Global Programmable Logic Controller (PLC) Market

Global Programmable Logic Controller (PLC) Market Size, Share, Growth Analysis, By Type(Integrated or compact PLC, Modular PLC), By Solution(Hardware, Processor), By Industry vertical(Energy & Power, Automotive) - Industry Forecast 2024-2031

Report ID: SQMIG20I2211 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 103 | Figures: 76

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FAQs

Programmable Logic Controller (PLC) Market size was valued at USD 11.6 billion in 2019 and is poised to grow from USD 12.69 billion in 2023 to USD 18.3 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

The global programmable logic controller market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective. 'Siemens AG', 'ABB Ltd.', 'Mitsubishi Electric Corporation', 'Schneider Electric SE', 'Rockwell Automation Inc.', 'Omron Corporation', 'Honeywell International Inc.', 'Emerson Electric Co.', 'General Electric Company', 'Bosch Rexroth AG', 'Hitachi Ltd.', 'Beckhoff Automation GmbH & Co. KG', 'Panasonic Corporation', 'Eaton Corporation plc', 'IDEC Corporation', 'Fuji Electric Co. Ltd.', 'Toshiba Corporation', 'Yokogawa Electric Corporation', 'Keyence Corporation', 'Delta Electronics, Inc.'

Over the forecast period, the programmable logic controller market is expected to grow due to high demand for programmable logic controllers from various end-use industries. For example, OTEK Corporation launched its HI-TBS programmable logic controller (PLC) in July 2020, which combines ultra-bright LED technology with 0.1 percent accuracy to deliver a customizable digital panel meter for use in a wide range of industries.

Introduction of novel products by key players is expected to aid in the growth of the programmable logic controller market. For example, at a function held in ECIL's Homi J Bhabha Auditorium in May 2022, Electronics Corporation of India Limited (ECIL) launched the indigenous state-of-the-art Programmable Logic Controller (PLC) & Supervisory Control and Data Acquisition (SCADA) software for process automation systems.

Based on region, global programmable logic controller market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The Asia-Pacific region dominated the global programmable logic controller market, with revenue expected to rise at a 6% CAGR to USD 7 billion by 2028. The manufacturing sector is critical to China's economy. It is undergoing rapid transformation as a result of the recent expansion of IIoT as a result of global adoption of Industry 4.0 across industrial industries. This sea change has catapulted the country to the forefront of the global PLC market. As part of its advanced manufacturing push, China has recently announced a number of industrial policies. The guidelines help the country achieve its goal of becoming a high-tech superpower over the next quarter-century.

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