Programmable Logic Controllers (PLC) Market size is expected to grow at a CAGR of USD 2.70 billion, accelerating at a CAGR of 3.51% between 2021 and 2026. The report provides detailed analysis of the market size, year-on-year growth rates, factors influencing the market size, vendor landscape, product launches, and key revenue generating segments and regions in the market.
Key growth driver
The market is driven by the increasing demand for compact automation solutions. Most large industrial manufacturing companies that have access to huge capital have fully automated their production processes. However, switching to automated processes is a challenge for small and medium enterprises (SMEs) due to budget constraints. Consequently, most SMEs are looking for small form factors that can provide the same functionality and features of large devices while consuming less power. The availability of PLCs enables SMEs to use control-level automation at a low cost without compromising on performance.
The global PLC market is dominated by established international suppliers such as Mitsubishi Electric, OMRON, Rockwell Automation, Schneider Electric and Siemens. These players have a dominant share despite the numerous competitors present in the PLC market. Rockwell Automation specializes in the discrete industry while Emerson Electric specializes in the process industry. Vendors are focusing on new product development and customization of PLCs to meet end-user requirements. Some suppliers are also looking for new growth opportunities by offering PLCs for new applications. For example, ABB offers the AC500 PLC for high-precision control of photovoltaic (PV), concentrated photovoltaic (CPV) and concentrated solar power (CSP) plants. With the changing demands of end users, suppliers are also addressing cybersecurity issues by offering cybersecurity solutions. Technavio identifies the following key vendors in the market.