Power Plant Control System Market: New Revenue Pockets
The global power plant control system market is projected to reach USD 10.2 billion by 2026 from an estimated USD 7.2 billion in 2021, at a CAGR of 7.3% during the forecast period. The growing need for zero downtime power supply solutions for critical power applications is the major driver of the rotary or power plant control system market. The advantages of rotary UPS such as high efficiency, fewer space requirements, and low lifetime costs are expected to further drive the demand. Increasing data center investments are expected to be the single biggest contributing factor to the growth of power plant control system market during the forecast period.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=30726243
COVID-19 Impact on the Global Power plant control system market
The most significant near-term impacts on power plant control systems that are already contracted or under manufacturing process may be felt through supply chains. Industry executives are anticipating delivery and construction slowdowns, either because of the closure of industries to reduce the spread of coronavirus or because the workers start getting sick. Many components/parts for manufacturing power plant control system come from China, Asia Pacific, Europe, and the US. Manufacturing disruptions in China and the US could contribute to a significant short-term decline in the power plant control system market.
Moreover, due to the COVID-19 outbreak, the value of the local currencies of many countries have depreciated. There is a misalignment of supply and demand, which leads to financial losses to the manufactures, also the key components used in manufacturing power plant control system are typically procured in US dollars, which could result in increased component costs.
The power plant control system market has promising growth potential due to increasing largescale renewable power plant investments in key market regions. Global trends such as increasing climate consciousness, decarbonization, and investments in clean energy technologies has led to the increased demand for power plant control systems especially in renewable power plant segment. Apart from investments in developed regions such as North America, and Europe the continued coal plant investments in developing regions such as Asia Pacific are also aiding the market growth.
Speak to Analyst:https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=30726243
Global renewable energy investments have been consistently increasing all across the globe. Most of these investments are in Asia Pacific. Solar power is expected to be the largest subsegment of the renewable power plant control systems market due to the aggressive adoption of solar technologies in Asia Pacific and North America. These investments in renewable power plants are expected to lead to high growth in the power plant control system market by plant type.
The power plant control system market, by solution, is segmented into SCADA, DCS, programmable controllers, and others. Other solutions include product lifecycle management, plant asset management, and plant optimization. DCS solution is expected to be the largest segment by solutions in power plant control system during the forecast period. DCS is a specially designed platform for automation control and operation of a power plant. It is connected to a large number of local controllers that are distributed over the plant or control area through a high-speed communication network. It is well-suited for large-scale power plants where large numbers of continuous control loops need to be monitored and controlled. A DCS handles the entire control structure of a plant as a single automation system. Several significant advantages such as scalability modularity and its application in any type and size of plant is the key factor for high growth of the DCS segment in power plant control system market by solution.
Asia Pacific is estimated to be the fastest-growing market for power plant control system market during the forecast period. Asia pacific includes China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. The Rest of Asia Pacific includes Indonesia, Thailand, Vietnam, Malaysia, and Singapore. Continued fossil fuel power plant investments, especially in China, India, and Southeast Asia along with increased renewable power plant investments in countries such as China, India, Japan, and South Korea are expected to drive the demand for power plant control systems in the region.
Request Sample Pages:https://www.marketsandmarkets.com/requestsampleNew.asp?id=30726243
Siemens Energy (Germany), ABB (Switzerland), Emerson (US), Rockwell (US), GE (US), Schneider Electric (France), Honeywell (US), Mitsubishi Electric (Japan), Yokogawa Electric Corporation (Japan), Hitachi (Japan), Endress+Hauser (Switzerland), OMRON(Japan), INDRA Sistemas (Spain), Motorola Solutions (US), Bentek Systems (Canada), EFFACEC Power Solutions (Portugal), Toshiba (Japan), Valmet (Finland), Meteocontrol (Germany), Ingeteam (US), Schweitzer Engineering Laboratories (US), Wago (Germany), and ETAP (US)