Insights on the Power Plant Control System Global Market to 2026 – Featuring ABB, Emerson Electric and Siemens Among Others – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Power Plant Control System Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The power plant control system market is expected to grow at a CAGR of 6.35% over the period of 2020-2025.
- ABB Ltd
- Emerson Electric Co.
- General Electric Company
- Mitsubishi Hitachi Power Systems, Ltd.
- Honeywell International Inc.
- OMRON Corporation
- Rockwell Automation
- Schneider Electric SE
- Siemens AG
- Toshiba Corp
- Yokogawa Electric Corporation
- Endress+Hauser AG
Key Market Trends
Renewables Sector to Dominate the Market
- Renewable sector is expected to witness significant growth in the forecast period, owing to factors like rising electricity share of renewables in total electricity generation, an increasing number of utility size renewable projects, and increasing demand for clean energy.
- The global solar energy capacity grew by over 1300% from 41.54 GW in 2010 to 586.43 GW in 2019, and wind energy capacity grew by over 240% from 180.85 GW in 2010 to 622.7 GW in 2019. The majority of this capacity was added in the form of utility-scale wind and solar farms, all of which use power plant control systems.
- Another factor that has added to the growth of the renewable sector is the significant drop in the CAPEX required for setting up renewable projects like wind and solar projects. For example, the cost of solar photovoltaic (PV) modules have plummeted around 99% in the last four decades, and the costs are expected to continue to go down in the forecast period too, owing to advancement in solar panel production technologies, and mass production of solar panels, the same trend is witnessed in cost of wind turbines, which have dropped around 30-40% since 2009.
- Increasing demand for clean energy is one of the primary drivers for the renewable sector and, in turn, for the power plant control system in the sector. Electricity generation from renewable energy sources grew by around 14% from 2166.5 TWh in 2017 to 2480.4 TWh in 2018.
- Therefore, with the increase in the demand for clean energy, the renewable sector is expected to rise, and in turn the market is expected to grow for power plant control systems in the renewable sector.
Asia-Pacific to Dominate the Market
- Asia-Pacific has dominated the power plant control system market, in 2019, and is expected to continue its dominance in the coming years as well.
- Asia-Pacific is one of the fastest-growing regions in the world because of the increasing population, urbanization, and industrialization. As a result, the demand for guaranteed power supply is high. For addressing these demands, many countries are investing in various power generation plants and for increasing their efficiency.
- As per the International Energy Agency (IEA), the world’s most populated country China is likely to install 36% of total worldwide hydroelectricity generation capacity and 40% of all global wind energy between 2015-2021. Already, China has over 259,000 MW of new coal plants in various stages of development and accounts for more than 1/3 of the global coal plant pipeline.
- On the other side, the coal consumption rate of India registered a growth rate of 8.7% in 2018, which indicated that the country is still highly dependent on coal for energy generation. India is also investing heavily in renewable sector heavily, with USD 11.1 billion invested in 2018 alone. The majority of these investments were directed towards the development of wind and solar farms.
- These, in turn, likely to propel the demand of the power plant control system in the region during the forecast period.
Key Topics Covered:
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.5 Supply Chain Analysis
4.6 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Solution (Qualitative Analysis)
5.3 Plant Type
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/4hykas
Laura Wood, Senior Press Manager
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