Asia Pacific Distributed Control System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component ; Industry Vertical
NEW YORK, May 25, 2020 /PRNewswire/ --
The distributed control system market in Asia Pacific was valued at US$ 5,831.3 million in 2018 and is projected to reach US$ 9,449.7 million by 2027; it is expected to grow at a CAGR of 5.7% during from 2019 to 2027 the forecast period.
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The Asia Pacific (APAC) region is a technologically advanced region with the presence of tech-savvy countries, including China, India, Japan, South Korea, Australia, and others.These countries showcase a stupendous demand for advanced technologies, owing to the constant growth in economies.
Governments and private organizations of these countries are investing significant amount to develop and procure advanced systems.The energy and power industry, food & beverage sector, the automotive industry, chemical & petrochemicals sector, and the pharmaceutical industry are some of the fast-growing industries in the region.
The growing production in these sectors is leading to an increased demand for DCS, which is the key catalyzer for the growth of distributed control systems market.
The software segment by component held the largest share of the distributed control system market in Asia Pacific.DCS also consists of some optional supervisory software that performs production management and advanced control functions.
This software resides in the supervisory DCS server.The DCS software component offers various advantages such as easy computation and analysis, greater flexibility, and better control over the plant.
The increase in IT spending of the companies to improve the workflow and increase efficiency is the major factor influencing the growth of the DCS software market.
Overall size of the distributed control system market in Asia Pacific has been derived using primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the distributed control system market in Asia Pacific.
It also provides an overview and forecast for the distributed control system based on all the segmentation provided with respect to Asia Pacific region.Also, primary interviews were conducted with industry participants and commentators in order to validate and analyze the data.
The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the distributed control system. ABB Ltd, Emerson Electric Co, General Electric, and Rockwell Automation are among the key players present in the distributed control system market of Asia Pacific.
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