming and integration with various system components. Advantages of PLC include ease of programming, flexibility in applications, lesser wiring requirement compared to relay logic and scalability.

Market key trends:

The miniaturization of PLC systems is a major trend witnessed in the programmable logic controller market. Miniaturization helps reduce the size of PLCs while increasing functionality and computing power. Miniaturization makes PLC systems suitable for small-scale industries where space is at a premium. Several innovations in semiconductor and computing technologies are enabling development of miniature PLCs. For instance, ARM-based PLCs are much smaller, consume less power while providing computing performance similar to traditional PLCs. Continued focus on miniaturization is expected to drive adoption of PLCs across small industries over the forecast period.

Porter's Analysis

Threat of new entrants: The programmable logic controller market requires high initial investments which act as a barrier for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of many established vendors. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components. Threat of new substitutes: Threat of substitutes is low due to programmable logic controllers being specialized for industrial applications. Competitive rivalry: Intense competition exists between vendors to gain higher market share.

SWOT Analysis

Strengths: PLCs offer high flexibility, reliability, and efficiency for industrial applications. Weaknesses: Require skilled workforce for programming and maintenance. High initial costs. Opportunities: Growing demand from process industries and adoption of IoT-enabled PLCs. Threats: Economic slowdowns can impact capital investments. Vulnerable to cyber threats.

Key Takeaways

The global Programmable Logic Controller Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing industrial automation. Regional analysis indicates that Asia Pacific dominated the market with over 35% share in 2023 due to strong manufacturing activity in countries such as China and India. Europe is expected to witness significant growth due to rapid adoption of automation technologies by process and discrete industries in Germany, UK and Italy.

Key players operating in the programmable logic controller market are ABB Ltd, Toshiba International Corporation, Hitachi Ltd, Emerson Electric Company, Robert Bosch GmbH, Panasonic Corporation, Omron Corporation, Honeywell International Inc., Siemens AG, Rockwell Automation, Schneider Electric SE, and Mitsubishi Electric Corporation.

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