Industrial Control for Process Manufacturing Gets Boost Worldwide thanks to Rising Demand for Uniformity in End Products
Industrial control for process manufacturing focuses on carrying out different industrial processes consistently and efficiently. The growing demand for uniform end products in diverse process industries is one of the primary factors stimulating the growth of the global market for industrial controls for use in the process manufacturing sector. According to a research study presented by Transparency Market Research (TMR), in 2014, the global industrial control for process manufacturing market was valued at US$61.23 bn. The market is anticipated to register a 5.20% CAGR between 2015 and 2021, reaching a value of US$96.20 bn by 2021.
In this blog, Transparency Market Research addresses several vital questions concerning the growth factors, opportunities, and developments in the global industrial control for process manufacturing market.
Q. What factors are likely to impact the development of the global industrial control for process manufacturing market?
The increasing need for reducing wastage in process industries and growing demand for consistency in end products are the key factors driving the demand for industrial controls in the global process manufacturing market. Moreover, stringent government regulations concerning security and safety of manufacturing units are pushing users to adopt process control systems. This is expected to augment the growth of industrial control for process manufacturing market in the near future. Furthermore, the rising demand for industrial control for process manufacturing from developing economies is projected to accelerate market growth.
Q. Which application segment is poised to hold potential opportunities in the market in the near future and why?
Chemicals, food and beverages, textiles, oil and gas, healthcare, and power are some of the key application segments of the global industrial control for process manufacturing market. At present, the oil and gas segment accounts for a massive share in the global market. The rising expenditure on the oil and gas segment is estimated to fuel the market growth. Furthermore, distributed control systems (DCS) and supervisory control and data acquisition (SCADA) solutions are used extensively to control and monitor power distribution and generation across distribution channels in the global power industry.
Q. Any noteworthy developments that have supplemented the growth of the industrial control for process manufacturing market?
Some of the key developments taken place in the last few years include:
- In 2014, Honeywell Process Solution introduced digital suites for oil and gas manufacturers. This product is estimated to accelerate the production performance and improve operational safety.
- In 2015, Rockwell Automation, Inc. introduced improved PharmaSuite version 7.0. for medical device producers. This manufacturing execution system (MES) solution offers users with tracking facilities and helps users with both discrete and batch assembly processes.
- In 2014, Siemens AG introduced Simatic WinCC SCADA software version 7.3. providing users with mobile access to different SCADA applications.
Get A Sample Copy of Report @ http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=6296
These noteworthy developments are expected to contribute in the development of the overall market. Key players in the global industrial control for process manufacturing market are making efforts to expand their product portfolio and attain a prominent position across the globe. Product innovation, technological advancements, and mergers and acquisitions are some of the key strategies adopted by these players to sustain in the market and fuel the market growth.