Systems Integration Market – Global Outlook 2021 to 2026: Key Players include Johnson Controls, Schneider Electric and Accenture
DUBLIN, January 26, 2022 /PRNewswire/ — The “Systems Integration Market – Forecast 2021 to 2026” report has been added to from ResearchAndMarkets.com offer.
Key industry players:
Tyco Integrated Security
Convergint Technologies LLC
Johnson Controls Inc.
Tech Systems Inc.
Lockheed Martin Company
Northrop Grumman Company
The global systems integration market is expected to grow at a compound annual growth rate of 10.13% during the forecast period to reach a market size of US$708.747 billion in 2026 from US$360.705 billion in 2019.
A systems integrator specializes in connecting component subsystems into a whole and ensuring that those subsystems work properly, a process known as system integration. They also handle automation issues.
System integration encompasses both physical and virtual system components of an organization. Physical components include various machine systems, computer hardware, and inventory, among others. The most common virtual components are data stored in databases, software, and applications.
The growth of the Internet of Things (IoT) in industrial automation, growing safety and security concerns, demand for low-cost and energy-efficient manufacturing processes, and advances in the technology of cloud computing are driving the growth of the global systems integration market.
Additionally, growth in R&D activities and growing demand from emerging economies would open up new opportunities for the systems integration market throughout the forecast period.
However, the increase in investments required for the implementation and maintenance of automation, as well as the decline in crude oil prices affecting investments in infrastructure automation, are among the major factors restraining the growth of the market and will pose additional challenges to the system integration market.
Increased demand for automation systems
Safety and security are top priorities in sectors such as oil and gas, power and electricity, chemicals and petrochemicals. Companies involved in these sectors must develop their strategies in compliance with the environmental rules and standards established by the different nations.
Oil and gas refineries are often located in remote and dangerous locations. To avoid accidents and equipment malfunctions, these industrial units require automation solutions. Process automation makes it easier to monitor and analyze equipment and malfunctions. Automation also makes it easier to collect relevant data and develop plans to improve efficiency.
Additionally, the growth of solar and distributed energy resources (DER) on the power grid will require the integration of more high-powered electronic devices that convert energy from one form to another. According to the US Department of Energy’s Solar Energy Technology Office (SETO), by 2030 up to 80% of electricity will be generated by power electronics.
High investment need
The high initial investment is an important factor limiting market expansion. Installing monitoring solutions, as well as instruments such as process analyzers, control valves, actuators, smart sensors, and communication networks, requires capital outlays. Process analyzers, smart sensors and actuators, for example, have significant installation and maintenance expenses, which increases the cost to consumers. This limits the system integration market.
Impact of Covid-19
The COVID-19 pandemic has negatively impacted the system integration market demand due to the halt in construction activities. The resumption of the system integration process in all regions, on the other hand, has led to a steady increase in market demand. System integration has been used in residential buildings to facilitate remote working and online learning.
Market segmentation :
By integration model
Common data format
By industry vertical
For more information about this report visit https://www.researchandmarkets.com/r/f91je0
Research and Markets
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