Growing demand for electricity across the globe and advancements in technology such as automation of power generation has enabled intelligent operations of power plants, with most of the operations of thermal power plants being controllable from a control room. Moreover, adverse effects on environment and rise in global warming have also led to the increased adoption of industrial automation, thereby boosting the growth of the overall market for power plant control systems.
Market overview
The global power plant control system market which was valued at USD 4.70 Billion in 2017 is predicted to be worth USD 6.22 Billion by 2022, growing at a CAGR of 5.78% during the forecast period from 2017 to 2022.
Based on solution, the DCS segment is projected to hold the largest market share by 2022, owing to the increasing capacity of coal-based thermal power plants in Asia-Pacific, global capacity of nuclear power plants, and large hydroelectric plants in South America. However, the SCADA segment is expected to witness the highest growth over the forecast period, mainly driven by the rising investments in large-scale renewable power projects where SCADA is being implemented excessively.
Based on plant type, the renewable segment is expected to account for the largest market share as well as grow at the highest CAGR in the coming years. This growth can be attributed to the global investment in the renewable energy sector and growing automation of the renewable energy power plants in Europe, Asia Pacific, and North America.
Among applications, the turbine and auxiliaries control segment is estimated to hold the largest market share, owing to the increase in the capacity addition of the wind power plant across the globe along with large investments in the capacity addition of thermal power plants in Asia Pacific. However, the generator excitation and electrical control segment is expected to witness the highest growth over the forecast period, driven by the increase in alternative energy programs in Europe, Asia Pacific, and North America.
How is the market progressing, globally?
The market for power plant control systems in Asia Pacific is expected to hold the largest market share from 2017 to 2022. Increasing consumption of energy, rising influx of renewable sources in the energy mix, and renovation, modernization, and upgradation of aging power plants are the major factors driving this market towards good growth ahead. Moreover, the growing investments in renewable energy are expected to boost the power generation plants, thereby, influencing the market growth in this region.
What is driving and restraining the market growth?
The global market for power plant control systems is being primarily driven by the following factors:
- Growing emphasis on alternative energy production worldwide
- Advancements in technology
- Increasing government initiatives toward adoption of industrial automation
- Increase in the buoyant power sector and augmented power generation capacities across the globe
Apart from these, Industry 4.0 revolution, rising demand for safety compliance automation products, and growing adoption of IoT for real-time decision making are the factors expected to further create an array of growth opportunities for this market.
On the downside, high capital investment and limited re-investment are the major restraints for the growth of this market. Moreover, lack of standardization of protocols and skilled personnel and automated cyber threats are the key challenges to be tackled by the major companies involved in this market.
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Major players and sustainability strategies adopted
The leading players operating in the global power plant control system market include ABB (Switzerland), GE (US), Siemens (Germany), Emerson (US) and Honeywell (US). These companies are adopting growth strategies, such as new product launches, expansions and investments, and mergers & acquisitions, out of which contracts & agreements was the most common strategy adopted by the leading players in this market in order to sustain in the market as well as increase their market shares.
