Dublin, Sept. 14, 2020 (GLOBE NEWSWIRE) -- The "Power Plant Control System Market -By Application, By Plant Type, and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global Power Plant Control System market is likely to accrue earnings worth approximately 7.95 (USD Billion) by 2025 and is set to record a CAGR of about 6% over the period from 2020 to 2026.
The report offers assessment and analysis of the Power Plant Control System market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Introduction
To control power plants has become a necessity in the modern age of automation and hence there is a growing significance of power plant control systems. These systems regulate the operations or functioning of electric auxiliaries for grid connectivity, auxiliary transformers, unit transformers, generator protection, switchgear, and excitation.
Furthermore, escalating demand for power supply globally will boost the need for operating efficiency of the power units, thereby enhancing the popularity of power plant control systems. In addition to this, growing environmental consciousness and global warming issues will result in massive need for power plant efficacy, thereby culminating in huge popularity of power plant control systems in the coming years.
Market Growth Dynamics
Increased need for new energy sources and inception of industry 4.0 are likely to drive the market trends. Additionally, favorable government schemes supporting the acceptance of industrial automation will propel the market demand over the coming decade. Furthermore, Industrial IoT and real-time decision making systems are projected to generate new growth avenues for power plant control system market over the years ahead.
Moreover, growing issues in power generation as well as transmission or distribution of electricity will embellish the growth rate of power plant control system industry over the forthcoming years. Most prominently, mechanization & breakthroughs in power generating techniques has facilitated smart operations of power units, thereby accentuating the business growth over the years ahead. Rapid expansion of power sector and growing demand for power plant control systems by autonomous power producers will carve a profitable growth map for the market over the ensuing years.
Asia Pacific to Steer Overall Market Surge During Forecast Time-Line
The regional market expansion over the estimated timeline is credited to rise in the population resulting in massive power usage, increase in the outages, and growing need for upgradation of old power units in the emerging economies like India and Vietnam. Additionally, growing renewable energy trends and refurbishment activities in power plants will steer the regional market trends.
Key players profiled in the report include Emerson, ABB, Siemens, GE, and Honeywell Systems.
For more information about this report visit https://www.researchandmarkets.com/r/o454ck
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