DUBLIN, Nov 11, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Micro and Nano PLC Market - Global Forecast to 2022" report to their offering.
The micro and nano PLC market is expected to reach USD 8.89 Billion by 2022, at a CAGR of 6.9% between 2016 and 2022. The growth of this market is propelled by the growing industrial automation, requirement for compact automation solutions, and growing home and building automation market. The automotive industry dominated the micro and nano PLC market in 2016. The highly competitive automotive sector is one of the early adopters of micro and nano PLCs. The use of micro and nano PLCs helps the industry to save time during assembling, resulting in increased productivity. The market for the food & beverages industry is expected to grow at the highest CAGR between 2016 and 2022. The players in the food & beverages industry are majorly focusing on offering technologically advanced and high-quality products while keeping the production costs low. Thus, there is a growing demand for micro and nano PLCs in the food & beverages industry. North America accounted for the largest share of the micro and nano PLC market during forecast period. The automation and servicing requirements are shaping the demand for micro and nano PLCs among process industries in this region. Further, supportive government programs, events, and conferences are also driving the growth of the North American market. APAC is expected to be the fastest-growing market in the overall micro and nano PLC market during the forecast period. The major driving factors for the growth of the APAC market are increased number of manufacturing facilities, aging infrastructure, and trend of smart manufacturing. One of the key restraining factors for the micro and nano PLC market is the additional cost incurred while expanding the I/O capability of micro and nano PLC. The I/O points of micro and nano PLCs are lesser than that of large and medium-sized PLCs. In certain applications, there is a need to expand the number of I/O modules of PLC to accomplish the complex processes which leads to additional cost.