Programmable Logic Controller Market is expected to hit USD 17.57 Bn by 2029 at a CAGR of 5 percent

Pune, June 02, 2023 (GLOBE NEWSWIRE) -- A global research and business consulting firm, Maximize Market Research, has published a market intelligence report on the " Programmable Logic Controller Market ". The report is a combination of primary data and secondary data and domain experts have analyzed the Programmable Logic Controller Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects the market to grow from USD 12.49 Bn in 2022 to USD 17.57 Bn in 2029 at a CAGR of 5 percent.

Programmable Logic Controller Market Report Scope and Research Methodology

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The Programmable Logic Controller Market report uses a bottom-up approach to estimate the market size by value. The report includes growth hubs, investment feasibility, restraints, and competitive analysis of the market in five major geographic regions such as North America, Asia Pacific, Middle East and Africa, Europe, and South America. The report presents a market analysis through segments along with its multiple sub-segments. The report involves data regarding mergers and acquisitions and partnerships by major key companies. The market data has been collected through primary and secondary research methods. Collected data is later analyzed by tools such as SWOT, PORTER's five-force model, and PESTLE analysis which provides political, social, economic, environmental , technological and legal aspects of the market.

Programmable Logic Controller Market Overview

A Programmable Logic Controller Device is a ruggedized computer used for industrial automation . These controllers are expected to automate a specific process, machine function and an entire production line. The growing automation trends are expected to drive the Programmable Logic Controller Market.

Programmable Logic Controller Market Dynamics

The increasing need for automation in vulnerable industries and remote areas is expected to drive the Programmable Logic Controller Market. Also, the continuous research and development by the Programmable Logic Controller Key Manufacturers for advanced PLCs, includes characteristics such as greater memory , compact size, and high-speed Ethernet with wireless capabilities. The launch of Industry 4.0 such as the Internet of Things (IoT), artificial intelligence (AI), and cloud computing is expected to propel the growth of the Programmable Logic Controller Market.

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Trends:

The lack of skilled personnel in the industry and the threats from cyber-attacks are expected to limit the growth of the Programmable Logic Controller Market. The demand for compact-size and powerful PLCs includes a complex manufacturing process, which is expected to increase the Programmable Logic Controller Price.

Programmable Logic Controller Market Regional Insights

Asia Pacific is expected to grow at the highest CAGR during the forecast period in the Programmable Logic Controller Market. The growing use of the Industrial Internet of Things (IIoT) and the region is known as a hub for the automotive industry. These factors are expected to drive the Programmable Logic Controller Market in the region. The use of PLC provides benefits in the automotive, food and beverages and electronics industry.

North America is expected to hold the largest share of the Programmable Logic Controller Market by 2029. The region's growth is supported by the presence of major Programmable Logic Controller Key Players and the continuous research and development by the Programmable Logic Controller Key Companies.

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Programmable Logic Controller Market Segmentation

By Type:

Modular PLCs have characteristics such as more memory capacity and are capable of storing a large volume of data. Modular PLCs support the expansion of an existing process. A modular PLC is part of a rack system. It is possible to add extra modules to the rack as necessary without replacing the original PLC.

By Technology:

The traditional PLC segment is the most widely used type of PLC in various industries, such as automotive, manufacturing, and oil and gas. This offers better reliability, more flexibility, low cost and easy communication and easy troubleshooting. Also, the hybrid PLC segment is expected to hold the largest revenue share of the market since it offers characteristics of both technologies used in manufacturing.

By End-User:

The automotive segment is expected to hold the largest share of the PLC market by 2029, thanks to the increasing adoption of automation in the industry. To avoid the risks of damage and to control the system in vulnerable areas, PLCs are used. After, the Chemical and oil and gas industry segments are expected to hold the largest share of the market due to the increased demand for workers and machines safety.

Programmable Logic Controller Key Competitors include:

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Key questions answered in the Programmable Logic Controller Market are:

Key Offerings:

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About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include Automation & Process Control, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.