LONDON--(BUSINESS WIRE)--Technavio, a tech-focused research firm, has published a new report on the global programmable logic control (PLC) market in power industry, which is expected to grow at a CAGR of more than 6% from 2015-2019.
In accordance with the latest report from Technavio, the demand for smart or automated factories has increased globally, as companies in these industries are opting for automation in their plants to reduce human involvement, defects, machine downtime, operational costs, as well as to enhance information sharing, operational control, and avoid major factory accidents.
“The role of PLCs in these circumstances is extremely vital as the possibility of accidents and process breakdown is significantly reduced with the implementation of PLC-based systems,” says Faisal Ghaus, Vice President of Technavio.
The report also highlights cloud-based PLCs, which is an emerging trend in the market. Cloud computing technology has evolved to help organizations switch their databases to cloud for easy access to complex data.
“The adoption of cloud-based PLCs will increase in the future as most of the industries are striving to automate their processes and adopt cloud technology for better data management, which will further propel the market growth in the forecast period,” adds Ghaus.
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Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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