The report "Single Loop Controller Market Type, Display Type (LCD, LED), Panel Cutout Size, Application (Oil & Gas Plants, Petrochemical Plants, Iron & Steel Plants, Power Plants, Chemical Plants), and Geography - Global Forecast to 2024", was valued at USD 94 million in 2018 and is expected to reach USD 103 million by 2024, at a CAGR of 1.4% from 2019 to 2024. Changing energy trends, increasing demand for unconventional energy sources, booming power sector, and growing investments toward power generation projects drive the growth of the market.
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The demand for single loop temperature controllers is expected to grow at the highest CAGR between 2019 and 2024. The reason behind the high growth rate of temperature controllers is their extensive usage across several industries such as oil & gas, petrochemicals, food & beverages, and power plants. The growth of the single loop temperature controller market is also fueled by factors such as their ability to improve process efficiency, minimize waste, and flexible communication options and the introduction of hybrid temperature controllers as an alternative to a PLC device.
In oil & gas plants, safety and reliability are crucial factors. In these plants, many operations are performed simultaneously; all these operations need to be planned, scheduled, executed, and monitored on time. Hence, companies operating in the oil & gas industry are always looking for new ways to meet the increasing energy needs, cutting down their operating costs, and enhance the overall efficiency of the plant. The market for single loop controllers used in oil & gas plants is expected to record the highest CAGR during the forecast period.
Rising demand for industrial control and factory automation solutions owing to the increasing adoption of automation in industries such as pharmaceuticals, chemicals, food & beverages, automotive, and aerospace & defense drives the demand for single loop controllers in North America. The need for tracking and monitoring real-time data, making industrial processes more visible, and managing production activities effectively is surging the demand for automation by industries in this region to enhance their production efficiency and reduce operational expenditure. Technologically, North America is one of the most advanced regions that use automation in the manufacturing process to produce goods in bulk quantities.
The major players in the single loop controller market include ABB (Switzerland), Honeywell (US), WEST Control Solutions (UK), Sure Controls (UK), Eurotherm (UK), Yokogawa (Japan), OMRON (Japan), Gefran (Italy), Mitsubishi (Tokyo), Azbil Corporation (Japan), PSG Plastic Service GmbH (Europe), and Carotek (US) among others.
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