Canada Distributed Control System (DCS) Market is expected to reach USD 3.65 billion by 2030
The presence of major oil & gas industry and the increasing government initiatives are driving up demand for the Canada Distributed Control System (DCS) market during the forecast period.
Canada Distributed Control System (DCS) Market was valued at USD 2.23 billion in 2022, and is predicted to reach USD 3.65 billion by 2030, with a CAGR of 5.49% from 2023 to 2030, according to new research by Next Move Strategy Consulting. Demand for Distributed Control Systems (DCSs) is increasing due to the government's efforts to embrace eco-friendly technology and reduce greenhouse gas emissions. For instance, in October 2020, the Canadian government created the Strategic Innovation Fund (SIF) to promote and speed up innovation in technology. Furthermore, they allocated approximately $5 billion to the SIF's Net Zero Accelerator program, which supports projects that reduce carbon emissions from heavy industry, promote clean technologies, and decrease greenhouse gas emissions.
However, DCS systems are inclined to cyberattacks as they are networked and computerized. Cybercriminals can gain unauthorized access to DCS systems, compromise sensitive data, and disrupt critical infrastructure, causing significant financial losses and reputational damage. The consequences of a successful cyber-attack on a DCS system can be severe, especially in industries such as power generation, oil & gas, and chemical processing, where disruptions can have significant environmental and public safety implications.
On the other hand, the introduction of modular and flexible DCS systems can create ample growth opportunities for DCS market. Traditionally, DCS systems have been highly centralized and monolithic, with large-scale installations that are expensive and complex to install and maintain. Furthermore, introduction of modular and flexible DCS systems is changing this paradigm.
Modular systems are designed to be more flexible and scalable, with a modular architecture that allows easy integration with other systems and components. This makes it easier to customize DCS systems to meet specific needs of individual organizations, without the need for costly and time-consuming customization. These systems can help to improve production efficiency, reduce costs, and enhance product quality, which is expected to propel demand for DCS systems across a range of industries, including manufacturing, energy, and process industries.
ABB’s modular-enabled process automation solution that combines an orchestration layer is one of the major examples of modular and flexible DCS system. It also consists of a module layer integrated with module type packages (MTPs) technology for cost-effective modularization. This solution is designed to provide end-users such as mining, pharmaceuticals, and biotech with an automation solution that can fit their applications better than Programmable Logic Controllers (PLCs) and costs less than a traditional DCS.
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According to the report, leading players in the Canada Distributed Control System (DCS) market include Yokogawa Electric Corporation, Hitachi Ltd., Omron Corporation, Emerson Electric Co., Mitsubishi Electric Corporation, ABB Ltd., Rockwell Automation Inc., Honeywell International Inc., Valmet OYJ, Toshiba Corporation, Schneider Electric SE, General Electrics, Ingeteam Corporation S.A, Azbil Corporation, and Siemens AG.
Key Insights from the Canada Distributed Control System (DCS) Market Report:
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The information related to key drivers, restraints, and opportunities and their impact on the Canada Distributed Control System (DCS) market is provided in the report.
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The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
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The market share of players in the Canada Distributed Control System (DCS) market is provided in the report along with their competitive analysis.
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