PLC, DCS & SCADA

Overview

This sub-theme covers the control-layer products that run factories and process plants: programmable logic controllers, distributed control systems and supervisory (SCADA) systems. Stand-alone robotics and industrial software without control-layer products are excluded. The core competitive set is a few diversified automation and electrical majors. Rockwell Automation names ABB, Honeywell, Emerson and Siemens as its major competitors in industrial automation. Powell Industries competes with ABB, Siemens, Eaton and Schneider in custom-engineered electrical distribution and control equipment. Johnson Controls competes with Carrier, Trane, Honeywell, Lennox and APi Group in building controls alongside HVAC, security and fire. Around this core sit suppliers to control platforms. Honeywell supplies control systems for NuScale's power modules. Woodward supplies controls to Caterpillar, GE Vernova and Cummins, and Cummins also has in-house capability for similar products. Texas Instruments sells analog and embedded semiconductors with exposure to industrial markets. Belden supplies cabling and connectivity, with WESCO as its largest distributor. The sub-theme is therefore a layered ecosystem of controllers and systems vendors, component and semiconductor suppliers, and distribution, with long-standing incumbents and customers that are sometimes also competitors.

Investment Thesis

Bottleneck Tracker

Key Companies