July 20, 2024
Industrial Control Systems (ICS) Market

Industrial Control Systems (ICS) Market Propelled by Increasing Demand for Cyber Security Solutions

Industrial control systems (ICS) include supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), and other control system configurations such as programmable logic controllers (PLC) used to control industrial processes and machinery. ICS Integration with IT Networks has enhanced productivity and efficiency in industrial production processes. However, it has also increased cyber risks concerning unauthorized access or harmful attacks. Therefore, industrial organizations are increasingly adopting robust cyber security solutions to protect critical assets and infrastructure from cyber-attacks.

The global Industrial Control Systems (ICS) Market is estimated to be valued at US$ 139879.53 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Adoption of Blockchain Technology for Supply Chain Security
The integration of blockchain technology with ICS can help secure industrial control systems by enabling traceability across complex supply chain networks. Blockchain allows digitally recording transactions and sharing them across a distributed ledger system ensuring transparency. It prevents data tampering and creates an immutable record of transactions. Industrial organizations are exploring how blockchain can increase supply chain visibility, authenticity of components and parts, and help detect cyber threats at an early stage. This is expected to drive the adoption of blockchain technology in industrial control systems over the forecast period.

SWOT Analysis

Strength: ICS have advanced cybersecurity capabilities that help protect critical infrastructure from cyber threats and vulnerabilities. They provide real-time control and monitoring of industrial processes.

Weakness: ICS rely heavily on proprietary protocols that make it difficult to upgrade components or integrate with other systems. They are vulnerable to cyberattacks due to unpatched systems and human errors.

Opportunity: Increasing investments by governments and industries in smart infrastructure will drive demand for more advanced ICS. Rapid industrialization in developing economies also presents an opportunity for market growth.

Threats: Dependency on legacy systems poses risks of disruptions. Geopolitical tensions can target critical infrastructure and threaten national security. Cyber threats from nation-states and hacktivist groups remain a constant challenge.

Key Takeaways

The Global Industrial Control Systems (ICS) Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The North American region currently dominates the market due to large-scale investments in upgrading critical infrastructure and strong government support for deployment of advanced ICS. The U.S. accounts for the largest share in the region.

Key players operating in the ICS market are Mitsubishi Electric Corporation, Siemens Ag, Schneider Electric Se, Abb Limited, Yokogawa Electric Corporation, Omron Corporation, General Electric, Emerson Electric Co., Honeywell International, Inc., and Rockwell Automation, Inc. These companies are focusing on introducing more sophisticated and integrated solutions to address challenges of aging infrastructure and enhancing cybersecurity capabilities.

The adoption of ICS is increasing rapidly in the Asia Pacific region owing to rapid industrialization and infrastructure development projects underway in major economies like China, India, and Southeast Asian countries. Government initiatives to modernize national infrastructure will further accelerate market growth in the coming years.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it