BANGALORE, India, Aug. 9, 2023 /PRNewswire/ — Programmable Logic Controller (PLC) Market is Segmented by Type (Nano, Micro, Medium, Large), by Application (Petrochemical and Gas Industry, Steel Industry, Automobile Industry, Electrical And Electronics Industry, Semiconductor Industry, Power Industry): Global Opportunity Analysis and Industry Forecast, 2023-2029.
Due to the COVID-19 pandemic, the global Programmable Logic Controller (PLC) market size is estimated to be worth USD 13560 Million in 2022 and is forecast to a readjusted size of USD 19510 Million by 2029 with a CAGR of 5.3% during the forecast period 2023-2029.
Major Factors Driving the Growth of Programmable Logic Controller (PLC) Market:
Over the forecast period, high demand for PLC from various end-use industries is anticipated to propel market expansion.
During the forecast period, an increase in industrial automation or a growing acceptance of Industry 4.0 is anticipated to fuel the growth of the PLC market. Industry 4.0 is transforming how businesses produce, enhance, and distribute their goods. With the introduction of Industry 4.0, numerous industrial facilities are embracing digital technology to improve, automate, and modernize the entire process, enhancing the facilities’ performance.
TRENDS INFLUENCING THE GROWTH OF PROGRAMMABLE LOGIC CONTROLLER MARKET:
The adoption of Industry 4.0 standards and the development of automation have been key market drivers for PLCs. PLCs are essential for enabling smart manufacturing processes since industries are increasingly focused on efficiency, productivity, and cost-cutting. PLCs aid in the integration of data from numerous devices, enabling smooth system and machine communication, increasing output, and decreasing downtime.
The need for PLCs has increased as a result of the manufacturing industry’s ongoing expansion and modernization. These controllers provide flexible manufacturing processes and automation, enabling businesses to respond swiftly to shifting consumer demands and enhance production cycles. Furthermore, PLCs play a crucial role in maximizing energy use and monitoring resource utilization as industries work to lower their environmental effect and energy consumption. PLCs are a good option for organizations that care about the environment since they improve process control by being more accurate and effective.
Industrial automation has been transformed by the Internet of Things (IoT) and Industrial Internet of Things (IIoT) technologies combined with PLCs. PLCs may receive real-time data from IoT-enabled sensors and devices, enabling data-driven decision-making, remote monitoring, and predictive maintenance. This integration has created new possibilities for improved productivity and data-driven improvements. Process optimization is becoming more and more important, and PLCs provide unmatched flexibility in programming and control, making it possible to optimize processes precisely. Industries are putting more of an emphasis on cutting waste, improving product quality, and making sure everything runs smoothly. PLCs give them the precise control and data-driven insights they need to accomplish these objectives.
The demand for PLCs is increasing as emerging economies continue to engage in infrastructure improvement and industrialization. These nations strive to improve their industrial capacities and maintain their competitiveness on the international scene. To fulfill the needs of their developing industrial sectors, there is an increasing requirement for automation systems like PLCs.
PLC troubleshooting is fairly simple compared to relay logic. To show the IO status, LED indicators are placed over the controller hardware. Additionally, we may verify the input or output status with the associated program, and diagnostic data is also available to find system flaws.
PROGRAMMABLE LOGIC CONTROLLER MARKET SHARE ANALYSIS
Among the major PLC manufacturers worldwide are Siemens, Rockwell (A-B), Mitsubishi, and others. The top three players hold around 63% of the market.
The greatest producer in Europe, with a market share of around 35%, followed by North America and Japan, each with a market share of about 24%. With a market share of roughly 37%, Asia-Pacific leads the way, followed by Europe and North America, each with 34% and 23%.
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- Rockwell (A-B)
- Schneider (Modicon)
- Emerson (GE Fanuc)
- ABB (B&R)
- Bosch Rexroth
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– Manufacturing Execution System (MES) market size is estimated to be worth USD 12550 Million in 2022 and is forecast to a readjusted size of USD 19270 Million by 2028 with a CAGR of 7.4% during the review period.
