Power Plant Control System Market – Market Upcoming Trend by Worldwide Industry Growth, Statistics, and Opportunities to 2022 : ABB, Siemens, Schneider Electric, Emerson, and GE
According to the new market research report “Power Plant Control System Market by Solution (SCADA, PLC, DCS), Application (Boiler, Turbine, Generator, Balance of Plant, Reactor), Component, Plant Type (Coal, Natural Gas, Hydroelectric, Nuclear, Oil, Renewables), and Region – Global Forecast to 2022“, the power plant control system market is projected to reach USD 6.22 billion by 2022, growing at a CAGR of 5.78%, from an estimated USD 4.70 billion in 2017. The growth of the power plant control system market is majorly driven by the increase in alternative energy programs, the increase in the buoyant power sector and augmented power generation capacities worldwide, and government initiatives toward industrial automation.
The Middle East is expected to be the fastest growing market for power plant control systems from 2017 to 2022. This region is undergoing rapid electricity infrastructure development to maintain the demand-supply balance. The United Arab Emirates, which is one of the largest revenue contributors to the region, is investing heavily in diversifying its energy mix including renewable sources. Qatar is set to host the FIFA World Cup 2022 and needs to upgrade its power infrastructure. This process of upgrade and capacity addition of power plants would create substantial opportunities for the suppliers of power plant control systems. Continued governmental investments in the economic and infrastructure growth are expected to boost the Middle Eastern power plant control system market.
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The market in Saudi Arabia is expected to be the fastest growing market in the Middle East for power plant control systems, during the forecast period. The government of Saudi Arabia is planning to restructure the country’s electricity network and has proposed to increase its electricity generating capacity to 120 GW, by 2032 to meet the rapidly growing electricity demand. The Saudi Electricity Company (SEC) plans to reduce its electricity generation from crude oil by switching to natural gas. The country also plans to add 41 GW of solar power, 18 GW of nuclear power, and 4 GW from other renewable sources to increase its generation capacity. The “Saudi Arabia’s Vision 2030” plans to produce 9.5 GW of its power from renewable sources in the coming six years. To drive the plan the country strategize to set up 30 solar and wind projects by 2023 with the total expected investment between USD 30 to 50 billion. Thus, increasing investments in the renewable energy sector are likely to enhance the power plant control system market in Saudi Arabia.
The report segments the power plant control system market, by solution, into Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS), Programmable Logic Controller (PLC), Plant Asset Management (PAM), and Plant Lifecycle Management (PLM). The SCADA segment is expected to grow at the highest CAGR during the forecast period owing to the increasing investments in large-scale renewable power projects where SCADA systems are implemented excessively.
The power plant control system market, by component, is segmented into hardware, software, and services. The hardware segment has been further classified into controller, input-output devices, workstations, and networking hardware. The hardware segment is expected to grow at the highest CAGR during the forecast period. This segment is primarily driven by controllers which is an important module of the hardware segment and implemented in all industrial equipment of the power plants.
The power plant control system market, by plant type, is segmented into the coal-based power plant, nuclear power plant, hydroelectric power plant, natural gas-based power plant, oil-based power plant, solar power plant, wind power plant, and biofuel power plant. The solar power plant segment is expected to grow at the highest CAGR during the forecast period due to large investments in commercial-scale solar power projects in the Middle East and Asia Pacific.
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The power plant control system market, by application, is segmented into boiler and auxiliaries control, turbine and auxiliaries control, generator excitation and electrical control, and others. The others segment includes rod control, reactor control, and balance of plant control. The generator excitation and electrical control segment is expected to grow at the highest CAGR during the forecast period owing to the strict grid code across all countries where power injected to the grid is maintained by the generator and electrical control system.
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