Rise in automobiles to augment the Programmable Logic Controller Market Growth

 

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.