– The global factory automation market was valued at USD 242.5 Billion in 2021 and is projected to reach USD 558.8 Billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031.
– Industry 4.0 market size is projected to reach USD 280150 Million by 2028, from USD 107250 Million in 2021, at a CAGR of 14.4% during 2022-2028.
– Electrical Digital Twin market was valued at USD 4664.3 million in 2022 and is anticipated to reach USD 13510 million by 2029, witnessing a CAGR of 19.4% during the forecast period 2023-2029.
– The global digital twin market size is projected to reach USD 26320 million by 2027 from USD 3203.4 million in 2020 at a CAGR of 35.1% during 2021-2027.
– Smart Factory market is projected to reach USD 131740 million by 2028 from an estimated USD 71200 million in 2022, at a CAGR of 10.8% during 2023 and 2028.
– Industrial Automation market size is projected to reach USD 212410 million by 2027, from USD 130710 million in 2020, at a CAGR of 6.7% during 2021-2027.
– Industrial Controls and Factory Automation market size is projected to reach USD 224400 million by 2028, from USD 137150 million in 2021, at a CAGR of 7.2% during 2022-2028.
– Industrial IoT (IIoT) market size is projected to reach USD 102460 million by 2028, from USD 71160 million in 2021, at a CAGR of 5.3% during 2022-2028.
– Smart Manufacturing market size is projected to reach USD 397120 Million by 2028, from USD 203530 Million in 2021, at a CAGR of 9.9% during 2022-2028.
– The global supply chain management market was valued at USD 27.2 Billion in 2022, and is projected to reach USD 75.6 Billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.
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Friend.Tech and Base Anti-Phishing Boosted By CoolWallet’s Web3 SmartScan
TAIPEI, Oct. 2, 2023 /PRNewswire/ — Base’s new killer DApp, the decentralized social network Friend.tech, is breaking transaction records with record adoption, but is being targeted by hackers and scammers through phishing attacks.To raise awareness of the importance of hardware wallet protection and promote its powerful Web3 SmartScan transaction screener, CoolWallet has launched a Web3 Guardian competition.
Coinbase’s new Ethereum layer-2 chain, Base, has become a favorite for DApp developers and early investors due to its outstanding performance and the innovative projects it attracts. One DApp in particular, the decentralized social media platform Friend.tech, has driven the bulk of its growth in recent weeks. helping Base repeatedly reach new transaction volume highs despite difficult market conditions.
Friend.tech’s rapid rise has garnered widespread attention- according to the latest data, the daily active user (DAU) count of friend.tech have surpassed the million mark, with its transaction volume consistently hitting new records and its total value locked (TVL) now surpassing $35 million.
However, with any crypto trends comes new security risks, in this case a familiar foe, phishing attacks. This type of social engineering attacks dominate crypto thefts, which by June 2023 had already hit the $650 million mark across the Web3 sector. This month alone has already seen successful attacks targeting high-profile victims Mark Cuban and Vitalik Buterin and stealing millions in the process.
As a result, Base and Friend.tech users are urged to use a reputable hardware wallet to secure their tech digital assets by protecting their private keys and screening transactions.
In response, hardware wallet maker CoolWallet, which natively supports the Base ecosystem, has launched an anti-phishing campaign titled Web3 Guardian Competition to create awareness and promote its unique defense capabilities such as CoolWallet SmartScan, which proactively screens all Web3 transactions and flags malicious behavior or smart contract vulnerabilities before users are exploited.
How Friend.tech works
Friend.tech has garnered a cult following among crypto enthusiasts as one of the first decentralized social networks to be built on the Base blockchain. It’s powered by blockchain and smart contracts, where users must buy “shares” of another person in order to chat with them. Its tagline is “Your network is your net worth”.
To use Friend.tech, users must first sign up with their Twitter (X) account, create a profile and then start trading shares of other users who have also signed up. A user’s share price is determined by factors like their popularity, reputation, and overall demand.
Buying shares of another user gives you access to them, allowing you to message them directly and chat. The more shares you buy, the higher a priority your messages will be.
