$216.3 Billion Operational Technology Market by Components (Field Devices, Control Systems and Services), Networking Technology, Industry (Process and Discrete) – Global Forecast to 2027

DUBLIN, May 06, 2022–(BUSINESS WIRE)–The “Global Operational Technology Market with the Impact of COVID-19, by Components (Field Devices, Control Systems and Services), Networking Technology, Industry (Process and Discrete) and Geography (North America, Europe, Asia-Pacific, RoW) – Forecast to 2027 report” has been added to from ResearchAndMarkets.com offer.

Global Operational Technology Market was valued at USD 149.6 Billion in 2021 and is projected to reach USD 216.3 Billion by 2027; it is expected to grow at a CAGR of 6.5% from 2022 to 2027.

Major market drivers include growing adoption of Industry 4.0, increasing emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, increasing emphasis regulatory compliances, growing supply chain complexity and growing demand for software systems. which reduce time and costs.

The operational technology market has been segmented by component, network technology, industry and geography.

Industrial Sensors Market is Expected to Grow at the Highest CAGR Over the Forecast Period

The industrial sensors segment of the operational technology for field instruments market is expected to grow at the highest CAGR of 9.0% from 2022 to 2027, reaching USD 34,751 million by 2027 from USD 66,386 million in 2021.

The growth of the industrial sensors segment is driven by the increasing adoption of Industry 4.0 and the expansion of the wireless sensors market. Predictive maintenance is expected to provide lucrative opportunities for players operating in the industrial sensors market in the coming years.

Predictive maintenance is made possible by 3 major improvements of the solution compared to traditional maintenance: capturing sensor data, facilitating data communications and making predictions. As the sensor is an important part of predictive maintenance solutions, the demand for industrial sensors is expected to increase significantly in the coming years.

Dcs segment will hold the largest share throughout the forecast period

The DCS market is expected to hold the largest share throughout the forecast period among operational technology control systems, reaching USD 24,507 million by 2027 from USD 17,454 million in 2021.

However, the WMS market is expected to grow at the highest CAGR of 16.7% from 2022 to 2027, reaching USD 4,502 million by 2027 from USD 1,815 million in 2021.

A significant shift in consumer buying behavior has resulted in the increased implementation of real-time WMS software solutions for efficient order processing, picking, packing, shipment tracking, and route planning. WMS helps businesses adapt quickly to changing customer requirements for e-commerce and online shopping.

In addition, the implementation of WMS allows warehouses to be managed at an optimal level, with increased productivity and efficiency of warehouse operations and reduced product delivery times.

Energy and Power Industry Market Expected to Grow at Highest CAGR Between 2022-2027

The process industry segment includes oil and gas, chemicals, power and power, food and beverages, pharmaceuticals, mining and metals, etc. Among these, the power and energy industry is expected to grow at the highest CAGR of 7.1% during the forecast period.

The demand for energy continues to grow; however, the environmental impact and scarcity issues associated with conventional sources could lead to a likely energy crisis, making the optimization of production processes necessary for the industry. Manufacturers are facing increasing cost pressures and growing demand for diverse product portfolios, coupled with regulatory and safety guidelines.

Technologies such as MES, PAM, and HMI help manufacturers standardize their workflow and minimize lead times by eliminating the time required for approval from various associations and the FDA. The MES also maintains data and processes that must be followed for regulatory compliance during production. Using MES helps eliminate the need to keep paper records.

PAM and machine condition monitoring enable the proper functioning of the systems used in the manufacturing process by ensuring continuous maintenance activities in these industries.

APAC Operational Technology Market to Grow at Highest CAGR

The major factors driving the growth of the operational technology market in APAC are growing demand for smart tools owing to increasing automation in industries; the growing adoption of technologies such as Industry 4.0, smart factory, IoT and IIoT; and the growing need to optimize productivity and reduce operating and maintenance costs.

Government support in various APAC countries to boost industrialization is one of the significant factors that will drive the demand for OTs in the coming years. Various initiatives have been taken by the governments of the region.

For example, “Made in China 2025” from China, “Industrial Value Chain Initiative (IVI)” from Japan, “The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)” from South Korea and “Samarth Udyog Bharat 4.0” from China. India will probably play a major role. roles in industrial advancement and, therefore, create growth opportunities for the operational technology market.

Competitive landscape

Key Players profiled in this report are: Major companies offering operational technology technologies include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. ( United States), Emerson Electric Co. (United States), IBM (United States) and General Electric (United States).

Premium Previews

  • The operational technology market will have huge growth opportunities in APAC

  • Industrial Sensor Segment Expected to Grow at Highest CAGR Between 2022-2027

  • Dcs will hold the largest market share throughout the forecast period

  • Energy and Power Industry Market Expected to Grow at Highest CAGR Between 2022-2027

  • Machinery manufacturing will hold the largest market share throughout the forecast period

  • APAC will hold the largest share of the OT market throughout the forecast period

Market dynamics

Drivers

  • Increased focus on real-time data analysis and predictive maintenance

  • Emergence of connected companies

  • Strategic initiatives by governments to promote the adoption of operational technologies

  • Focus on optimal use of resources

Constraints

  • High installation and maintenance costs

  • Maintenance requirement and frequent software updates

  • Lack of qualified professionals

Opportunities

  • Increased demand for security compliance automation solutions

  • Adoption of emerging technologies such as IIoT and cloud computing in industrial environments

  • Development of Machine Learning and Big Data Analytics

  • Rapid industrial growth in emerging economies

Challenges

Value chain analysis

Porter’s Five Forces Analysis

Case study

Technology Trends

  • Industry 4.0

  • Artificial Intelligence (AI)

  • Internet of Things (IoT)

  • blockchain

  • Augmented Reality (Ar) & Virtual Reality (VR)

  • Predictive maintenance

  • Double digital

  • Standards and regulatory landscape

  • Regulatory bodies, government agencies and other organizations

  • Regulatory standards

  • IEC Ts 62832-1: 2020

  • ISO/IEC Tr 63306-1:2020

  • ISO 55001: 2014

Company Profiles

Key players

  • ABB

  • Siemens

  • Honeywell International Inc.

  • General Electric

  • Schneider-Electric

  • Rockwell Automation Inc.

  • Emerson Electric Co.

  • Oracle

  • IBM

  • Yokogawa Electric Corporation

  • Fuji Electric Co., Ltd.

  • Mitsubishi Electric Corporation

  • Omron Company

  • Hitachi, Ltd.

  • Hollysys

Other key players

  • Krohne Messtechnik GmbH

  • Grey matter

  • Wunderlich-Malec Engineering, Inc.

  • Scadefence Ltd.

  • Sap Se

  • Tesco Controls, Inc.

  • Advantech Co., Ltd.

  • Nec Corporation

  • Azbil Company

  • Endress+Hauser Group Services AG

For more information about this report visit https://www.researchandmarkets.com/r/xpjiwv

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220506005289/en/

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