The programmable logic controller (PLC) market is expected to grow by $2.7 billion from 2022 to 2026, at a compact annual growth rate (CAGR) of 3.51%, according to Programmable Logic Controller (PLC) Market 2022-2026, a report from Technavio. The growing need for small automation solutions is one of the primary drivers for the PLC industry.
The increasing demand for PLCs in renewable power generation, and the requirement for PLCs in the smart factory will offer growth opportunities. However, the growing market for industrial PCs and distributed control systems (DCSs) as substitutes, terminal unit controllers and substitutes, among others, will challenge the growth of market participants, Technavio reports.
The market research firm reports that market vendors should focus on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments, in order to make the most of the current opportunities.
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