Friend.tech recommends hardware wallet protection
With crypto phishing attacks claiming even high-profile victims such as Vitalik Buterin and Mark Cuban as victims in recent weeks, it’s no surprise that Friend.tech also places great emphasis on asset security.
It therefore recommends that users utilize a hardware wallet for enhanced protection against threats like phishing sites. Storing assets offline makes them less accessible to online hackers, thus offering greater security.
CoolWallet’s SmartScan Flags Web3 Phishing Threats
CoolWallet (established in 2014) has since the launch of its CoolWallet Pro flagship model in 2021 pivoted strongly to securing Web3 assets, which requires users to interact with DeFi protocols that could potentially drain their accounts if they authorize the wrong transaction.
CoolWallet Pro in particular makes for an ideal Friend.tech hardware wallet as it’s one of the first cold wallets to support the Base network, and boasts several elite security features, such as:
- an EAL6+ secure element
- biometric verification (both on phone and device)
- tamper proof and waterproof design
Importantly, its CoolWallet App comes with real-time Web3 transaction analysis scanning called Web3 SmartScan.
While cold storage is as safe as can be, the biggest vulnerability remains human error or a lapse in judgment, where the user is tricked into authorizing a bad transaction or revealing their recovery seed or private key to a bad actor.
CoolWallet’s SmartScan, available on its CoolWallet App, provides Web3-native protection against phishing attempts. It automatically screens transactions and flags attempted phishing, suspicious transactions and smart contract vulnerabilities. This makes using cold storage even safer to use, and elevates CoolWallet above other hardware wallet brands.
Web3 Guardian Competition- Secure Your Crypto for the Next Bull Run!
To promote Web3 asset protection among blockchain users and help them safeguard their crypto portfolio with SmartScan until the next bull run, CoolWallet is launching a global new competition aimed at enhancing user security awareness with generous rewards to participating users.
Base is a secure, low-cost, builder-friendly Ethereum L2 built to bring the next billion users on chain.
Friend.tech is an emerging DApp focused on social interactions and cryptographic asset management. It provides users with a secure and efficient blockchain platform. The platform currently operates on the Base chain and is continuously expanding its features and user base.
CoolWallet is a pioneering Web3 hardware wallet brand established in 2014 by CoolBitX that offers users the comfort of convenient and fully portable cold storage of all digital assets, including DeFi and NFT crypto assets.
CoolWallet Pro is a flagship Web3 hardware wallet that boasts a wafer-thin smart card form factor, an EAL6+ secure element, military-grade Bluetooth encryption, and a tamper proof and water-resistant exterior, while its custom CoolWallet App offers users a choice of DeFi marketplaces, DApp support and real-time transaction screening.
CONTACT: Domo Zhuang, [email protected]
Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications
NEW YORK, Sept. 29, 2023 /PRNewswire/ — Today, Webb announced the launch of its much-anticipated Tangle Network Testnet, setting the stage for a new era of private and decentralized applications.
Led by founder Drew Stone, Webb is the premier cross-chain zero-knowledge messaging layer, committed to revolutionizing blockchain privacy. Backed by industry giants like Polychain, Lemniscap, and Commonwealth Labs, Webb introduces a suite of tools aimed at advancing zero-knowledge (ZK) and multi-party computation (MPC) applications across multiple blockchains.
The Challenge and Our Solution
Blockchain networks today face significant hurdles: limited interoperability, scaling difficulties, centralized control, and privacy concerns. Webb’s Tangle Network, built on the powerful Substrate framework, is designed to tackle these challenges by offering a next-generation blockchain platform.
Why Tangle Network?
Our vision is to make it easier for developers to create secure, private zero-knowledge (ZK) and multi-party computation (MPC)-based decentralized applications. Tangle Network simplifies:
- Proof Generation: Delegate computational tasks to our validators.
- Trusted Setups: Tangle Network manages complex ceremonies for you.
- Secure Signing: Utilize our threshold signing for cross-chain operations.
By removing these barriers, we massively improve the time to launch for ZK and MPC-based decentralized applications.
- Unparalleled speed, security, and scalability via Substrate.
