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Nano Programmable Logic Controller to Reach $4.2 Billion by 2023
August 4, 2017 | PRNewswireEstimated reading time: 1 minute
The global nano programmable logic controller (PLC) market was valued at $2,585 million in 2016, and is expected to reach $4,250 million in 2023, growing at a CAGR of 7.0% from 2017 to 2023.
A nano programmable logic controller (PLC) is an electronic device used to monitor, control, and manage building systems, production processes, and power. It is designed to perform a single set of tasks, except under real-time constraints, with superior reliability and performance. These controllers are designed to be extremely robust, often capable of withstanding extreme temperatures, humidity, vibration, and electrical noise to meet the demand for harsh industrial environments.
Requirement for compact automation solutions, enhanced efficiency, increased need for high-voltage operating devices are the key drivers of the global nano PLC market. However, high implementation cost and current leakage restrain the market growth. Integration of nano PLCs with human machine interface (HMI) is expected to provide lucrative opportunities for market expansion.
Europe is anticipated to grow at highest CAGR of 8.4% during the analysis period, owing to increase in demand for automated devices and rise in the adoption of controllers in automotive and oil & gas sectors. Moreover, technological advancements to overcome complexity of the circuit are expected to offer lucrative opportunities for market players in the near future.
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