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.
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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.
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.
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- To define and describe the global power plant control system market by plant type, solution, application, component, and region.
- To provide detailed information about the major factors influencing the market (drivers, restraints, opportunities, and industry-specific challenges).
- To strategically analyze the global market with respect to individual growth trends, future expansions, and each segment’s contribution to the market.
- The impact of the COVID-19 pandemic on the market has been analyzed to estimate the market size.
- To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders.
- To forecast the growth of the global market with respect to the main regions (Asia Pacific, North America, Europe, Middle East, Africa, and South America).
- To profile and rank key players and comprehensively analyze their market share.
- To analyze competitive developments such as contracts & agreements, product launches, and mergers & acquisitions in the power plant control system market.