According to a new report published by Allied Market Research, titled, “Global power plant control system market by component, solution, application, plant type, and region: Global Opportunity Analysis and Industry Forecast, 2020-2030,” global 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.
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, rise in population led to an increase in the demand for electricity which increased the demand for power plant control system market. Moreover, rapidly increasing industrialization also led increase in the pulp & paper mills, sugar mill, power plants, power grids thereby increasing the demand for power plant control system market throughout the forecast period.
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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 the restraining factors for the market growth.
The power plant control system industry is segmented on the basis of component, plant type, application, solution, and region. On the basis of component, the power plant control system market is categorized into hardware, software and services. On the basis of plant type, it is divided into coal, oil, natural gas, nuclear, hydroelectric, renewables and others. On the basis of application, it is categorized into boiler & auxiliaries’ control, generator excitation & electrical control, turbine & auxiliaries control system and others). On the basis of 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.
The major companies profiled in this report include ABB, Emerson, Endress+Hauser, General Electric, Hitachi, Mitsubishi Electric, Omron, Rockwell, Schneider Electric, and Siemens. Additional growth strategies such as acquisition and partnership, are also adopted to attain key developments in the power plant control system market trends.
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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.
On the basis of solution, the Distributed Control System (DCS) segment holds the largest market share in 2020 in terms of value.
On the basis of application, the turbine & auxiliaries control system segment is anticipated to witness the highest market share in terms of revenue during the forecast period.
On the basis of plant type, the coal segment is anticipated to witness the highest market share in terms of revenue during the forecast period.
Impact Of Covid-19 On The Global Power Plant Control System Market
COVID-19 has impacted various industries due to shut down of different industrial operations and disrupted supply chain. Maximum companies halted their operation due to less workforce.
Furthermore, import and export activities were significantly impacted, which, hampered the industries that used power plant control system and as a result affected the power plant control system market.
The automotive, glass and gas industry has been negatively impacted by the lockdown imposed due to the COVID-19 outbreak. This has further declined the power plant control system demand due to disrupted supply chain.
Thus, the abovementioned factors are expected to have negative impact on the development of global power plant control system market growth during the pandemic period.
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