Nano PLC Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Hardware, Software); Type (Fixed Nano PLC, Modular Nano PLC); Industry (Automotive, Energy & Power, Home and Building Automation, Oil & Gas, Pharmaceuticals, Metals & Mining, Other Industries)
In terms of revenue, the nano PLC market was valued at US$ 3.67 Bn in 2019 and is projected to reach US$ 5.67 Bn by 2027; it is expected to grow at a CAGR of 5.7% from 2020 to 2027.
The growing demand for compact automation solutions in industries and constant upgrades in conventional control systems with nano PLCs are among the major factors driving the global nano PLC market growth. However, the lack of awareness about nano PLC benefits and availability of other control devices restrains the growth of this market. Despite these limitations, the rising trend of home and building automation, and increasing technological advancements to incorporate advanced features are likely to boost the nano PLC market growth during the forecast period.
Globally, the nano PLC market is experiencing an impressive growth owing to the developing technological landscape across industries and rising integration of technologies such as the Internet of Things (IoT), Industrial IoT (IIoT), Big Data, and predictive analytics into business operations. The companies operating in the market are constantly developing and improving their solutions to meet the challenging automation requirements of various sectors. Cross system configuration, expandable formats, intelligent networking, easy configuration, remote monitoring and control, integrated web server, and SMS/email alert systems are among the features offered by the state-of-the-art intelligent nano PLCs.
North America held the largest share of the nano PLC market in 2019, while it is expected to lose its dominance during the forecast period. APAC and Europe held the second and third position in the global nano PLC market, respectively, in 2019. Crouzet Automatismes SAS, Emerson Electric Co., EZAutomation, IDEC Corporation, Keyence Corporation, Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., Schneider Electric SE, and Siemens AG are among the key players that were profiled in this market study. In addition to these players, the performance of several other important market players has been tracked and studied during the course of this market research study to get a holistic view of the global nano PLC ecosystem.
The overall nano PLC market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the nano PLC market with respects to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the pipe relining industry.
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