Power Plant Control System: Market Size. From $6. 71 billion in 2020, the global Power Plant Control System market is projected to reach $13. 67 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 9.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Power Plant Control System Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127647/?utm_source=GNW
3 from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, the rising demand for zero downtime power supply solutions, rising trend of decarbonization and growing adoption of digital solutions.
Global Power Plant Control System Market: Market Dynamics
Expanding data center financing is the most contributing factor to the growth of power plant control system market during the estimated period. With the increasing demand for electricity around the world and particularly in emerging economies, there is a need to raise operating efficiency and operate power plants in a way that takes account of the environment. Installation of control systems in power plants has led to improved plant efficiency; hence, the power plant control systems have been widely adopted in the end-use industry.
For instance, in 2015, the International Energy Agency report on Southeast Asia indicated a gradual shift toward renewable energy technologies. Renewable energy sources are anticipated to constitute a key share of electricity generation in the near future due to the increasing acceptance of renewable technologies in power generation.
On the other hand, lack of standardization and interoperability in power plant control system solutions is likely to obstruct the profit boundaries. In addition, growing environmental consciousness and global warming issues will result in massive boost for the Power Plant Control System market.
Impact of COVID-19 on Power Plant Control System
The outbreak of COVID-19 has a negative impact on the Power Plant Control System Market. 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 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 has devalued. There is a misalignment of supply and demand, which leads to financial losses to the manufactures due to this pandemic; also the key components used in manufacturing power plant control system are typically procured in US dollars, which could result in increased component costs.
Hardware Segment Dominate the Market in 2020
The hardware segment made huge revenue in 2020 and growing its prominence during the forecast period due to the cost of hardware components accounts for a major share of the total control system cost. The amount of hardware required also scales with the level of complexity and the type of plant, especially in fossil fuel plants.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period due to the 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. Growing investments in fossil fuel power plants and renewable power plants in the region are anticipated to drive the market growth.
List of the Key Players Profiled in the Market Include:
• General Electric
• Schneider Electric
• Toshiba Corp
• Mitsubishi Electric Corp
• Yokogawa Electric Corp
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report: https://www.reportlinker.com/p06127647/?utm_source=GNW
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