Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Power Plant Control System Market.
The rapid uptake and development of the power plant control system is evermore a crucial component. Market Research Future predicts the potentiality of the global power plant control system market 2030. It can achieve a valuation of USD 7.15 Billion endpoints by the year 2025. This valuation will garner at a growth rate of 5.75% in the forecast years (2022 to 2030).
Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Power Plant Control System Market Trends
Top Impacting Factors
In the present time, power plants are highly automated around the world. Most of the thermal power plants and systems are now easily controlled from a control room. Systems that can be controlled from the central control room are electrical auxiliaries for unit transformers, grid connection, generator/unit protection, excitation, auxiliary transformers, synchronization, and switchgear. Conventionally, these electrical devices were hardwired to inputs/outputs and data controlled systems (DCS). Therefore, the rise in demand for electricity across the world, mainly in emerging nations, is noted to fuel the market of Power Plant Control Systems. These systems aid with improving the operational efficiency of power plants, which is also likely augmenting the power plant control systems.
On the same scale, high awareness of environmental issues and a rise in global warming are slowly leading to higher efficiency requirements in power plants. The study also signifies that the power plant control systems market also has an autonomous distributed configuration that connects devices installed to the entire plant through a network. This is done to enable data monitoring, and management Limitations in electricity generation, transmission, and distribution are liable to drive the power plant control systems market.
In fact, the installation of control systems in power plants has also led to improved efficiency of the plant. Hence, power plant control systems have been broadly adopted in the end-use industry, which also gave a boost to the market in recent years and made most of the valuation. This is in the future could lead the market to a great extend, mainly in the forecast period.
Furthermore, automation in power generation technology has also enabled the intelligent operation of power plants, which has similarly likely to enhance the power control systems market. Power plant control systems have aid independent power producers with inconsistent power generation while nourishing a profitable operation. Moreover, other factors such as government initiatives toward industrial automation, improvement, and evolution in technologies, rise in demand for power generation, as well as expansion in the power sector across the world are also highly anticipated to fuel the power plant control systems market for the forecast period.
Segmentation of Market: Power Plant Control System
The market of power plant control system has further been studied over the segments of components, solution, application, plant type.
Based on the solution segment, the global market has included Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Product Lifecycle Management (PLM), Distributed Control System (DCS), and Plant Asset Management (PAM). Among these, the Distributed Control System (DCS) segment can hold a more significant share during the estimated period owing to the rising number of DCS power plants. The rising capacity of coal-based thermal power plants in the region of Asia-Pacific, large hydropower plant control systems in South America, and the global capacity of nuclear power plants are also driving a nuclear-based power plant control system.
Based on the component segment, the global market has included software, hardware, and services. Where the software segment is might expand at the highest CAGR during the assessment period.
Based on the application segment, the global power plant control system market has included turbine & auxiliaries control, boiler & auxiliary control, generator excitation & electrical control, and more. The generator excitation & electrical control segment is approximate to be the fastest-growing segment for power plant control systems.
The global power plant control system market is driven by high market share in the regions of Asia Pacific, Europe, and North America. Among these, the Asia-Pacific region acquires the most significant power plant control system market shares owing to augmented power consumption, growing influx of renewable sources in the energy mix, modernization, renovation, and up-gradation of aging power plants in the region. The demand for electricity has notably increased in emerging countries of China, India, Russia, and Brazil. It is noted that back in 2015, the International Energy Agency report on Southeast Asia indicated a gradual shift toward renewable energy technologies. Renewable energy sources are thus likely to constitute a key share of electricity generation in the near future owing to the escalating acceptance of renewable technologies in power generation.
Other than this, rapid industrialization of developing countries such as Vietnam is a crucial indicator of emerging advanced automatic control system products, mainly in industries of power generation. The energy industry in the U.S. also witnessed a considerable shift from coal-fired plants to natural gas and oil. This has made the region of North America more and more valuable in terms of shares in the present time and would continue over the forecast period.
Top Market Contenders
The top players operating in the global power plant control system market are listed as Honeywell (US), ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), Emerson (US), Omron (Japan), Hitachi (Japan), Toshiba (Japan), Rockwell (US), Yokogawa Electric (Japan), Mitsubishi Electric (Japan), and Endress+Hauser (Switzerland).