Dublin, May 11, 2022 (GLOBE NEWSWIRE)-The Global Operational Technology Market with COVID-19 Impact, through Components (Field Devices, Control Systems, & Services), Networking Technology, Industry (Process and Discrete), and Geography (North America, Europe, Asia Pacific, RoW) – Forecasting 2027 ”report added to ResearchAndMarkets.com by offering.
The global surgical technology market is valued at $ 149.6 billion by 2021 and is expected to reach $ 216.3 billion by 2027; it is expected to grow at a CAGR of 6.5% from 2022 to 2027.
Key market drivers include the surge in adoption of Industry 4.0, increasing the weight of industrial automation in manufacturing processes, increasing government participation in supporting industrial automation, increasing promotion of regulatory compliance, increasing supply chain complexity, and increasing demand for software systems. which can reduce time and cost.
The operations technology market is divided into component, network technology, industry, and geography.
The market for industrial sensors is expected to grow at the highest CAGR during the forecast period
The industrial sensor share of the operation technology market for field instruments is expected to grow at the highest CAGR of 9.0% from 2022 to 2027, reaching $ 34,751 million in 2027 from $ 66,386 million in 2021 .
The growth in the segment of industry sensors is driven by the growing adoption of Industry 4.0 and the expansion of the wireless sensors market. Maintaining predictability is expected to provide many opportunities to players operating in the industry sensors market in the coming years.
Predictive maintenance is driven by 3 major enhancements to the traditional maintenance solution: capturing sensor data, speeding up data communication, and making predictions. As the sensor is an integral part of predictive sustainability solutions, the demand for sensors in the industry is expected to increase significantly in the coming years.
The part of Dcs with the most share of the entire forecast period
The market for DCS is expected to hold the largest share of the forecast period in operational technology control systems, reaching $ 24,507 million in 2027 from $ 17,454 million in 2021.
However, the market for WMS is expected to grow at the highest CAGR of 16.7% from 2022 to 2027, reaching $ 4,502 million in 2027 from $ 1,815 million in 2021.
A significant change in consumers ’purchasing behavior has resulted in the further implementation of real-time WMS software solutions for efficient order processing, selection, packaging, shipment tracking, and shipment planning. route. WMS helps companies quickly adapt to the changing customer needs of the e-commerce and online shopping space.
In addition, the implementation of WMS helps to manage warehouses at the highest level, with increased productivity and efficiency of warehouse operations and reduced product delivery time.
The market for the energy and power industry to grow at the highest CAGR between 2022 and 2027
Part of the process industry includes oil and gas, chemicals, energy and power, food and beverage, pharmaceuticals, mining and metals, and more. Among these, the energy and power industry is expected to grow at the highest CAGR of 7.1% during the forecast period.
The demand for energy continues to grow; however, environmental impact problems and scarcity associated with conventional sources could lead to a possible energy crisis, making optimization of production processes necessary for the industry. Manufacturers face increasing 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 reduce lead time by eliminating the time required for approval by various associations and the FDA. MES also maintains the data and processes that must be followed for regulatory compliance during production. The use of MES helps eliminate the need to maintain paper records.
Monitoring the condition of PAM and machinery enables the proper functioning of the systems used in the manufacturing process by providing ongoing maintenance activities to these industries.
The APAC operations technology market will grow at the highest CAGR
The major factors driving the growth of the APAC operations technology market are the increasing demand for intelligent tools due to the increasing automation of the industries; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and increase demand to optimize productivity and reduce operating and maintenance costs.
Government support in various APAC countries to encourage industrialization is one of the key factors that will increase the demand for operational technology in the coming years. Various initiatives have been taken by the regional governments.
For example, “Made in China 2025” in China, “Industrial Value Chain Initiative (IVI) in Japan,” “The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)” in South Korea, and “Samarth Udyog Bharat 4.0” in India , likely to play mayor. industry development roles and thus create growth opportunities for the operations technology market.
The major players profiled in this report are as follows: 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).
- The Operations Technology Market With Many Growth Opportunities in APAC
- Industrial Sensors Segment to Grow Highest CAGR Between 2022 and 2027
- Dcs Will Hold Largest Market Share Throughout the Forecast Period
- Market for Energy and Power Industry to Grow Highest CAGR Between 2022 and 2027
- Manufacturing the Machine to Hold the Largest Market Share of the All -Time Forecast
- APAC to Hold Largest Share of Operating Technology Market of All Time Forecast
- Increased Emphasis on Real-Time Data Analysis and Predictive Maintenance
- Advent of Connected Businesses
- Strategic Initiatives of Governments to Promote the Adoption of Operating Technologies
- Promoting the Best Use of Resources
- High Cost of Installation and Maintenance
- Need for Maintenance and Regular Software Upgrades
- Lack of Skilled Professionals
- Increased Demand for Safety Compliance Automation Solutions
- Adopting Emerging Technologies Such as IIoT and Cloud Computing in Industrial Environments
- Advances in Machine Learning and Big Data Analytics
- Rapid Industrial Growth in Emerging Economies
- Lack of Standardization of Industrial Communication Protocols and Interfaces
- Increase in Instances of Automated Cyber Attacks
Value Chain Analysis
- Trends/Disruptions Affecting Customer Business
Porter’s Five Forces Analysis
- Use Case 1: Arb Midstream
- Use Case 2: Canadian Crude Oil Producer
- Use Case 3: Barcelona
- Use Case 4: Hieta
- Industry 4.0
- Artificial Intelligence (AI)
- Internet of Things (Iot)
- Augmented Reality (Ar) & Virtual Reality (Vr)
- Predictive Maintenance
- Digital Twins
- 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
- Honeywell International Inc.
- General Electricity
- Schneider Electric
- Rockwell Automation Inc
- Emerson Electric Co.
- Yokogawa Electric Corporation
- Fuji Electric Co., Ltd.
- Mitsubishi Electric Corporation
- Omron Corporation
- Hitachi, Ltd.
Other Key Players
- Krohne Messtechnik GmbH
- Wunderlich-Malec Engineering, Inc.
- Scadafence Ltd.
- Sap Se
- Tesco Controls, Inc.
- Advantech Co., Ltd.
- Nec Corporation
- Azbil Corporation
- Endress+Hauser Group Services Ag
For more information on this report visit https://www.researchandmarkets.com/r/ica39e
Global Operational Technology Market