DUBLIN--(BUSINESS WIRE)--The "PID Controllers - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global PID Controllers Market to Reach $1.6 Billion by 2026
The global market for PID Controllers estimated at US$1.5 Billion in the year 2020, is projected to reach a revised size of US$1.6 Billion by 2026, growing at a CAGR of 2.2% over the analysis period.
Growth in the global is set to be driven by continued technical innovations. Over the years, such innovations led to the emergence of hybrid and intelligent controllers. Today, there are economical and powerful PID controllers available for a variety of control functions. A prominent, ongoing trend in the market is the increasing use of hybrid PID controllers for temperature control applications.
PID controllers are also cheaper compared to PLC (programmable logic controller) systems, which is also contributing to their increased demand. Manufacturing facilities across the world are increasingly employing PID controllers for calculating error values and obtaining actionable insights to improve their process efficiencies. The food & beverage and oil & gas industries are the major end-use sectors for PID controllers. The controllers are also being increasingly used in mining industries.
Temperature Controllers, one of the segments analyzed in the report, is projected to grow at a 2.6% CAGR to reach US$638.8 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Motion Controllers segment is readjusted to a revised 2.3% CAGR for the next 7-year period. This segment currently accounts for a 27.8% share of the global PID Controllers market.
PID temperature controllers are used by several industries including chemical and food & beverage industries. PID temperature controllers are more effective that on-off temperature controllers as they are able to effectively deal with disturbances in process temperature as temperature changes can wield a major effect on quality of final product.
The U.S. Market is Estimated at $232.8 Million in 2021, While China is Forecast to Reach $306.1 Million by 2026
The PID Controllers market in the U.S. is estimated at US$232.8 Million in the year 2021. The country currently accounts for a 16.82% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$306.1 Million in the year 2026 trailing a CAGR of 3.5% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.2% and 1.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.6% CAGR while Rest of European market (as defined in the study) will reach US$320.8 Million by the end of the analysis period.
Europe is a key market owing to the presence of several PID controller manufacturing companies in the region. Strong growth in the Asia-Pacific region is being driven by increasing industrial automation along with the rapid growth of the semiconductor industry.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- COVID-19 Crisis Triggers Weakness into PID Controllers Market
- Industrial Activity Remains Subdued, Inducing Weakness into PID Controllers Market
- As Industrial Output Shrinks Amid the COVID-19 Pandemic, Industrial Supplies & Accessories Value Chain Feels the Pain
- An Introduction to PID Controllers
- Components of PID Controllers
- PID Controller Tuning
- PID Temperature Controllers: A Brief History
- Manual vs. Automated PID Control of Temperature in Industrial Processes
- Global PID Controllers Market: Prospects & Outlook
- Enhancing System Performance when Advanced Algorithms Replace Existing PID Controllers
- Analysis by Product Type
- Regional Analysis
- Competitive Scenario
- Recent Market Activity
- Select Global Brands
2. FOCUS ON SELECT PLAYERS (Total 133 Featured)
- ABB Ltd.
- Calex Electronics Limited
- Durex Industries
- Enfield Technologies
- Eurotherm by Schneider Electric
- Gefran SPA
- HANYOUNGNUX
- Honeywell International Inc.
- OMRON Corporation
- Red Lion Controls, Inc.
- RKC Instrument Inc.
- TOPTICA Photonics AG
- Wachendorff Automation GmbH & Co. KG
- Watlow Electric Manufacturing Company
- West Control Solutions
- Yokogawa Electric Corporation
3. MARKET TRENDS & DRIVERS
- Established Use Case Across Diverse Domains Enhances Market Prospects
- Oil & Gas: A Major End-Use Sector
- Digital Transformation Drive to Accelerate Uptake
- Emphasis on Industrial Automation Augurs Well
- Industry 4.0 to Give Market Impetus
- Major Industry 4.0 Technologies
- Robust Opportunities in Power Sector
- Rising Importance in Food & Beverages Industry
- Established Use Case in Chemicals Industry
- Rising Importance of IIoT to Enhance Opportunities
- Advanced Software for PID Tuning Improves Efficiency
- Cascaded PID Controllers for Better Results
- Technology Innovations to Give Impetus to Market Expansion
- Issues & Challenges
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/x5zs6b
