Global Energy and Power Automation Market is projected to reach the value of $66.21 billion by 2030

According to the report published by Virtue Market Research, in 2022, the Global Energy and Power Automation Market was valued at $40.61 billion and is projected to reach a market size of $66.21 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 6.3%.

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The Energy and Power Automation Market has been on an upward trend for the past few years, and it is expected to continue to grow over the next decade. One long-term market driver that is contributing to this growth is the increasing demand for renewable energy sources. With the growing concern over climate change and the negative impact of traditional energy sources on the environment, many countries and organizations are investing heavily in renewable energy sources such as solar, wind, and hydro power.

The COVID-19 pandemic has had a significant impact on the Energy and Power Automation Market. The pandemic has disrupted global supply chains, and many manufacturers have had to shut down their operations temporarily. However, the pandemic has also highlighted the importance of automation in the energy and power sector. With social distancing measures in place, there has been an increased demand for automation solutions to maintain business continuity. This has led to an acceleration in the adoption of automation technologies in the industry.

In addition to the long-term market driver and the COVID-19 impact, there are several short-term market drivers that are contributing to the growth of the Energy and Power Automation Market. One short-term market driver is the increasing demand for energy-efficient solutions. With the rising cost of energy, many companies are looking for ways to reduce their energy consumption and lower their operating costs. Automation technologies such as smart grid systems, energy management systems, and building automation systems can help companies to achieve these goals.

An opportunity that is emerging in the Energy and Power Automation Market is the increasing adoption of Industrial Internet of Things (IIoT) technologies. IIoT technologies can help energy and power companies to optimize their operations, reduce downtime, and improve productivity. With the increasing availability of low-cost sensors and connectivity solutions, it is becoming easier for companies to implement IIoT solutions in their operations.

One trend that is observed in the Energy and Power Automation Market is the shift towards decentralized power generation. With the increasing adoption of renewable energy sources such as solar and wind power, there is a growing need for decentralized power generation solutions. Decentralized power generation solutions can help to reduce the reliance on traditional centralized power plants and improve the resilience of the power grid.

Segmentation Analysis:
The Global Energy and Power Automation Market segmentation includes:
By Offering: Hardware, Software, Services
When it comes to offering, the Energy and Power Automation Market is divided into three categories: hardware, software, and services. The largest segment in this category is hardware, which includes equipment such as sensors, meters, and controllers that are used to monitor and control energy consumption. During the forecast period, hardware is expected to continue to be the fastest-growing segment in the Energy and Power Automation Market. This is due to the increasing demand for energy-efficient solutions and the need to reduce operating costs

By Components: IEDs, Communication Networks, SCADA Systems, Others
The Energy and Power Automation Market is also segmented by components, which include Intelligent Electronic Devices (IEDs), communication networks, Supervisory Control and Data Acquisition (SCADA) systems, and others. IEDs are the largest segment in this category, accounting for a significant portion of the overall market. IEDs are used to collect and process data from energy systems, and they are an essential component of energy and power automation solutions. During the forecast period, the fastest-growing segment in this category is expected to be SCADA systems. SCADA systems are used to monitor and control energy systems remotely, and they are increasingly being adopted by companies in the Energy and Power Automation Market.

By Installation: New Installations, Retrofit Installations
The Energy and Power Automation Market is also segmented by installation, which includes new installations and retrofit installations. New installations are the largest segment in this category, accounting for the majority of the market. New installations are required when a company is building a new facility or when it is expanding an existing one. During the forecast period, new installations are expected to continue to be the fastest-growing segment in the Energy and Power Automation Market. This is due to the increasing demand for energy-efficient solutions and the need to reduce operating costs.

By End-User: Utilities, Steel Industry, Oil & Gas Industry, Mining Industry, Transportation Industry, Others
The Energy and Power Automation Market is a dynamic and rapidly expanding industry that serves a diverse range of end-users. The market is segmented by end-users, with each segment serving a specific industry or sector. The largest segment in this category is utilities, while the fastest-growing segment during the forecast period is also utilities.

The utilities segment is the largest in the Energy and Power Automation Market, serving companies that generate and distribute electricity, gas, and water. Utilities companies are major consumers of energy and power automation solutions, as they need to manage large-scale energy production and distribution systems. The utilities segment is expected to continue to be the largest segment in the Energy and Power Automation Market during the forecast period, driven by the increasing demand for renewable energy sources and the need to reduce energy consumption.

Another significant segment in the Energy and Power Automation Market is the steel industry. The steel industry is a major consumer of energy and power automation solutions, as it requires large amounts of energy to operate its facilities. Energy and power automation solutions are used to optimize steel production processes, reduce energy consumption, and improve operational efficiency.

The oil and gas industry is another major segment in the Energy and Power Automation Market. The oil and gas industry is highly energy-intensive and requires complex automation solutions to optimize production processes, reduce energy consumption, and improve safety. Energy and power automation solutions are used in oil and gas production, transportation, and refining processes.

The mining industry is also a significant segment in the Energy and Power Automation Market. The mining industry is highly energy-intensive and requires specialized automation solutions to optimize mining processes, reduce energy consumption, and improve safety. Energy and power automation solutions are used in various mining applications, including excavation, drilling, and transportation.

The transportation industry is another segment in the Energy and Power Automation Market, serving companies that operate transportation systems such as railways, airports, and seaports. Energy and power automation solutions are used to optimize transportation systems, reduce energy consumption, and improve safety.

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Regional Analysis:
Asia-Pacific region is the largest segment in the Energy and Power Automation Market. The Asia-Pacific region includes countries such as China, India, and Japan, which are major consumers of energy and power automation solutions. The region is home to some of the world's largest utilities, steel, oil and gas, and mining companies, which are major consumers of energy and power automation solutions. The Asia-Pacific region is expected to continue to be the largest segment in the Energy and Power Automation Market during the forecast period, driven by the increasing demand for energy-efficient solutions and the need to reduce operating costs.

North America is a second major market for energy and power automation solutions, serving some of the world's largest utilities and oil and gas companies. Europe is also a significant market for energy and power automation solutions, driven by the increasing demand for renewable energy sources and the need to reduce energy consumption. The Rest of the World includes regions such as the Middle East, Africa, and Latin America, which are emerging markets for energy and power automation solutions.

Latest Industry Developments:
• In March 2021, Siemens announced the acquisition of C&S Electric, an Indian company specializing in electrical equipment and automation solutions. The acquisition expands Siemens' presence in the Indian market and strengthens its position in the energy and power automation sector.

• In January 2021, Schneider Electric announced the launch of EcoStruxure Automation Expert, a software solution designed to simplify and optimize industrial automation. The solution combines advanced analytics, machine learning, and augmented reality to provide a comprehensive automation platform for industrial customers12.

• In September 2020, ABB announced the acquisition of Codian Robotics, a Dutch robotics company specializing in delta robots for high-precision pick and place applications. The acquisition strengthens ABB's position in the robotics market and expands its offering in the automation sector

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