- Decentralized control through Distributed Key Generation (DKG).
- Advanced protocols for zero-knowledge applications.
- Cross-chain compatibility with IBC and XCM.
- Easy migration of existing apps through Ethereum Virtual Machine (EVM) support.
- Smooth, forkless upgrades.
The Testnet launch kicks off with an in-depth whitepaper, followed by a series of engagement events during the testnet phase. Our mainnet is scheduled for a Q1/Q2 2024 launch, featuring hackathons, workshops, and a targeted grant program to accelerate the adoption of privacy-focused applications.
Testnet Quick Links
- Developers: Start building on Tangle today. Learn More
- Validators and Relayers: Help secure and maintain the network. Learn More
- Join the Community: Follow us on Twitter or join our Discord.
For media inquiries, partnerships, or more information, email us at [email protected]
ChainUp Celebrates 6th Anniversary, Charting Blockchain Innovations beyond Digital Assets
SINGAPORE, Sept. 29, 2023 /PRNewswire/ — ChainUp, a Singapore-based trailblazer and global leader in the blockchain industry, marked its sixth anniversary celebration with more than 500 business partners at Ce La Vi Singapore. During the celebration, ChainUp Founder and CEO, Sailor Zhong reflected on the journey, “Six years in the blockchain industry showcases our resilience, innovation, and forward-looking approach. As we look to the future, we are committed to shaping a digital asset environment that is reliable, transparent, and unparalleled. ChainUp aims to champion blockchain solutions beyond the applications of digital assets and bridge the gap between digital asset markets and traditional finance (TradFi) to increase effectiveness and market efficiency.”
The DEX Renaissance
As decentralized finance (DeFi) comes into prominence and focused on returning control to users, one of the sectors impacted by DeFi are the exchanges where cryptocurrencies are traded. Data from CoinMarketCap reveals that trading volumes on Decentralized exchanges (DEX) reached $1.2 trillion in 2022, indicating a 340% YoY growth. However, factors such as poor user experience impeded the rate of adoption of DEX. Recognizing this trend, ChainUp has updated its white-labeled DEX solution, incorporating advanced features, strengthening its security, improving its liquidity and aims to provide a decentralized trading experience that is on par with commonly-used centralized exchanges (CEX).
Bridging TradFi and Digital Assets Market
The traditional financial sector has been progressing very cautiously on digital assets. As more institutions lean into RWA tokenization, they unlock unparalleled liquidity in a borderless trading environment. Amidst this evolution, ChainUp’s RWA solutions emerge as an industry pioneer, offering robust tokenization protocols, seamless integration, and enhanced security, bridging the gap between TradFi and the digital future with unmatched finesse.
Minimizing Risk and Maximizing Security
ChainUp’s MPC Wallet revolutionizes crypto security by integrating MPC technology with advanced hardware isolation, ensuring utmost safety and encryption on data. The wallet offers dynamic key-refreshing mechanisms, chain-agnostic compatibility, and eliminates single-point vulnerabilities. With efficient multi-address management and 24/7 expert support, users enjoy full asset control, scalability, and cost-efficiency, all under one roof.
Compliance: The Guiding Principle
Navigating global regulations in the blockchain sector can be complex. ChainUp’s KYT subsidiary, Trustformer, offers peace of mind for enterprises tackling compliance-related challenges. ChainUp’s advanced solutions in Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) show their commitment to a more secure blockchain environment.
For detailed insights into ChainUp’s innovative solutions, please visit: https://www.chainup.com?channel=pr&type=article
Headquartered in Singapore, ChainUp is a global leading end-to-end blockchain technology solutions provider covering infrastructure development and ecosystem support. Built on the mission to empower businesses through blockchain technology, ChainUp’s innovative and all-around compliant solutions include digital asset exchange, KYT, NFT trading, wallet, liquidity, Web3.0 infrastructure, digital asset custody, security token offerings and more. Established in 2017, ChainUp has offices around the world, serving more than 1,000 clients in 30 countries, reaching over 60 million end-users.
CONTACT: Jacelynn Pang, [email protected]
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