Programmable Logic Controller Market to Expand by USD 3.83 Billion by 2028
Global, Wednesday, 11 December 2024.
The PLC market is set to grow significantly, driven by the demand for compact automation solutions and AI innovations, adding USD 3.83 billion from 2024 to 2028.
Market Growth and Key Drivers
The global PLC market is projected to achieve a compound annual growth rate (CAGR) of 4.56% between 2024 and 2028 [1]. This expansion is particularly driven by the increasing adoption of computer control systems across various industries, with a notable surge in demand for compact automation solutions [1]. The market’s evolution is further accelerated by the integration of artificial intelligence and edge computing technologies, which are fundamentally transforming industrial automation capabilities [2]. This growth trajectory aligns with the broader industrial automation market, which is independently forecast to expand by USD 107.1 billion during the same period, with a robust CAGR of 9.45% [3].
Industry Applications and Technological Advancements
PLCs are finding increased application across diverse sectors, including energy and power, oil and gas, food and beverages, and pulp and paper industries [1]. The technology is particularly crucial in wind power and turbine applications, where compact PLCs are being increasingly deployed [1]. The market is seeing significant advancement in micro-PLC capabilities, offering enhanced control for standalone machinery [1]. This technological evolution is complemented by the PLC software market, which is projected to grow by USD 853.2 million by 2028, with a CAGR of 5.48% [2].
Market Challenges and Security Considerations
Despite the positive growth outlook, the market faces notable challenges. A significant concern is the growing competition from industrial PCs and Distributed Control Systems (DCS) as alternatives to PLCs [1]. Cybersecurity has emerged as a critical challenge, with systems increasingly vulnerable to malware and ransomware attacks [2]. This has necessitated substantial investments in security measures to protect automated systems [2]. The market is also experiencing pressure from the integration complexity of Industrial Internet of Things (IIoT) and real-time data communication at the control level [3].
Future Outlook and Market Leaders
Looking ahead, the PLC market is expected to reach USD 24,157.6 million by 2034, indicating sustained long-term growth [5]. Key market players including ABB Ltd., Beckhoff Automation GmbH, Eaton Corp. Plc, Emerson Electric Co., and Siemens AG are driving innovation in the sector [1]. The market’s future is being shaped by the emergence of open embedded operating systems and the increasing adoption of smart factory initiatives [1]. This transformation is particularly evident in regions like APAC, which contributes significantly to the global market growth [2][3].