Distributed Control System Market Trends

Growth Drivers

• Increasing Demand from the Power Generation Industry - The electricity generation industry is expected to represent the largest share of the DCS market. The demand for electricity has significantly increased worldwide. Based on the International Energy Agency (IEA), global electricity demand is expected to grow by 4% in 2021 and add 3.5% in year 2022.
• Increasing Research Spending - Global market growth during the studied period can also be attributed to increased investment in research and development to continuously find more viable solutions for distributed control systems. Research reports show global R&D real spending has more than tripled since 2000, increasing from about USD 680 billion to more than USD 2.5 trillion in 2019.
• Increased Use in Development Smart Cities- The increasing development of smart cities across the globe is leading to more automation and use of advanced technologies which further is boosting the expansion of distributed control systems.

Challenges

• High Requirement for Associated Least-Cost Technology and Investment – Least-cost technology means the technology, or mix of technologies that would be chosen in the end as the most economically efficient choice. This is one of the major factors predicted to slow down the market growth.
• Lack of Awareness
• Scarcity of Requisite Technically Skilled Labor