The Nano PLC market in Europe was valued at US$ 863.6 million in 2019 and is projected to reach US$ 1,231.2 million by 2027; it is expected to grow at a CAGR of 4.6% from 2020 to 2027. Digital transformation is a major factor in boosting the European industrial sector, which primarily include automotive, food, chemicals, and aerospace & defense industries. The demand for automotive products is rising with surging purchasing capacity of individuals, changing lifestyle of populations, and adoption of new technologies. Therefore, the automotive manufacturers have established plants in Europe to better cater to the market requirements. This is leading to the generation of huge demand for devices such as Nano PLCs to monitor and control production processes.
Hardware and software are the major categories of components offered by Nano PLC market players. The hardware segment led the European nano PLC market, based on component, in 2019. Hardware components that go in nano PLCs include power supply, CPU, memory, I/O modules, and communication interface.
The overall Europe nano PLC market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Nano PLC market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants are typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the nano PLC market. Emerson Electric Co, IDEC Corporation, and Keyence Corporation are among the major players operating in the market in this region.