Press release
Power Plant Control System Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Power Plant Control System Market Trends Market Trends
As the number of renewable energy resources continues to rise, the power plant control system market is expected to experience significant growth. Renewable energy resources, which are both naturally restocked within a human lifespan and ecologically sustainable, rely on power plant control systems for a number of functions. These include integration with the power grid, power production enhancement, and simplification of operational and maintenance procedures towards power plants. For example, data from the U.S. Energy Information Administration in September 2022 indicated that renewable resources constituted 24% of all U.S. utility-scale electric power generation for the first half of 2022, up from 21% in 2021. The climbing prevalence of renewable energy resources thus indicates advancement within the power plant control system market. The power plant control system market also owes its progress to a surge in power consumption. The term "Power Consumption" defines the total electrical energy utilized by a device or system over a given duration. Power plant control systems ensure the effective flow of energy from production to utilization, focusing on maximising efficiency and reducing waste. The Energy Information Administration reported in December 2023 that US electric power consumption escalated to 4.07 trillion kWh in 2022, with an end-use consumption boost of 3.2% within the same year. Heightened power consumption therefore contributes to the further growth of the power plant control system market.
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What Is the projected market size and growth rate for the power plant control system market?
In recent times, the power plant control system market has witnessed considerable growth in its size. Projections indicate that it will expand from a market size of $7.82 billion in 2024 to $8.33 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.5%. Multiple factors have driven the growth during the historic period, ranging from increase in power generation capacity, governmental regulations, the need to replace aging infrastructure, to the inclusion of renewable energy sources and initiatives towards modernizing grids.
The market size of power plant control systems is projected to experience consistent expansion in the coming years, reaching a value of $10.1 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 4.9%. The growth during this foreseeable period could be linked to the emergence of decentralized energy systems, advancements in energy storage solutions, the worldwide shift towards renewable energy, as well as trends in remote monitoring, maintenance, and electrification. Key trends to watch for during this forecast period encompass issues related to cybersecurity, the transition towards digitalization and Industry 4.0, technological innovations, decentralized and distributed control systems, and the incorporation of renewable energy.
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What new trends are reshaping the power plant control system market and its opportunities?
Major corporations in the power plant control system industry are concentrating on the integration of automation technologies like hybrid power plant controllers to boost their market profitability. Hybrid power plant controllers, which are the nerve center of a hybrid power plant, are responsible for managing and optimizing the generation of power from a mix of renewable and traditional energy sources. One example is the GPM Hybrid PPC, a control system launched by Spain's GreenPowerMonitor in November 2023, which was specifically designed to manage power in hybrid plants combining photovoltaic (PV) and battery energy storage system (BESS) technologies. It smartly distributes power between PV and BESS, ensuring grid stability and boosting efficiency.
Innovations in Control Systems for Dependable and High-Performance Energy Generation
In the power plant control system market, key corporations are directing their efforts towards research and development of novel solutions like the Experion Energy Control Systems to cater to the increasing need for dependable and efficient power generation. This system, a virtual power plant functionality system, is employed to dispatch distributed energy resources. Honeywell International, Inc., a multinational company based in the US, announced the inauguration of the 'Experion Energy Control System' in May 2022, which allows users to oversee a network of distributed energy resources such as wind energy units, storage systems, and solar farms in a centralized manner. The solution assists users in managing and optimizing their energy asset usage based on market situations by monitoring, predicting, and coordinating.
What major market segments define the scope and growth of the power plant control system market?
The power plant control system market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Plant Type: Coal, Hydroelectric, Natural Gas, Nuclear, Renewables
3) By Solution: Supervisory Control & Data Acquisition (SCADA), Plant Asset Management (PAM), Distributed Control System (DCS), Programmable Logic Controller (PLC), Plant Lifecycle Management (PLM)
4) By Application: Boiler, Turbine, Generator, Reactor, Other Applications
Subsegments:
1) By Hardware: Distributed Control Systems (DCS), Programmable Logic Controllers (PLC), Supervisory Control And Data Acquisition (SCADA) Systems, Human-Machine Interface (HMI), Remote Terminal Units (RTU), Sensors And Actuators, Control Panels And Cabinets
2) By Software: SCADA Software, DCS Software, Plant Management Software, Asset Management Software, Data Analytics Software, Process Control Software, Energy Management Software
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Which region dominates the power plant control system market?
Asia-Pacific was the largest region in the power plant control system market in 2024. The regions covered in the power plant control system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the power plant control system industry growth?
Major companies operating in the power plant control system market report are 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.
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What Is Covered In The Power Plant Control System Global Market Report?
•Market Size Forecast: Examine the power plant control system market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the power plant control system market for a structured understanding.
•Key Players Overview: Analyze major players in the power plant control system market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the power plant control system market.
•Segment Contributions: Evaluate how different segments drive overall growth in the power plant control system market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the power plant control system market.
•Industry Challenges: Identify potential risks and obstacles affecting the power plant control system market.
•Competitive Landscape: Review strategic developments in the power plant control system market, including expansions, agreements, and new product launches.
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