As per the latest PMR report, the safety PLC market is likely to witness unwavering growth at a CAGR of over 7% through 2021, on account of growing penetration of automation technologies. Quite similar to the standard PLC, a safety PLC is employed for controlling and automating pieces of industrial equipment, driving growth of safety PLC market over the forecast period.
As per the report, safety PLC supports and hosts all applications that a standard PLC is capable of. However, a safety PLC comprises of integrated safety functions, an added advantage responsible for boosting growth of safety PLC market. A safety PLC comprises of a series of redundant microprocessors, which help in elimination of redundancy created by the safety relays.
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Growing demand for end-to-end monitoring of inputs and outputs is propelling the demand for safety PLCs, as they comprise of built-in diagnostics to achieve the same. Moreover, safety PLCs eliminate the risk of internal failure or fault to interfere with the operational efficiencies by causing an abrupt system shutdown. Such particulars are predominantly responsible for pushing growth of safety PLC market.
With growing sales of passenger and commercial vehicles has revved up in the recent past, automakers are planning on various capacity additions to roll out value-added offerings. This, in turn, is inducing a massive shift toward automation and auto components alike. Skyrocketing demand for automotive products is expected to create favorable grounds for adoption of safety PLC, creating prime opportunities for the market players of safety PLC market.
Ability of PLCs in boosting productivity of industrial processes is being widely-acknowledged, boosting growth of safety PLC market. MES and ERP systems enable workers of one specific plant to have uninterrupted communication with another plant of the manufacturing framework via safety PLCs. Hence, this helps industry operators to keep their operational efficiencies in check and identify their improvement areas. This factor, in turn is foreseen to boost growth of safety PLC market. However, lack of adequate awareness vis-à-vis benefits of safety PLCs is likely to challenge growth of safety PLC market.
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As per the report, APAC (Asia Pacific) region is likely to retain its buoyancy in the safety PLC market as compared to all other regions, driven by incessant growth of industrialization. The report estimates global safety PLC market to grow at an impressive CAGR of over 8% in APAC during the forecast period 2017 to 2021. This lucrativeness can be ascribed to burgeoning projects and subsequent investments planned on a bigger scale across countries such as China, South Korea, India, and Japan.
According to the research study, the safety PLC market can be characterized by presence of leading as well as mid-sized players, which demonstrates a competitive landscape. These large and mid-sized companies are estimated to retain their hegemony in the safety PLC market via robust product portfolios.