The Europe Distributed Control System Market would witness market growth of 5.2% CAGR during the forecast period (2021-2027).
Advanced automation technologies, such as distributed control systems, are used to run the evolving process industries. In addition, these systems are utilized in a variety of industries as an extension of traditional controllers. Moreover, the idea of decentralizing the control unit and establishing a common network across the engineering stations is the foundation of the DCS application.
In addition, integrating DCS with process plants allows it to control, report, and monitor individual components while maintaining plant flexibility and simplicity. Moreover, DCS manages the database, graphics, control logic, and system security via a suite of configurable tools. Further, it also allows modification, update, and interaction with any industry's existing architecture. Different control methods, such as manual/auto/supervisory, can be deployed on specific local loops in a DCS network.
European countries, such as Germany, Italy, and Spain, are key contributors to world oil and gas production, resulting in increased production and exploration operations. The need would be driven by rising oil and gas demand, as well as rising renewable energy power consumption in European countries. Germany, for example, produced 54.5 percent of its electricity from renewable sources in March 2019, according to the renewable energy global report 2019. With rising gas production and new field development plans being submitted, the Norwegian oil and gas industry is seeing greater activity. Norway's National Petroleum Directorate estimates that roughly 40-45 wells would be drilled in 2018, up from around 30 in 2017.
Endesa, a Spanish energy company, intended to invest USD 5.7 billion in net capital expenditures in renewable energy sources like wind and hydropower. As a result, rising energy demand and rising power sector investments would play a major role in the regional market. Hence, these aspects would open lucrative growth opportunities for the players operating in the regional Distributed Control System Market during the forecasting years.
The Germany market dominated the Europe Distributed Control System Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,594.8 million by 2027. The UK market is poised to grow at a CAGR of 4.3% during (2021 - 2027). Additionally, The France market would witness a CAGR of 6% during (2021 - 2027).
Based on Component, the market is segmented into Software, Hardware, and Services. Based on Vertical, the market is segmented into Oil & Gas, Power Generation, Chemicals, Food & Beverages, Pharmaceutical, Metals & Mining, Paper & Pulp, and Others. Based on Application, the market is segmented into Continuous Process and Batch-oriented Process. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Distributed Control System Market Size will Hit $23.8 Billion by 2027, at a CAGR of 5.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Emerson Electric Co., Siemens AG, Schneider Electric SE, Honeywell International, Inc., Yokogawa Electric Corporation, Toshiba Corporation, General Electric (GE) Co., Rockwell Automation, Inc., and Azbil Corporation.
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