Report : Asia Pacific Distributed Control Systems Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Hardware, Software, and Services) and Industry Vertical (Power Generation, Oil and Gas, Pharmaceutical, Food and Beverages, Chemicals, and Other Industries)
Services Segment is Expected to be Fastest Growing During Forecast Period for APAC Region
According to a new market research study on “APAC Distributed Control Systems Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component and Industry Vertical” is expected to reach US$ 9,241.26 million by 2028 from US$ 6,090.91 million in 2021. The market is estimated to grow at a CAGR of 6.1% from 2021 to 2028. The report provides trends prevailing in the APAC distributed control systems market along with the drivers and restraints pertaining to the market growth.Burgeoning demand of electricity and surging labor costs and need for accuracy in production are the major factor driving the growth of the APAC distributed control systems market. However, high installation and maintenance cost hinders the growth of APAC distributed control systems market.
In case of COVID-19, APAC is highly affected especially India. The COVID-19 pandemic has severely impacted APAC due to wide disease spread; countries in this region are among the highly populated, which leads to the greater risk infection spread. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies such as China, India, Australia, and Japan, which are experiencing inflation. India is the worst-hit country by the pandemic in this region. Many global brands and technological companies are headquartered in the region. The limitations imposed by governments to control the spread of COVID-19, the impact of the disease on populations of different countries in the region, and current inability to utilize production capabilities are the key factors impacting distributed control systems market in Asian countries. Therefore, the COVID-19 pandemic is likely to continue to hinder the distributed control systems market growth in APAC.
The APAC distributed control systems market has been segmented into the component, industry vertical, and country. Based on component, the market has been segmented into hardware, software, and services. The software segment dominated the APAC distributed control systems market in 2020 and services segment is expected to be fastest growing during forecast period. Based on industry vertical, the market has been segmented into power generation, oil and gas, pharmaceutical, food and beverages, chemicals, and other industries. The oil and gas segment dominated the APAC distributed control systems market in 2020 and pharmaceutical segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
ABB Ltd.; Emerson Electric Co.; General Electric Company; Honeywell International Inc.; NovaTech, LLC; Rockwell Automation, Inc.; Schneider Electric SE; Siemens AG; Toshiba Corporation; and Yokogawa Electric Corporation are among the leading companies in the APAC distributed control systems market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Through a collaboration agreement, Emerson and MHPS have joined forces on digital solutions to optimize performance and reliability, enable predictive and AI-driven maintenance strategies, and automate operational decision-making.
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