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power plant control system market
Power Plant Control System Market to Witness Robust Expansion throughout the Forecast Period (2021 –2030)
Urbanization, industrialization, and oil & gas demand fuel power plant control system market growth. Gas infrastructure expansion opens new opportunities.” - Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, April 24, 2024 /EINPresswire / -- Power plant control system plays a vital role in power plants, oil & gas, and heavy industries. The power plant controllers are growing at an exponential rate due to rising power plants' extensive use of automation in industries. In addition, rising demand for natural gas is expected to act as the major driving factor for the market in the years to come. The power plant control system market size was valued at $7.3 billion in 2020 and is projected to reach $10.4 billion by 2030, growing at a CAGR of 3.6% from 2020 to 2030.
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Power plant control system are the systems used to regulate, monitor, and control power plants. Power plant control systems can be categorized based on systems which include automatic and manual. Automatic operation or automatic control system means that electrical devices are part of automatic control sequences executed in an automation controller. This requirement applies only to those devices that interact with process control. In addition, software such as SCADA, and DCS are the part of automatic control system. Moreover, the manual control system includes an excitation system, switchgear, and others.
Furthermore, control systems play an important role in power stations such as APC which controls the amount of fuel, water, and air supplied to the boiler, and SQC which controls the start and stop of the plant. Power plant control systems are also used in the oil & gas industry, heavy industries, and many other mechanical industries.
The rapid expansion of cities led to an increase in the demand for pipeline natural gas (PNG) which increased the demand for SCADA thereby acting as the major driving factor for the market. Furthermore, the rise in population led to an increase in the electricity demand which increased the demand for the power plant control system market. Moreover, rapidly increasing industrialization also led increase in the pulp & paper mills, sugar mills, power plants, and power grids thereby increasing the demand for the power plant control system market throughout the forecast period.
The setting up of power plants and sub-stations requires huge capital investment for the installation of equipment and software, as well as training. Furthermore, some of the plants are installed in remote locations for maintaining and controlling the systems, as well as for gathering real-time data. However, huge capital investment and special training act as restraining factors for market growth.
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The power plant control system industry is segmented based on component, plant type, application, solution, and region.
Based on components, the power plant control system market is categorized into hardware, software, and services. Based on plant type, it is divided into coal, oil, natural gas, nuclear, hydroelectric, renewables, and others. Based on application, it is categorized into boiler & auxiliaries' control, generator excitation & electrical control, turbine & auxiliaries control system, and others). Based on the solution, it is categorized into supervisory control & data acquisition, plant asset management, distributed control system, programmable logic controller, and plant lifecycle management. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competitive Analysis:
The Power Plant Control System industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Power Plant Control System market include,
Schneider Electric
Endress+Hauser
Omron, Rockwell
Emerson
Mitsubishi Electric
Hitachi
ABB
Siemens
General Electric
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Key findings of the study:
- By region, Asia-Pacific accounted for the largest market share in 2020 in terms of volume
- As per global power plant control system market analysis, by component, the hardware segment accounted for the largest market share in 2020.
- Based on the solution, the Distributed Control System (DCS) segment holds the largest market share in 2020 in terms of value.
- Based on application, the turbine & auxiliaries control system segment is anticipated to witness the highest market share in terms of revenue during the forecast period.
- Based on plant type, the coal segment is anticipated to witness the highest market share in terms of revenue during the forecast period.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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Allied Market Research
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