June 29, 2020
As per the report titled ‘Nano PLC Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; Type; Industry, available with Market Study Report LLC, global nano PLC market is expected to reach USD 5.67 billion by 2027, recording a CAGR of 5.7% over 2020-2027.
Increasing demand for compact automation, and upgradations made in traditional control system with nano PLC is anticipated to drive market size in the near future. Additionally, increasing trend of home and building automation, and rapid technical enhancements are further anticipated to drive the market growth. However, low awareness about nano PLC benefits and other control devices may hamper the technology adoption to some extent, claim market analysts.
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Owing to advancements in technology, and rising incorporation of leading edge technologies like Internet of Things (IoT), industrial IoT (IIoT), predictive analytics, and big data in business operations, global nano PLC market is subjected to witness exponential growth over the upcoming years. Major companies in the market are developing modern solutions to suffice the automation requirements of various sectors. The state-of-the-art intelligent nano PLCs offer plethora of features such as integrated web server, cross system configuration, intelligent networking, easy configuration, expandable formats, remote monitoring and control, and SMS/email alert systems among others.
Based on regional landscape, North America dominated the market share in 2019; however, it is anticipated that North America region will not be able to continue its dominance. As per the report, Europe and Asia-Pacific contribute significantly to the market growth.
Schneider Electric SE, Crouzet Automatismes SAS, EZAutomation, IDEC Corporation, Emerson Electric Co., Keyence Corporation, OMRON Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Inc., and Siemens AG are few of the major companies which formulate the competitive terrain of global nano PLC market.