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Global Power Plant Control System Market Study Analysis: Digital solutions such as the Industrial Internet of Things, and predictive maintenance will boost the market growth
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Global Power Plant Control System Market Drivers And Restrain:
The major factors that have impacted the growth of the Power Plant Control System including increasing demand for electricity due to increased consumption from industries and increasing demand from end-use industries owing to improve the efficiency of the power plants and among others.
Increasing demand for electricity:
The world is experiencing an increase in demand for electricity. Rapid industrialization and urbanization have surged electricity consumption, especially in emerging economies. According to International Energy Agency, South East Asia is witnessing a growth of 6% every year in electricity demand, and overall demand is expected to reach 60% by the year 2040. This is due to the rapid migration of people in the urban area and it is expected that around 120 million people will be concentrated in the urban area in the forecast period. This has raised the requirement for improving operating efficiency taking environmental health into account. The governments are taking initiatives to ensure a secure, affordable, and more sustainable pathway for the energy sector. The increased investments for infrastructure development of utility power plant is expected to drive the power plant control system market growth.
Increasing demand from end-use industries:
The installation of a power plant control system enhances plant efficiency and effectiveness. The demand from end-use industries has been increased to integrate their power plants with control systems. The power plant control systems enable intelligent functioning of the power plants and enable data screening and transmission thus, increasing the company’s profitability. The automation of the industries for reducing the operational costs and labor costs is a key factor of implementing the control systems by end-use industries. Furthermore, the industrial revolution, advancements in technologies, and government initiatives are expected to drive the power plant control system market.
The market is hampered by the requirement for reinvestment in power plant control systems and high lifetime costs In power plant control system solutions, there is a lack of standardization and compatibility.
Impact Of COVID-19 on the Power Plant Control System Market:
• Impact on Market Size
• End-User Trend, Preferences, and Budget Impact
• Regulatory Framework/Government Policies
• Key Players Strategy to Tackle Negative Impact
• Opportunity Window
Global Power Plant Control System Market Segments:
The global Power Plant Control System market is further segmented into solution, plant type, application, and geography.
By Solution: Supervisory Control and Data Acquisition, Programmable Logic Controller, Distributed Control System, Product Lifecycle Management, and Plant Asset Management
By Plant Type: Coal, Natural Gas, Hydroelectric, Nuclear Oil, and Renewable
By Application: Boiler, Turbine, Generator, Balance of Plant, and Reactor
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa and South America)
North America is expected to witness higher growth in the Power Plant Control System market due to growing industrialization and a rising gradual shift towards renewable energy sources for electricity generation. Asia- Pacific is anticipated to dominate the Power Plant Control System market owing to the increasing power consumption and rising adoption of renewable energy sources for energy generation. Moreover, renovation and modernizing programs for upgrading power plants are expected to fuel this market growth in the region.
Key Players of Global Power Plant Control System Market:
• ABB
• Siemens
• Honeywell
• GE
• Emerson
• Benchmarking
• Mitsubishi Heavy Industries
• Schneider Electric
• Rockwell Automation
• Toshiba International
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Key Questioned Answered Through The Report:
• The Impact of COVID-19 on the global market
• What are the potential opportunities for new entrants in the global market
• What is the market Size and Forecast from 2020 to 2028?
• Key Players associated with the global Power Plant Control System Market
• Value Chain Analysis of Global Power Plant Control System Market
• What is the CAGR of the global Power Plant Control System Market from 2021 to 2028
• Major Growth Factor, Challenges, Trends, and Opportunities in the global market
• Key outcomes of SWOT Analysis
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Evolve Business Intelligence is market research, business intelligence, and advising service that offers creative solutions to a company's problems. Data beneficial to micro, small, medium, and large-scale businesses can be found in our market research studies. We offer a wide range of services, from data collection to business consulting.
Evolve Business Intelligence is built on account of technology advancement and our in-house AI-modelled data analysis and forecast tool – EvolveBI – provides extremely accurate data. This application tracks real-time statistics from Fortune's Global 2000 firms, including quarterly performance, annual performance, and recent changes.
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