Press release
Power Plant Control System Market on Track for Strong Growth, Estimated to Grow at 4.9% CAGR Through 2029
Power Plant Control System Market
What Is the Expected CAGR for the Power Plant Control System Market Through 2025?
The market size for power plant control systems has experienced substantial growth in the recent past. The market is projected to escalate from $7.82 billion in 2024 to $8.33 billion in 2025, representing a compound annual growth rate (CAGR) of 6.5%. This noticeable growth during the historical period is primarily due to the increase in power generation capacity, governmental regulations, the need to replace aging infrastructure, integration of renewable energy resources, and initiatives for grid modernization.
What's the Projected Size of the Global Power Plant Control System Market by 2029?
In the coming years, the market size of the power plant control system is expected to witness a stable increase. It is projected to reach $10.1 billion in 2029, growing at a compound annual growth rate (CAGR) of 4.9%. This growth during the forecast period is likely due to elements such as decentralized energy systems, advancements in energy storage solutions, the global shift to renewable energy, and trends involving remote monitoring and maintenance along with electrification. Dominant trends during this forecast period are expected to center around issues of cybersecurity, digitalization, and industry 4.0, technological progressions, along with the development of decentralized and distributed control systems, and the integration of renewable energy.
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Top Growth Drivers in the Power Plant Control System Industry: What's Accelerating the Market?
The upward trend in renewable energy sources is anticipated to steer the power plant control system market towards growth. These renewable sources are energy sources that naturally regenerate over human timespans and are deemed eco-friendly. Power plant control systems assist renewable sources in meshing with the grid, augmenting power plant operations and maintenance, increasing power output, and simplifying plant functions. As an illustration, the U.S. Energy Information Administration reported in September 2022 that 24% of U.S. utility-scale electricity generation was attributed to renewable sources in the first half of 2022, a jump from the 21% recorded in 2021. Hence, this rise in renewable energy sources fuels the advancement of the power plant control system market. The Power Plant Control System Market is being driven by increasing power consumption, leading to its growth. Power consumption simply means the quantity of electric power used by a system or device over a given period. To ensure efficient energy flow from generation to consumption and reduce waste, power plant control systems are implemented. As an example, the Energy Information Administration, a US government energy agency, reported that in December 2023, electricity consumption in the US rose to 4.07 trillion kWh in 2022, and total end-use electricity consumption in the US grew by 3.2% in 2022. Thus, the growth of the power plant control system market is boosted by the surge in power consumption.
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What Trends Will Shape the Power Plant Control System Market Through 2029 and Beyond?
Leading corporations in the power plant control system market are centering their efforts on power plant automation, including hybrid power plant controllers, with the aim of enhancing their market profitability. The controller of a hybrid power plant acts as the epicenter, handling and refining the power produced from a mix of renewable and non-renewable sources. For illustration, GreenPowerMonitor, a company based in Spain that offers monitoring, control, and asset management solutions, introduced GPM Hybrid PPC in November 2023. It is a system developed exclusively for controlling power in hybrid plants that pair photovoltaic (PV) and battery energy storage system (BESS) technologies. The GPM Hybrid PPC solution smartly balances power between PV and BESS, ensuring grid stability and high efficiency.
Inventive Control Systems for Trustworthy and Effective Power Production
Key players in the power plant control system market are driving their focus towards creating ground-breaking solutions such as Experion Energy Control Systems to cater to the escalating need for dependable and effective power generation. Experion energy control system is a virtual power plant functionality system instrumental in dispatching distributed energy resources. For instance, US-based multinational corporation, Honeywell International, Inc., launched the 'Experion Energy Control System' in May 2022. This system enables users to regulate a network of distributed energy resources (DERs) like wind energy units, storage systems, and solar farms through a centralized process. By leveraging this solution, users are able to manage and optimize their energy asset use more effectively in line with market conditions, through tracking, predicting, and coordinating mechanisms.
What Are the Main Segments in 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 Top Companies are Driving Growth in the Power Plant Control System Market?
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.
Which Regions Will Dominate the Power Plant Control System Market Through 2029?
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.
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