The global industrial control systems security market size reached USD 17.09 Billion in 2021 and is expected to register a revenue CAGR of 6.9% during the forecast period, according to latest analysis by Emergen Research. Increasing demand for cloud-enabled industrial control systems security software is driving market revenue growth.
Industrial control systems security enables industry professionals to strengthen and improve the cybersecurity of their computer-controlled systems. These systems primarily consist of devices and networks that are used to operate and automate various industrial processes. Depending on the type of industry, each industrial control systems operate and manage functions differently and efficiently. Increasing demand for industrial systems security is mainly owing to their efficiency and increased reliability. Moreover, rising trend of interconnectivity in industrial control systems security is also providing a lucrative opportunity for market expansion.
However, implementation of industrial control systems security requires robust collaboration between various public organizations, private companies, and central governments. Moreover, factors such as political differences, international fragmentation, and many others make it difficult to bring every stakeholder on a single platform and especially when implementing industrial control systems security solutions across industries such as oil & gas, power & utility, and manufacturing plants.
Evolving cyberattacks have also led to distrust among countries and there are various challenges associated with cybercrime legislation. This makes it even more difficult to implement industrial control systems security solutions. Therefore, governments across countries should come together and work constructively in order to address cybersecurity concerns related to the industrial ecosystem.
The global Industrial Control Systems Security market is anticipated to amass a staggering revenue over the forecast years. The report is an extensive compilation of intelligent market research studies that are bound to help companies and stakeholders make informed business decisions in the long run. The report further focuses on the strategic initiatives and business expansion plans undertaken by the key players participating in the Industrial Control Systems Security industry. An assessment of the effective strategies used by these players, such as mergers & acquisitions, joint ventures, partnerships and collaborations, government & corporate deals, brand promotions, and new product launches, has been entailed in the report.
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Industrial Packaging Market Competitive Terrain:
Greif, Inc., Sonoco Products Company, Berry Global Inc., Amcor plc, Mondi, WestRock Company, Orora Packaging Australia Pty Ltd., BWAY Corporation, Snyder Industries, and Chem-Tainer Industries.
Global Industrial Packaging Market Segmentation:
Emergen Research has segmented the global industrial packaging market on the basis of product type, technology, application, material, and region:
Product Type Outlook (Revenue, USD Billion; 2019–2030)
Drums
Intermediate Bulk Container (IBC)
Sacks
Pails
Crates
Corrugated Boxes
Others
Technology Outlook (Revenue, USD Billion; 2019–2030)
Injection Molding
Extrusion
Blow Molding
Thermoforming
Others
Application Outlook (Revenue, USD Billion; 2019–2030)
Chemical
Pharmaceutical
Food & Beverage
Building & Construction
Automotive
Oil & Lubricant
Others
Material Outlook (Revenue, USD Billion; 2019–2030)
Plastics
Metal
Wood
Paperboard
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Some Key Highlights from the Report
By product type, the corrugated boxes segment accounted for largest revenue share in 2021. Corrugated boxes are widely preferred across a wide variety of end-use applications and sectors, including food & beverages, pharmaceutical, and automotive industries, among numerous others. High preference due to simple solution, low-cost, and lightweight properties are key factors expected to continue to drive revenue growth of the segment going ahead.
By application, the food & beverage segment accounted for largest revenue share in 2021, owing to bulk stocking by a number of panicked consumers during the COVID-19 pandemic. Essential commodities such as Fast-moving Consumer Goods (FMCG), packaged meals, and fresh food via e-Commerce platforms witnessed a rapid rise, and this was true even for bulk ordering. In addition, increasing number of companies and individuals making bulk purchases online is expected to support revenue growth of this segment.
Industrial packaging market in North America is expected to register a significantly fast revenue CAGR over the forecast period as major market players in industrial packaging such as Amcor Ltd., Mondi PLC, and others, are investing in Research and Development (R&D) and innovation in more innovative industrial materials and techniques.
Industrial Packaging Market Regional Segmentation
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In conclusion, the report provides a qualitative and quantitative analysis of the Global Industrial Packaging market including the global and regional analysis of the market. The study covers critical information and factual data about the Industrial Packaging market industry, along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. On the basis of the current market scope, the report provides an extensive analysis of how the Industrial Packaging market is expected to fare in the forecast timeline. The report utilizes advanced analytical tools to offer an estimation of the outlook of the global state of the Industrial Packaging market industry.
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