Rise in automobiles to augment the Programmable Logic Controller Market Growth

 

Programmable Logic Controller Market
Programmable Logic Controller Market

Programmable Logic Controller Market by Type (Hardware and Software (Large PLC, Nano PLC, Small PLC, Medium PLC), Services), End-user Industry (Food, Tobacco and Beverage, Automotive, Chemical and Petrochemical, Energy and Utilities, Pulp and Paper, Oil and Gas, Water and Wastewater Treatment, Pharmaceutical) and By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The global Programmable Logic Controller Market is estimated to be valued at US$ 12.49 Billion in 2022, and is expected to exhibit a CAGR of 4.7 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A programmable logic controller is a kind of small computer that can accept data from its inputs and send operating commands from its outputs. Basically, a programmable logic controller’s job is to manage a system's functions utilizing the internal logic programmed into it. Programmable logic controller’s act as the physical lines between equipment on the plant or production floor and a SCADA or HMI system. 

Competitive Landscape:

Key players involved in the growth of global Programmable Logic Controller Market are Siemens AG Schneider Electric SE, ABB Ltd, Rockwell Automation Inc, and Mitsubishi Electric Corporation.

Market Key Drivers:

The rise in automobiles is expected to augment the growth of global Programmable Logic Controller Market. For instance, as per Scotiabank, automobile sales across the globe are estimated to reach 69.9 million units by 2023.

Production plants of several automotive organizations have been undergoing production changes to incorporate new techniques into the production stream to enhance productivity and efficacy which is projected to propel the growth of global Programmable Logic Controller Market. For instance, Applied Tech Systems Ltd started a tracking and tracing method for airbags utilizing InTrack, InTouch, and GE-Fanuc PLCs to attain full error-proofing and tracking.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Programmable Logic Controller Market due to the lockdown and shutdown policies imposed by the regulatory. The disruption in supply chain and closure of production and manufacturing units has impeded the market growth.

Key Takeaways:

The global Programmable Logic Controller Market is anticipated to exhibit a CAGR of 4.7 % during the forecast period due to increasing investment to expand the product. For instance, in April 2022, Tata Motors invested US$ 3.08 billion in its passenger vehicle business within next five years.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Programmable Logic Controller Market due to rising demand in automotive industry, increasing investment, rising approvals and product launches. For instance, as per IBEF India exported 5,617,246 automotive in 2022.

Comments

Post a Comment

Popular posts from this blog

Label-Free Array Systems; Best Suited For Drug Discovery, Rapid Diagnosis, and Security Applications

Image
                                                                                                         Label-Free Array Systems Label-free array systems are widely used in the drug discovery process by biotechnology and pharmaceutical companies. A system works on principle of optical interferometry, impedance-based assays, and refractive index to identify and validate new molecules as the possible drug candidates. Moreover, the system helps to reduce the cost and time for drug identification and validation process. In the past few years, label-free array systems have taken center stage as an effective research tool in all major clinical drug discovery processes. Label-free array systems comprises two types of biosensors, n...
Read more

Intraocular Lens; a Lens Implanted In the Eye as Part of a Treatment for Cataracts

Image
                                    Intraocular Lens An intraocular lens (or IOL) is a tiny, artificial lens that replaces the natural lens of the eye through cataract surgery to restore both near and distant vision. To treat cataracts, the cloudy lens is surgically removed and replaced with an IOL to restore vision (both near and distant). A cataract is a clouding of the normally clear lens of the eye. For people who have cataracts, looking through a cloudy lens is like looking through a frosty or foggy window. Cataracts occur as a natural part of the aging and are the leading cause of blindness in people over 60. According to the National Eye Institute, the number of people in the United States with cataract is expected to double from 24.4 million to about 50 million by 2050. Thus, with the increasing prevalence of cataract and growing geriatric population worldwide, the demand for intraocular l...
Read more

Dentures Are Prosthetic Devices That Can Help A Person Regain Their Smile And Confidence, And Help To Chew Food With Ease

Image
                                                                                                                              Dentures Dentures are artificial teeth or prosthetic devices used for replacing missing teeth. They are supported by surrounding hard and soft tissues. Most conventional designs are removable, however, there are some that are fixed to the mouth with dental implants. In most cases, dentures are the best option if the patient has several missing teeth, or is in need of a quick and convenient way to replace all of them. In the process of making dentures , the dentist uses an initial impression to create a model of a patient’s mouth, which is later used to f...
Read more