Variant Market Research forecasted that the global distributed control systems (DCS) market is forecasted to reach $24 billion by 2024 from $17 billion in 2016; growing at a CAGR of 4.5% from 2016 to 2024. There are the several driving factors of the market such as development of open sources DCS solutions, cost & time efficiency and growth in energy generation based on renewable resources. However, slow industrial growth in developed economies may restrain the growth of the market. Furthermore, technological advancements and rapid industrialization are the major opportunities of the market.
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Key segments of the global distributed control systems (DCS) market are component, end-user and geography. DCS services, DCS software and DCS hardware are the key sub segments of the component segment. In 2016, DCS hardware is expected to dominate the segment during the forecast period 2016-2024. Moreover, end-user segment has been segmented into pharmaceutical, oil & gas, pulp & paper, chemicals, water & wastewater management, metal & mining, power and others.
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North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global distributed control systems (DCS) market. In 2016, Asia-Pacific region accounted for the highest market share of 34.1%, owning to, expanding manufacturing industries in countries such as India and China, followed by Europe. Additionally, Asia-Pacific is predicted to grow at the highest CAGR of 5.7% during 2016-2024.
The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the distributed control systems (DCS) market are Metso Corporation, Honeywell International Inc., Emerson Electric Co., Siemens AG, NovaTech Process Solutions LLC, Yokogawa Electric Corporation, ABB Ltd., Rockwell Automation Inc., and Schneider Electric SA, among others.
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