New York, US, March 29, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Power Plant Control System Market Information by Solution, Component, Application, Plant Type, and Region - Forecast till 2030", At a 5.75% CAGR between 2019 and 2025, the Power Plant Control System Market is anticipated to reach USD 7.15 billion by 2025.
Power Plant Control System Market Overview
Nowadays, almost all power plants are adopting automation. Control of the thermal power plants' more important components is possible from a control room. The redundancy of the control systems' CPU data processing module, network modules, and power unit ensures excellent system reliability. Additionally, the CPU module features a large self-diagnostic function.
Without affecting system control, the system switches to the backup modules in the event of a failure. Additionally, the issue's root cause is visible to help with quick corrective action. Now, the control system is a user-friendly control system, and it is very easy to operate. It helps to enhance the productivity and support the plant operation.
Market Competitive Landscape:
The affluent companies in the power plant control system industry include
- ABB (Switzerland)
- Honeywell (US)
- Siemens (Germany)
- Schneider Electric (France)
- Emerson (US)
- General Electric (US)
- Hitachi (Japan)
- Omron (Japan)
- Rockwell (US)
- Toshiba (Japan)
- Mitsubishi Electric (Japan)
- Yokogawa Electric (Japan)
- Endress+Hauser (Switzerland)
- Among others.
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Power Plant Control System Market COVID 19 Analysis
After its breakout in December 2019, Covid-19 has spread to other nations, prompting the World Health Organization to declare a global public health emergency. Because of Coronavirus, the global market for power plant control systems has already seen significant losses.
Travel bans, aircraft delays, restaurant closings, emergency declarations, limits on indoor activities, a decline in corporate confidence, volatility in the stock market, and an increase in public panic are just a few examples of how the upheaval in the world has affected daily life.
Also, the massive investments required for the installation of the control system in plants have been unfavorable since the pandemic has brought along a huge economic downfall. This has caused a number of power plants to shut down permanently, with almost no chance of recovery.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2025: USD 7.15 billion 2030: Significant Value |
| CAGR during 2022-2030 | 5.75% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solution, Component, Application, Plant Type |
| Key Market Opportunities | Government initiatives regarding the adoption of industrial automation Increasing power generation capacities worldwide |
| Key Market Drivers | Rapidly growing power industry Need for power plant instrumentation Rising need for biomass power plant control system Increasing thermal power plant instrumentation Implementation of DCS system in power plants |
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Power Plant Control System Market USP Covered:
Market Drivers:
The key element driving the market expansion is the fast-developing power industry with growing need for electricity. A big component of the rise in organization for economic co-operation and development for countries, like China and India. Some nations rely laboriously on fossil fuels to provide their electricity. Potential risks to the local and global ecology are exacerbated by the increasing usage of fossil fuels. The decarbonization of the electricity sector and the painstaking investment in renewable power facilities have been stated preferences by governments and utilities around the world. With increased decarbonization and rising investments in renewable power facilities.
The Power Plant Control System Market has grown due to the increased adoption of automation in power generation technology and intelligent operation of power plants. Independent power producers can now generate power continuously while still operating profitably thanks to power plant control technologies. The growth of the Power Plant Control System Market is also being driven by technological development, increased government initiatives toward industrial automation, rising need for power generation, and expansion of the power sector globally. The contact interfaces and protocols are not standardized, which causes data to be misrepresented.
The absence of standardization about technology confuses the integration of systems and restricts the plug-and-play capabilities between irrelevant systems, and lack of interoperability are the factors hampering the market growth. The increase in the adoption of advanced technologies like the Industrial Internet of Things has helped decision-making based on accurate real-time information. The Industrial Internet of Things has formed a new generation of automation systems with outstanding capability and extensibility. It plays an important role in power plant automation and control with thinner and flatter architectures, bridging the gap between operational and information technologies. The Industrial Internet of Things helps in faster decision-making, are the opportunities for the market growth of the Power Plant Control System Market.
Market Restraints:
Lack of interoperability and lack of standardization in technology hinder market expansion by complicating system integration and limiting plug-and-play capabilities between unrelated systems.
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Power Plant Control System Market Segmentation
By Solution
The supervisory control and data acquisition (SCADA), programmable logic controller (PLC), distributed control system (DCS), product lifecycle management (PLM), and plant asset management segments of the global market are based on solutions (PAM). The Distributed Control System (DCS) segment is estimated to hold bigger share throughout the forecast period due to the increasing number of DCS power plants around the globe. Nuclear based power plants control system is being driven by the growing capacity of coal-based thermal power plants in Asia-Pacific, big hydro power plant control systems in South America, and nuclear power plants' global capacity.
By Component
Depending on component, the worldwide Power Plant Control System Market is split into hardware, software, and services. Throughout the projection period, the software segment is anticipated to develop at the greatest CAGR.
By Application
The turbine & auxiliaries control, boiler & auxiliaries control, generator excitation & electrical control, and others categories make up the global power plant control system market. According to estimates, the power plant control systems segment for generator excitation & electrical control is developing the fastest. The expansion of alternative energy initiatives in North America, Europe, and Asia Pacific is what is driving this industry.
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Plant Type
The global power plant control system market has been divided into coal, natural gas, hydropower, nuclear, oil, and renewables based on the type of plant. Due to the increased automation of the renewable energy power plants in Europe, Asia-Pacific, and North America as well as the global investment made in the sector, the renewable segment may experience the fastest growth rate.
Regional Insights
Asia-Pacific holds the biggest market share due to increased power demand, rising intake of renewable sources in the energy mix, and rehabilitation, modernization, and up gradation of older power plants in the area.
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