Global Power plants control systems Market

Power plants are currently highly automatic. A control room can control most of the equipment of a thermal power plant. Electrical auxiliaries for grid connection, unit transformers, excitation, generator/unit protection, synchronization, auxiliary transformers, and switchgear are all systems that may be operated from the central control room. These electrical devices were traditionally linked to input/output (I/O) and data-controlled systems (DCS). Increased demand for power around the world, particularly in emerging economies, is expected to boost the Power Plant Control Systems Market’s operating efficiency. The rising trend of decarbonization and increased investments in renewable power plants is fueling market growth. Electricity is a vital resource for any country’s development. Global energy demand is predicted to grow by 2.11 percent each year until 2040, according to the EIA’s International Energy Outlook. Non-OECD countries like China and India are likely to account for a large portion of the growth. For power generation, these countries rely substantially on fossil fuels. The growing usage of fossil fuels poses a threat to the environment on a regional and global scale. Recognizing this, governments and utilities around the world have declared plans to decarbonize the electricity sector and invest extensively in renewable energy. The annual global investments in power plants data supplied by the IEA reflects this trend of decarbonization and growing investments in renewable power plants. Since 2012, investments in fossil-fuel-based power facilities have been rapidly decreasing. At the same time, global investments in renewable power facilities have overtaken fossil fuel plant investments. Increased investments are being driven by a global commitment to sustainable energy and the adoption of the Paris Climate Agreement by all major governments. Increased investment is predicted to be the primary driver of market expansion. However, a lack of standardization and interoperability in power plant control system solutions may impede market growth over the forecast period of 2021-2027.

The global Power plant control systems Market is valued at approximately USD 7.05 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 7.54 % over the forecast period 2021-2027 and is estimated to reach USD 11.19 billion by 2027.

The regional analysis of the Global Power plant control systems Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World (ROW). North America is the leading region across the world in terms of market share due to Continued investments in fossil fuel power plants in the region. Whereas the Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027, due to increasing population, urbanization, and industrialization across the region.

Major market players included in this report are Siemens Energy, ABB, Emerson, Rockwell, GE, Schneider Electric, Honeywell, Mitsubishi Electric, Yokogawa Electric Corporation, and Endress+Hauser

The detailed segments and sub-segment of the market are explained below:

By Plant Type: Coal, Natural Gas, Oil, Hydroelectric, Nuclear, Renewable
By Solution: SCADA, DCS, Programmable Controllers, Others
By Application: Boiler & Auxiliaries Control, Turbine & Auxiliaries Control, Generator Excitation & Electrical Control, Others

Review the report at https://www.bizwitresearch.com/

Data drives better decisions
Bizwit Research & Consulting LLP