Rapid Growth Expected: Automatic Generation Control Market to Hit $16.57B by 2028 with 10.5% CAGR

The automatic generation control market size has grown strongly in recent years. It will grow from $10.87 billion in 2023 to $12.01 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to load fluctuations, renewable energy integration, interconnection of grids, demand response programs, generation outages.

The automatic generation control market size is expected to see rapid growth in the next few years. It will grow to $16.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to increased penetration of distributed energy resources, electric vehicles (EVs) integration, increasing integration of energy markets, and cybersecurity concerns. Major trends in the forecast period include deployment of edge computing, integration of blockchain technology, expansion of virtual power plants (VPPs), emergence of grid-interactive buildings, adoption of multi-agent systems (MAS).

Market Overview -
Automatic generation control (AGC) refers to a significant control process in power systems that operates continuously to balance generation and load at a minimum cost. It is used to regulate the power output of generators in real time to match the constantly changing demand while ensuring system stability and reliability.

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Rising Electricity Demand Fuels Growth of Automatic Generation Control Market
The rising electricity demand is expected to propel the growth of the automatic generation control markets going forward. Electricity refers to the physical phenomena associated with the presence and flow of electric charge. It is a form of energy resulting from the movement of electrons through conductive materials such as wires or circuits. The electricity demand is rising due to population growth, urbanization, economic development, and technological advancements. Automatic generation control (AGC) is used in electricity systems to optimize the operation of power systems, minimize energy imbalances, and ensure a reliable supply of electricity to consumers. For instance, in 2022, according to the data published by Our World in Data, a UK-based scientific online publication organization, US electricity demand increased from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) in 2022. Therefore, rising electricity demand is driving the growth of the automatic generation control market.

Competitive Landscape -
Major companies operating in the automatic generation control market are Hitachi Ltd., Siemens AG, GE-Alstom Grid LLC, General Electric Co., Mitsubishi Electric Corp., Schneider Electric SE, Honeywell International Inc., ASEA Brown Boveri Ltd., Larsen and Toubro Ltd., Emerson Electric Co., ANDRITZ AG, Rockwell Automation Inc., Wartsila Corp., ENERCON GmbH, Regal-Beloit Corporation, Hubbell Inc., Voith Group, Yokogawa Electric Corp., Woodward Inc., OSI Systems Inc., Schweitzer Engineering Laboratories Inc., DEIF A/S, Maverick Technologies LLC, ETAP Operation Technology Inc., Suzlon Energy Ltd.

Honeywell Launches Advanced Control For Buildings Platform
Major companies operating in the automatic generation control market are focusing on developing innovative solutions, such as advanced control for buildings, to gain a competitive edge in the market. The advanced control system for buildings is a sophisticated and intelligent system that regulates various aspects of building operations, such as heating, ventilation, air conditioning (HVAC), lighting, security, and energy management. For instance, in January 2024, Honeywell International Inc., a US-based technology company, launched Advanced Control for Buildings. This groundbreaking platform integrates advanced cybersecurity, faster network speeds, and innovative technology to revolutionize building management. This platform is designed to automate building operations, enhance energy efficiency, and address building managers' challenges in optimizing safety, operational efficiency, and energy efficiency. This feature aims to transform building management and improve energy efficiency. Additionally, it integrates automation and machine learning to streamline operations, featuring built-in cybersecurity and technology that enables faster network speeds using existing wiring.

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Key Segments -
The automatic generation control market covered in this report is segmented -
1) By Type: Turbine Governor Control, Load Frequency Control
2) By Component: Hardware, Software, Services
3) By Application: Hydro Power Plant, Thermal Power Plant, Nuclear Power Plant, Solar Power Plant, Wind Power Plant

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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