DUBLIN, July 26, 2021--(BUSINESS WIRE)--The "Global Power Plant Control System Market by Plant Type (Coal, Natural Gas, Hydroelectric, Nuclear, Oil, and Renewable), Solution (SCADA, DCS, Programmable Controllers), Component, Application, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global power plant control system market is projected to reach USD 10.2 billion by 2026 from an estimated USD 7.2 billion in 2021, at a CAGR of 7.3% during the forecast period.
The growing need for zero downtime power supply solutions for critical power applications is the major driver of the rotary or power plant control system market. The advantages of rotary UPS such as high efficiency, fewer space requirements, and low lifetime costs are expected to further drive the demand. Increasing data center investments are expected to be the single biggest contributing factor to the growth of power plant control system market during the forecast period.
However, Due to the COVID-19 pandemic, local currencies of many countries have depreciated. There is a misalignment of supply and demand, leading to financial losses for components/parts manufacturers. Key components used in manufacturing power plant control systems are procured typically in US dollars, which results in increased component cost, which is likely to hamper the growth of the power plant control system market.
The renewable segment, by plant type, is expected to be the largest market from 2021 to 2026.
The power plant control system market by type is categorized into 3 segments namely coal, natural gas, oil, hydroelectric, nuclear and renewable. Renewable plant types include solar, wind, and biofuels. Historically, fossil fuel-based plants, such as coal, oil, and gas power plants, have been the dominant contributors to the electricity generated globally. However, due to the increased focus on decarbonization and the global push to reduce carbon emissions, the total investments in fossil fuel plants have declined significantly.
Trends such as coal plant decommissioning, especially in Europe, and a significant slowdown of new investments in fossil fuel across the globe are the major drivers for investments in renewable plants. 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 during the forecast period.
The hardware segment, by component, is expected to be the fastest-growing market from 2021 to 2026.
The power plant control system market, by component, is segmented into hardware, software, and services. The hardware segment comprises controllers, input/output devices, workstations, and networking hardware.
The hardware segment is expected to be the largest segment in the market, as 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. Due to this, the hardware segment is expected to account for the largest market share during the forecast period.
Asia Pacific: The largest market by region in the power plant control system market.
Asia Pacific is expected to be the largest power plant control system market during the forecast period. Asia pacific includes China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. The Rest of Asia Pacific includes Indonesia, Thailand, Vietnam, Malaysia, and Singapore.
China and India are the largest markets for power plant control system in Asia Pacific. China alone accounted for more than half of the power plant control systems market in Asia Pacific in 2020. 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.
The global power plant control system market is dominated by a few major players with an extensive regional presence and a few other local regional players.
The leading players in the power plant control system market are Siemens Energy (Germany), ABB (Switzerland), Emerson (US), Rockwell (US), and GE (US)
Efacec Power Solutions
Schweitzer Engineering Laboratories
Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/agwd12
View source version on businesswire.com: https://www.businesswire.com/news/home/20210726005434/en/
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