Power Plant Control System Market Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Power Plant Control System Market Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Power Plant Control System Market Market:

https://www.thebusinessresearchcompany.com/report/power-plant-control-system-market-global-market-report

According to The Business Research Company’s Power Plant Control System Market Global Market Report 2024, The power plant control system market size has grown strongly in recent years. It will grow from $7.34 billion in 2023 to $7.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to rise in power generation capacity, government regulations, aging infrastructure replacement, integration of renewable energy sources, grid modernization initiatives.

The power plant control system market size is expected to see strong growth in the next few years. It will grow to $9.64 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to decentralized energy systems, evolving energy storage solutions, global transition to renewable energy, remote monitoring and maintenance, electrification trends. Major trends in the forecast period include cybersecurity concerns, digitalization and industry 4.0, technological advancements, decentralized and distributed control systems, renewable energy integration.

An increasing number of renewable sources is expected to propel the growth of the power plant control system market going forward. Renewable sources refer to sources of energy that are naturally replenished on a human timescale and are considered environmentally sustainable. Power plant control systems are used in renewable sources for grid integration, optimizing operations and maintenance of power plants, increasing power production, and simplifying plant operations. For instance, in September 2022, according to the U.S. Energy Information Administration, a US-based statistical agency of the Department of Energy, in the first half of 2022, renewable sources accounted for 24% of U.S. utility-scale electricity generation, marking an increase from the 21% in 2021. Therefore, the increasing number of renewable sources is driving the growth of the power plant control system market going forward.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=13515&type=smp

The power plant control system market 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

Major companies operating in the power plant control system market are focused on developing innovative solutions, such as Experion Energy Control Systems, to meet the growing demand for reliable and efficient power generation. The Experion energy control system is a virtual power plant functionality system that is used for dispatching distributed energy resources. For instance, in May 2022, Honeywell International, Inc., a US-based multinational company, announced the launch of the ‘Experion Energy Control System. It helps to enable users to control a network of distributed energy resources (DERs) such as wind-generating units, storage systems, and solar farms through a centralized process. With the help of the solution, users may better manage and optimize their energy asset utilization in response to market conditions by tracking, predicting, and coordinating.

The power plant control system market market report table of contents includes: