Author: Himanshu Patni
23 November 2021
Global Power Plant Control System Market is expected to exceed the market valuation of more than US$8 billion by 2027, demonstrating a growth of above 6% during the forecast period (2021-2027). It is mainly owing to rapidly growing power industry, need for power plant instrumentation, rising need for biomass power plant control system, increasing thermal power plant instrumentation, increasing power generation capacities worldwide, implementation of DCS system in power plants, and government initiatives regarding the adoption of industrial automation.
Power plant control system market catered considerable market share in the past few years and expected to have substantial growth rate in the forecast period as well. Factors that are positively influencing the market demand for power plant control system such as increase in power consumption, rise of an influx of renewable sources in the energy mix, and renovation, modernization, and upgradation of aging power plants are expected to drive the market in the forecast period. For instance: in 2019, Mitsubishi Hitachi Power Systems has secured a contract for the upgrade of the Sidi Krir and EL Atf thermal power plants in Egypt. The upgrade will increase the output, improve power generation efficiency and reduce facility downtime, contributing to more stable energy supply for the country.
For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/power-plant-control-system-market/
The outbreak of COVID-19 has adverse impact on the power plant control system market. The lockdown restrictions around the globe has shut down all the industries activities. Further, industry executives are anticipating delivery and construction slowdowns, because of the closure of industries to reduce the spread of coronavirus and since the workers started getting sick. Manufacturing disruptions in China and the US contribute to a significant short-term decline in the power plant control system market.
Based on plant type, the power plant control system market is segmented into coal, natural gas, hydroelectric, nuclear, oil and renewable. The renewable segment is likely to account for the largest share of the power plant control system market during 2021–2027. The global shift in power generation technology from fossil fuel to renewables in the key markets of Europe, North America, and Asia Pacific is expected to be the major driver for this segment during the forecast period.
Based on component, the market is bifurcated into hardware and software. Recently, the software segment caters considerable market share in the global power plant control system market.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia-Pacific holds the largest market share due to increased power consumption, rising influx of renewable sources in the energy mix, and renovation, modernization, and up gradation of aging power plants in the region.
Some of the major players operating in the market include ABB, Mitsubishi Electric, Siemens, Schneider Electric, Emerson, General Electric, Hitachi, Omron, Rockwell, Toshiba. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Power Plant Control System Market Segmentation
Market Insight, by Plant Type
Market Insight, by Application
Market Insight, by Component
Market Insight, by Solution
Market Insight, by Region
Top Company Profiles
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