Report : Asia Pacific Distributed Control Systems Market Forecast to 2030 - Regional Analysis - by Component (Hardware, Software, and Services) and Industry (Power Generation, Oil and Gas, Pharmaceutical, Food and Beverages, Chemicals, and Others)
At 6.4% CAGR, Asia Pacific Distributed Control Systems Market is Speculated to be Worth US$ 10,642.02 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific distributed control systems market was valued at US$ 6,501.85 million in 2022 and is expected to reach US$ 10,642.02 million by 2030, registering a CAGR of 6.4% from 2022 to 2030. Increasing demand from oil & gas industry and construction of new manufacturing facilities are among the critical factors attributed to the Asia Pacific distributed control systems market expansion.
As oil and gas reserves become more complex and challenging to access, advanced DCS solutions can help optimize extraction processes, improve safety, and reduce downtime. This could include applications in deep water drilling, unconventional resource extraction, and harsh environments. Moreover, the growing demand for refined products such as gasoline and petrochemicals might necessitate upgrades to existing refineries and the construction of new ones. Modern DCS, with features like real-time data analysis, predictive maintenance, and integration with other systems, can improve efficiency, yield, and safety in these facilities. As the demand for refined products increases, the number of refineries also rises globally. For instance, globally, 442 upcoming crude oil refinery projects were expected to start operations from 2023 to 2027. Of these, 132 represent new build projects, and 310 are expansions of existing projects. About 210 upcoming refinery projects are in the construction stage and are more likely to start operations during 2023–2027. Feasibility (106 projects) and approval (83 projects) are the other major project stages. Moreover, many companies are boosting oil and gas production. For instance, in December 2023, ONGC and OIL were in talks with BAPCO, JAPEX, and Mitsui to boost oil and gas production.
The industry is under pressure to reduce its carbon footprint. DCS can play a role in optimizing processes to minimize emissions, integrating renewable energy sources, and enabling carbon capture and storage technologies. This presents potential growth opportunities for DCS vendors offering specialized solutions. Therefore, the oil and gas industry is facing an increase in the demand for DCS, which will propel the growth of the distributed control system market.
On the contrary, vulnerability to cyberattacks hampers the growth of Asia Pacific distributed control systems market.
Based on component, the Asia Pacific distributed control systems market is segmented into hardware, software, and services. The hardware segment held 44.8% share of the Asia Pacific distributed control systems market in 2022, amassing US$ 2,914.77 million. It is projected to garner US$ 4,525.38 million by 2030 to expand at 5.7% CAGR during 2022–2030.
In terms of industry, the Asia Pacific distributed control systems market is segmented into power generation, oil and gas, pharmaceutical, food and beverages, chemicals, and others. The oil and gas segment held 27.0% share of the Asia Pacific distributed control systems market in 2022, amassing US$ 1,756.60 million. It is estimated to garner US$ 2,507.44 million by 2030 to expand at 4.5% CAGR during 2022–2030.
Based on country, the Asia Pacific distributed control systems market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 26.4% share of Asia Pacific distributed control systems market in 2022, amassing US$ 1,717.79 million. It is projected to garner US$ 3,068.78 million by 2030 to expand at 7.5% CAGR during 2022–2030.
Key players operating in the Asia Pacific distributed control systems market are Honeywell International Inc, General Electric Co, ABB Ltd, Yokogawa Electric Corp, Toshiba Corp, Siemens AG, Emerson Electric Co, NovaTech LLC, Schneider Electric SE, and Rockwell Automation Inc, among others.
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