CHICAGO, March 29, 2022 /PRNewswire/ -- According to the new research report, the "Operational Technology Market with COVID-19 Impact, by Components (Field Devices, Control Systems, & Services), Networking Technology, Industry (Process and Discrete), and Geography (North America, Europe, Asia Pacific, RoW) - Global Forecast to 2027", published by MarketsandMarkets, the 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. The major drivers of the market include the surging adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, growing emphasis on regulatory compliances, increasing complexities in the supply chain, and surging demand for software systems that reduce time and cost. The operational technology market has been segmented by component, networking technology, industry, and geography.
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Market for industrial sensors expected to grow at the highest CAGR during the forecast period
The industrial sensors segment of the operational technology market for field instruments is expected to grow at the highest CAGR of 9.0% from 2022 to 2027, reaching USD 34.7 billion by 2027 from USD 66,386 million in 2021. The growth of the industrial sensors segment is driven by the growing adoption of Industry 4.0 and the expansion of the wireless sensors market. Predictive maintenance is expected to offer lucrative opportunities to the players operating in the industrial sensors market in the coming years. Predictive maintenance is enabled by 3 major solution enhancements over 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 to Hold Largest Share Throughout Forecast Period
The market for DCS is expected to hold the largest share throughout the forecast period among operational technology control systems, reaching USD 24.5 billion by 2027 from USD 17.5 billion in 2021. However, the market for WMS is expected to grow at the highest CAGR of 16.7% from 2022 to 2027, reaching USD 4.5 billion by 2027 from USD 1.8 billion in 2021. A significant shift in consumer purchasing behavior has resulted in the increased implementation of real-time WMS software solutions for efficient order processing, picking, packaging, shipment tracking, and route planning. WMS helps companies quickly adapt to the changing customer requirements in the e-commerce and online shopping space. Furthermore, the implementation of WMS helps manage warehouses at an optimum level, with increased productivity and efficiency of warehouse operations and reduced product delivery time.
Market for energy & power industry to grow at highest CAGR between 2022 and 2027
The process industry segment includes oil & gas, chemicals, energy & power, food & beverages, pharmaceuticals, mining & metals, and others. Among these, the energy & power industry is expected to grow at the highest CAGR of 7.1% during the forecast period. The demand for energy is growing continuously; however, the problems of environmental impact and scarcity associated with conventional sources might lead to a probable energy crisis, which makes optimizing the production processes necessary for the industry. Manufacturers face growing cost pressures and increasing 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 the approval of various associations and the FDA. MES also maintains data and processes that need to be followed for regulatory compliance during production. Using MES helps in eliminating the need for maintaining records on paper. PAM and machine condition monitoring enable the proper functioning of systems used in the manufacturing process by providing continuous maintenance activities in these industries.
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Operational technology market in APAC to grow at the highest CAGR
The major factors driving the growth of the operational technology market in APAC are the rising demand for smart tools due to increasing automation in industries; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and increasing need to optimize productivity and reduce operational and maintenance costs. Government support in various APAC countries to drive industrialization is one of the important factors that will boost the demand for operational technology in the coming years. Various initiatives have been taken by the governments in the region. For instance, China's "Made in China 2025," Japan's "Industrial Value Chain Initiative (IVI)," South Korea's "The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)," and India's "Samarth Udyog Bharat 4.0," are likely to play major roles in industrial advancement and consequently create growth opportunities for the operational technology market.
Major companies offering operational technology technologies include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), IBM (US), and General Electric (US).
Related Reports:
Industrial Control & Factory Automation Market by Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Component (Industrial Robots, Industrial 3D Printing, Process Analyzer, Machine Vision, HMI), Industry, Region - Global Forecast to 2026
System Integrator Market for Industrial Automation with COVID-19 Impact Analysis by Service Outlook, Technology (HMI, SCADA, MES, IIoT, PAM, DCS, PLC, Machine Vision, Industrial Robotics, Industrial PC), Industry, and Geography - Global Forecast to 2026
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