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Power Plant Control System Market Growth Analysis: Trends, Share, and Strategic Outlook Report to 2033
Power Plant Control System Market Growth
According to The Business Research Company's, the power plant control system market size has grown strongly in recent years. It will grow from $7.34 billion in 2023 to $7.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to rise in power generation capacity, government regulations, aging infrastructure replacement, integration of renewable energy sources, grid modernization initiatives.
The power plant control system market size is expected to see strong growth in the next few years. It will grow to $9.64 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to decentralized energy systems, evolving energy storage solutions, global transition to renewable energy, remote monitoring and maintenance, electrification trends. Major trends in the forecast period include cybersecurity concerns, digitalization and industry 4.0, technological advancements, decentralized and distributed control systems, renewable energy integration.
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Market Drivers and Trends:
An increasing number of renewable sources is expected to propel the growth of the power plant control system market going forward. Renewable sources refer to sources of energy that are naturally replenished on a human timescale and are considered environmentally sustainable. Power plant control systems are used in renewable sources for grid integration, optimizing operations and maintenance of power plants, increasing power production, and simplifying plant operations. For instance, in September 2022, according to the U.S. Energy Information Administration, a US-based statistical agency of the Department of Energy, in the first half of 2022, renewable sources accounted for 24% of U.S. utility-scale electricity generation, marking an increase from the 21% in 2021. Therefore, the increasing number of renewable sources is driving the growth of the power plant control system market going forward.
Major companies operating in the power plant control system market are focused on developing innovative solutions, such as Experion Energy Control Systems, to meet the growing demand for reliable and efficient power generation. The Experion energy control system is a virtual power plant functionality system that is used for dispatching distributed energy resources. For instance, in May 2022, Honeywell International, Inc., a US-based multinational company, announced the launch of the 'Experion Energy Control System. It helps to enable users to control a network of distributed energy resources (DERs) such as wind-generating units, storage systems, and solar farms through a centralized process. With the help of the solution, users may better manage and optimize their energy asset utilization in response to market conditions by tracking, predicting, and coordinating.
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Major Key Players of the Market:
Hitachi Ltd., General Electric Company, Schneider Electric SE, Siemens Energy AG, Mitsubishi Electric Corporation, ABB Ltd., Toshiba Corporation, Eaton Corporation Plc, Emerson Electric Co., Motorola Solutions Inc., Andritz AG, Rockwell Automation Inc, OMRON Corporation, Wärtsilä Corporation, Valmet-Rauma Corporation, Voith Group, Indra Sistemas SA , Woodward Inc., AVEVA Group plc, Ingeteam Power Technology SA, WAGO Klemmenwerk GmbH, Bachmann electronic GmbH, Efacec Power Solutions, S.A. , L&T Electrical & Automation Ltd, Bentek Systems Ltd, Yokogawa Electric Corporation, Mita-Teknik A/S, Inductive Automation LLC, meteocontrol GmbH, ETAP - Operation Technology, Inc.
Power Plant Control System Market Market 2024 Key Insights:
• The power plant control system market market is expected to grow to $9.64 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Renewable Energy Expansion Drives Growth in Power Plant Control System Market
• Innovative Control Systems For Reliable And Efficient Energy Generation
• Asia-Pacific was the largest region in the power plant control system market in 2023
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