Distributed Control Systems (DCS) Market is Expected to Reach USD 19.8 Billion Globally in 2018: Transparency Market Research
Albany, New York (PRWEB) February 25, 2013
The oil and gas industry remained the largest end user industry for distributed control systems and accounted for more than 20% of the global market in 2012; however, power industry will be the fastest growing end use segment due to faster adoption of DCS in the industry.
Asia Pacific is the fastest growing market for distributed control systems as it is the base for a number of companies using DCS solutions.
Most distributed control systems were installed during the 1980s in Europe and North America. These systems are reaching the end of their reasonable lifecycle, thus creating the need to upgrade or replace them with technologically advanced systems.
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In addition, increasing industrialization in developing regions of Asia Pacific, there is an increased demand for distributed control systems. Emergence of open source solutions is helping small and mid-sized enterprises to reap the benefits of DCS software solutions, thus contributing to the market growth.
The global DCS market is segmented into three major categories based on components, namely hardware, software, and services. DCS software remained the largest market and held more than half of the global market share in 2012. DCS hardware market is expected to remain the fastest growing segment owing to the installation of manufacturing and production units of different companies.
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Some of the major end users of distributed control systems include oil and gas industry, chemical industry, power industry, metal and mining industry, pharmaceutical industry, water and waste-water treatment industry, paper and pulp industry, and other processing industries. Owing to the increasing power requirement and investment from governments in different power plant projects, this segment is expected to remain the fastest growing segment during the forecast period, growing at a CAGR of 5%.
Distributed control systems are largely used in the oil and gas industry to increase the production efficiency and operating time of the process. Also, these systems help in reducing the risk to human life. As a result, the oil and gas industry is expected to remain the largest end user market for distributed control systems reaching value of USD 5.1 billion by 2018.
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