Press release
Automation In Combined Heat and Power Market - Huge Growth Opportunities & Expansion till 2030
The global automation in combined heat and power market size was valued at $12.53 billion in 2020, and is projected to reach $24.12 billion by 2030, registering a CAGR of 7.1%. Asia-Pacific is expected to be the leading contributor toward automation in combined heat and power market during the forecast period, followed by LAMEA and North America.Combined heat and power automation boost performance, lower environmental loads, raise energy efficiency, and minimize the use of raw materials. It is also used to calculate, measure, estimate & monitor the production efficiency, direct costs, lifetime costs, and emissions of CHP plants. Automation enables the plant to control & optimize its operations correspondingly.
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Growth of the global automation in combined heat and power market is anticipated to be driven by factors such as emphasis on industrial automation & optimum utilization of resources, and adoption of emerging technologies such as IoT and AI in industrial environments. In addition, emergence of the concept of connected enterprises boosts the overall market growth. However, lack of awareness among small scale industries acts as a major restraint for the global automation in combined heat and power industry. On the contrary, surge in demand from Asia-Pacific region is expected to create lucrative opportunities for the automation in combined heat and power market growth.
Moreover, developing nations tend to witness high penetration of automation in combined heat and power products, especially in commercial sectors, which is anticipated to augment the market growth. Factors such as rise in adoption of energy efficient products accelerate the market growth.
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The global automation in combined heat and power market is segmented on the basis of component, control and safety system, and region. By component, the market is classified into sensors, controllers, switches & relays, drives, and others. Depending on control and safety system, market is categorized into distributed control system, supervisory control & data acquisition system, systems instrumented systems, programmable logic controller, and human machine interface. The automation in combined heat and power market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
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Region wise, the automation in combined heat and power market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2020. However, between 2020 and 2030, the automation in combined heat and power market analysis in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from emerging economical countries such as India, China, Japan, Taiwan, and South Korea.
The key players profiled in the report include ABB Ltd, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation, Inc., Schneider Electric S.E., Siemens AG, Valmet, and Yokogawa Electric Corporation. These players have adopted various strategies such as collaboration, and product launch to strengthen their foothold in the industry.
Key Findings of the Study
• The controllers segment is projected to be the major component, followed by sensors.
• By region, Asia-Pacific and North America collectively accounted for more than 62% of the automation in combined heat and power market share in 2020.
• India is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in the North America Automation in Combined Heat and Power market, accounting for approximately 54% share in 2020.
• Depending on control and safety system, the supervisory control and data acquisition system (SCADA) segment generated the highest revenue in 2020. However, the programmable logic controller (PLC) segment is expected to witness the highest growth rate in the future.
• Region wise, the automation in combined heat and power market was dominated by Europe. However, Asia-Pacific is expected to witness significant growth in the coming years.
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