Global Power Plant Control Systems Market Size Expanding to Reach USD 8.23 Billion by 2028 | BlueWeave Consulting
BlueWeave Consulting and Research Pvt Ltd
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BlueWeave Consulting and Research Pvt Ltd
North America currently holds a disproportionately large part of the global market for PoC diagnostics. Due to advantageous reimbursement policies that are predicted to increase service demand, the regional market growth is anticipated to continue during the period in analysis. The rising production of innovative goods, Europe is forecast to hold the second-highest position in the global market during the projection period. Additionally, rising government R&D investments would fuel the regional market expansion. As more market participants are entering the region and PoC diagnostics kits are being used more frequently, the market in Asia Pacific (APAC) will grow at the fastest rate.
New Delhi, Sept. 17, 2022 (GLOBE NEWSWIRE) -- Global Power Plant Control Systems Market size is expanding at a moderate growth rate mainly because of the rising trends of carbon reduction and growing financial support and global investments in power plants’ data centers along with healthy commitments for renewable energy sources.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the size of Global Power Plant Control Systems Market at USD 7.84 billion in 2021. And BlueWeave forecasts Global Power Plant Control Systems Market to expand at a CAGR of 5.6% between 2022 and 2028 to reach a size of USD 8.23 billion by 2028. Major growth factors for Global Power Plant Control Systems Market include favorable carbon reduction trends, increasing financial support, and growing investments across the world in power plants’ data centers and renewable sources for sustainable power generation and distribution.
Global Power Plant Control Systems Market - Technology Advancements
In July 2019, Toshiba was awarded a contract to retrofit steam turbines and generators for a thermal power plant upgrade project in Australia. With no increase in emissions or coal usage, this expansion will add 60 MWs to the plant's production. Additionally, this facility aids in supplying 55,000 residences' enormous demand for electricity. Toshiba Group was also awarded a contract in July 2019 for the supply of 2,340 MW of replacement work for the Goi Thermal Power Station. By using this, the thermal efficiency is increased by a whopping 64%. To supply power plant control systems, many key firms, including ABB, Honeywell, and Siemens, are actively focusing on signing contracts and building agreements with utilities and other businesses. For instance, in 2017 ABB and Ansaldo Energia (Italy) agreed to work together to provide the 340 MW open cycle power plant with a distributed control system (DCS). This has aided the company in making their product more appealing to European consumers. High capital expenditures and a lack of reinvestments, however, are anticipated to impede the expansion of the Global Power Plant Control Systems Market.
The EIA's Inter Country Energy Outlook predicts that until 2040, the world's electricity demand would grow by 2.11% a year. A significant portion of the expansion is expected to take place in non-OECD countries, such as China and India. For the production of electricity, these countries mainly rely on fossil fuels. Potential risks to the regional and global environment are presented by the rising usage of fossil fuels. Governments and utilities all over the world have declared their intentions to decarbonize the electricity industry and to invest extensively in renewable power facilities as a result of this. The yearly global investments in power plants data supplied by the IEA make this trend of decarbonization and growing investments in renewable power plants clear. Since 2012, investments in power plants using fossil fuels have been rapidly dropping. The global investment in renewable power plants has also grown faster than the investment in fossil fuel facilities throughout this time. One of the main causes of rising investments is the global commitment to clean energy and the signing of the Paris Climate Agreement by all major countries. The main engine of market expansion is anticipated to be these increased investments.
Segmental Coverage
Global Power Plant Control Systems Market
The global market for power plant control systems is dominated by the hardware segment. Hardware in the control system of the power plant is essential for maintaining the electricity. Hardware includes things like boilers, cooling towers, APC, SQC, steam turbine controllers, valves, and more. These are used to regulate power in order to reduce losses and improve overall quality. The global market for power plant control system is dominated by distributed control systems (DCS). Distributed across a plant, DCS is a system of sensors, controls, and related computers. Each of these components has a specific function in data collection, process management, data storage, and graphical display. Through the local area network of the plant, also known as the control network, these separate components interact with a central computer.
Global Power Plant Control Systems Market by application is dominated by the segment for turbine and auxiliary systems. Increased water infrastructure leads to more dams and reservoirs, which in turn tends to increase demand for turbine & auxiliary control systems and propel the expansion of the power plant control system market. Additionally, as the need for electricity rises, so do the number of wind turbines, which tends to drive up the price of turbine and auxiliaries control systems and may open up profitable market prospects.
Asia Pacific, North America, Europe, Middle East and Africa, and Latin America are the different geographic regions that make up the global market for power plant control systems. Due to expanding renewable energy sources in the energy mix, rising power demand in the region, and the renovation, modernization, and upgrading of outdated power plants, Asia Pacific now has the largest share in Global Power Plant Control Systems Market.
Impact of COVID-19 on Global Power Plant Control Systems Market
The most substantial near-term implications on power plant control systems that are already contracted or in the manufacturing process may be realized through supply chains. Executives in the industry are preparing for supply and construction delays, either as a result of the closure of certain industries to stop the spread of the coronavirus or as a result of worker illness. Power plant control systems are made with a lot of help from China, the Asia Pacific region, Europe, and the US. The market for power plant control systems may experience a sizable short-term reduction as a result of disruptions in US and Chinese manufacturing. Furthermore, many countries' domestic currencies have lost value as a result of the COVID-19 pandemic. The supply and demand are out of balance, which causes manufacturers to lose money. Additionally, as the key components used to make power plant control systems are frequently purchased in US dollars, component costs may rise. This, in turn, could affect the expansion of Global Power Plant Control Systems Market.
ABB, Emerson Company, Rockwell Company, GE Company , Valmet Company , OMRON Company , ETAP Company, Wago Company , Toshiba Company , EFFACEC Company, Power Solutions, OMRON , Hitachi , Honeywell, and Schweitzer Engineering Laboratories prominent players in Global Power Plant Control Systems Market. These companies execute various strategies, such as mergers and acquisitions, partnerships, and new product launches, to expand their market reach.
Recent Developments
In April 2021, Chembio Diagnostics, Inc., released the quick PoC COVID-19/Flu A&B test. Results of the test are available in 15 minutes.
In March 2021, Roche launched the Cobas SARS-CoV-2 Variant Set 1 Test. The test is designed to find COVID-19 variations that are present in the UK, South Africa, and Brazil.
Scope of the Report
Attributes
Details
Years Considered
Historical Data – 2018–2021
Base Year – 2021
Estimated Year – 2022
Forecast Period – 2022–2028
Facts Covered
Revenues in USD Billion
Market Coverage
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Product Service/Segmentation
By Component, By Solution, By Application, By Plant Type, By Region
Key Players
ABB, Emerson Company, Rockwell Company, GE Company, Valmet Company, OMRON Company, ETAP Company, Wago Company, Toshiba Company, EFFACEC Company, Power Solutions, OMRON, Hitachi, Honeywell, and Schweitzer Engineering Laboratories
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