LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global industrial automation control market to grow at a CAGR of close to 6% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the improvement in sensors as one of the key emerging trends in the global industrial automation control market. Sensor technology has been experiencing vast change, catalyzed by advances in sensors and decrease in sensor cost. Industries are adopting smart sensors that require low maintenance compared with analytical sensors. Smart sensors increase the reliability of systems by reducing the repair cost and minimizing the replacement time for sensors. The demand for real-time data monitoring has increased as the industrial processes become increasingly complex, giving rise to wireless communication devices. Sensor technology, in this regard, has been a big catalyzer.
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In this report, Technavio analysts highlight the new growth opportunities provided by smart grid technology for SCADA systems as a key factor contributing to the growth of the global industrial automation control market:
Smart grid technology to provide new growth opportunities for SCADA systems
A smart grid provides two-way communication between a power utility and its customers using information and communication technology. A SCADA system forms an integral part of a smart grid as it provides the utility the ability to remotely monitor and control network devices to achieve reliability and demand efficiencies. In a smart grid, with the help of sensors, real-time data are collected and transferred to a control room analysis. SCADA systems help in making automated decisions in real time with the help of algorithms based on data that are then used to regulate voltage levels and improve efficiency.
According to a senior analyst at Technavio for automation, “One of the ways in which power utilities optimize the voltage level of a power grid is through volt/VAR optimization that is based on the concept of sending the lowest amount of voltage to consumers. One of the challenges in achieving volt/VAR optimization is in defining the peak demand as too low voltage can lead to power supply interruption.”
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Global industrial automation control market segmentation
This market research report segments the global industrial automation control market into the following products (sensors, DCS, drives, SCADA, and PLC), end-users (process and discrete), and key regions (the Americas, APAC, and EMEA).
Of the five major products, the sensors segment held the largest market share in 2017, accounting for nearly 22% of the market. The market share for this product is expected to increase by 2022. The fastest growing product is SCADA, which will account for nearly 21% of the total market share by 2022.
EMEA was the leading region for the global industrial automation control market in 2017, accounting for a market share of nearly 34%. By 2022, APAC is expected to register the highest growth of nearly 2%.
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