According to analyst firm Frost & Sullivan, the global PLC market, which witnessed a strong decline in growth in 2012 due to the uncertain economic scenario in the developed world, has bounced back. Since 2013, it has witnessed positive growth, particularly in the Asia-Pacific region, where the rebound has been fueled by increased activity, especially in the construction, water and wastewater and power industries.
A Frost & Sullivan report, "Programmable Logic Controllers Market," finds that the market earned revenues of $10.37 billion in 2013 and estimates this will reach $14.58 billion in 2018.
In Europe, the need to enhance efficiency and comply with regulations, as well as improve safety and control capabilities, are driving the uptake of PLCs. Market progress in the rest of the world is primarily fueled by the desire to optimize assets, engage in reliable process planning, and achieve operational agility.
"With increasing customer demand and intense competition among tier-one companies, the global PLC market is poised to witness a surge in technology and pricing innovation," says Frost & Sullivan's Industrial Automation and Process Control Industry analyst, Karthik Sundaram. "Market participants have been developing products with new designs and control functions that surpass traditional definitions."
Sundarum went on to say that as cybersecurity influences end-user perception of PLCs, addressing threats will be important for continued market expansion.