Market Challenges And Opportunities

Global Industrial Control Systems (ICS) Market Drivers:

Increasing adoption of Industry 4.0 to boost the market growth

The adoption of Industry 4.0 is increasing all over the world. The concept of Industry 4.0 comprises a novel generation of low-cost wireless sensors, control systems, and improved real-time data analytics, along with developments in high-fidelity process modeling. Such innovations will be including systems that can improve the efficiencies of industrial manufacturing, and integrate as well as network subsystems in manufacturing processes. With the strategic move of Industrial 4.0 adoption, the efficiency is increasing through analytical insight, as it reduces system failures by predicting analytics, and optimization of the cost by reducing wastage. This in turn is expected to drive growth of the global industrial control system (ICS) market over the forecast period.

Rise in installation of smart grid to augment the market growth

A smart grid is an automated power distribution system that can monitor use and voltage levels, while it makes constant adjustments in order to keep all the functions running at optimal levels. Supervisory control and data acquisition (SCADA) is the core of smart grid decision-making; and line sensors and other connected equipment on a smart grid offer a stream of data back to a central control room, in which the information gets analyzed and decisions are made automatically. This further regulates voltage levels and optimizes efficiency, generation, and routing. Thus, increasing use of smart grid is expected to augment growth of the global industrial control systems (ICS) market over the forecast period.

Global Industrial Control Systems (ICS) Market Opportunities:

Increasing focus of companies on integrating cyber security solutions with industrial automation is expected to create multiple growth opportunities in the global industrial control systems (ICS) market over the forecast period. The growing industrial automation is leading to technological developments in fields related to nanotechnology and nanoscale assembly systems, pervasive Internet and machine-to-machine networking, and MEMS and nanotech sensors. Companies are thus increasingly focusing on integration of cybcer security solutions to tackle with the increasing cyber security threats. This in turn is likely to create several opportunities for players in the global industrial control systems (ICS) market over the forecast period.

Increasing integration of automation with Internet of Things (IoT) by companies is expected to provide market players with multiple business opportunities in the global industrial control systems (ICS) market over the forecast period. Along with the emergence of industry 4.0, the integration of automation with IoT may lead to all the sensors integrated into the plant generating huge amounts of data. This many cause companies to leverage on adoption of data analytics for enhancing plant performance, which will pave the way for integration of Ai to industrial automation. This in turn is expected to benefit the global industrial control systems (ICS) market over the forecast period.

Global Industrial Control Systems (ICS) Market Restraints:

High cost associated with adoption of automation to hinder the market pace

High capital expenditure is required for automated equipment, and it also requires higher maintenance compared to machines that are manually operated. It usually offer lower degree of flexibility in terms of possible products compared to manual systems. Thus, the high cost of maintenance of connections, could be leading to slow adoption of industrial IoT technologies. This factor in turn is expected to hamper growth of the global industrial control systems (ICS) market over the forecast period.

Lack of skilled professionals to obstruct the market growth

The industrial expansion of the global industrial control systems (ICS) market is hindered by dearth of cyber security training among workers. The number of people, who undergo cyber security training among maritime sector crew is very small. The awareness regarding the different cyber threats to which systems can be vulnerable is also low. This in turn is expected to hinder growth of the global industrial control systems (ICS) market over the forecast period. However, with increasing awareness as well as expertise are likely to help companies overcome these limitations, which in turn is expected to support growth of the market.