PORTLAND, OR, UNITED STATES, September 20, 2023/EINPresswire.com/ — Allied Market Research published a report on Operational Technologies Market by Component (Field devices, Technology and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2022–2032. The operational technologies market size was valued at $146 billion in 2022, and is estimated to reach $292.7 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.
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The operational technology market is anticipated to be a prominent growth during the forecast period, owing to various factors, such as increase in strategic initiatives and development of operational technology, which fuel the demand for operational technology. In addition, the market is influenced by growth in investments in the industrial sector and rise in urbanization.
The operational technology industry exhibits high growth potential in energy and power and automotive sectors. The current business scenario has witnessed an increase in demand for energy, particularly in developing regions such as China and India, owing to surge in population and rise in demand for energy. Companies in this industry have adopted various innovative techniques, such as mergers and acquisitions, to strengthen their business position in the competitive matrix.
Based on vertical, the energy and power segment held the highest market share in 2022, accounting for nearly one-third of the global operational technology market and is estimated to maintain its leadership status throughout the forecast period. Smart grids and improved metering infrastructure provide real-time monitoring and control, allowing for more efficient energy distribution and demand response.
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The company profile section of the operational technologies market report covers strategic developments, business overview, product offerings, and financial performance of the companies. It also highlights the strategies adopted by companies such as products launch, agreements, partnerships, acquisitions mergers, collaborations, joint ventures, research & development investment, and regional expansion in the past few years.
Some of the major key players of the global operational technologies market include,
• ABB ltd.
• Schneider Electric
• Rockwell Automation Inc.
• Honeywell International Inc.
• Emerson Electric Company
• IBM Corp
• General Electric
• Oracle Corporation
• Fuji Electric Co., Ltd.
Key players from developed countries are transferring manufacturing and production units to developing economies such as China, India, and Brazil, owing to the low cost of production and the ready availability of labor in these regions.
Increased cyber-attacks against automation technologies such as supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), and human-machine interfaces (HMI) are also major concerns for end users. Despite advances in system security in recent years, cyberattacks continue to impede the growth of the operational technologies market analysis.
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Key Findings of the Study
• The operational technologies market growth is expected to continue growing in the coming years, driven by increasing demand for operational technologies products across various industries, technological advancements, and a growing trend towards sustainability.
• The growing trend towards sustainability is driving the adoption of eco-friendly materials in the production of operational technologies products.
• Asia Pacific is the largest market for operational technologies, driven by the increasing demand for operational technologies products in industries such as energy and power, automotive, and food and beverages.