The Latin America, Middle East and Africa Distributed Control System Market would witness market growth of 7.1% CAGR during the forecast period (2021-2027).
The trend for manufacturers in the process industry to implement the best possible automation technology to obtain a competitive edge will drive the distributed control system market over the forthcoming years, given the existing competitive landscape. Moreover, one of the growth catalysts for the industry is the rise in the usage of smart applications and IoT technology. Furthermore, with the rise in popularity of smart gadgets, there is a greater demand for multifunctional microelectronics with shorter response times and higher performance.
The latest DCS systems deliver significant advances over its predecessors in terms of security, compatibility with cutting-edge technology, and operator effectiveness, which is a major driver for the distributed control systems industry. However, some of the major barriers to the industry growth are security concerns and greater pricing competition.
To meet the increased need for power, the Middle East, Africa, and Latin America are constantly concentrating on increasing energy output from both renewable and fossil fuels. In addition, according to the BP Statistical Review of World Energy 2019, the Middle East is still the world's largest oil producer and second-largest gas producer, accounting for 36% of worldwide liquid production and 20% of global gas production. As a result, rising oil production and rising energy demand will fuel demand for large-scale DCS implementation in the oil & gas and power industries.
The use of distributed control systems in power plants is being driven by a rise in power generation capacity in the Middle East and Africa. Moreover, the Middle Eastern governments are concentrating their efforts on achieving renewable energy generation targets. Furthermore, bright prospects are expected for the regional market owing to the growing requirement for power generation and the rising demand for an efficient manufacturing process in South America. South America is home to some of the world's most valuable natural resources.
The Brazil market dominated the LAMEA Distributed Control System Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $475.2 million by 2027. The Argentina market is experiencing a CAGR of 7.7% during (2021 - 2027). Additionally, The UAE market would display CAGR of 6.9% during (2021 - 2027).
Based on Component, the market is segmented into Software, Hardware, and Services. Based on Vertical, the market is segmented into Oil & Gas, Power Generation, Chemicals, Food & Beverages, Pharmaceutical, Metals & Mining, Paper & Pulp, and Others. Based on Application, the market is segmented into Continuous Process and Batch-oriented Process. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Distributed Control System Market is Predict to reach $23.8 Billion by 2027, at a CAGR of 5.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Emerson Electric Co., Siemens AG, Schneider Electric SE, Honeywell International, Inc., Yokogawa Electric Corporation, Toshiba Corporation, General Electric (GE) Co., Rockwell Automation, Inc., and Azbil Corporation.
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