Power Plant Control System Market is expected to reach USD XX Billion by 2027 from USD 5.20 Billion in 2019 at a CAGR of XX% (Detailed analysis of the market CAGR is provided in the report)
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Increasing demand for electricity around the world and particularly in emerging economies, there is a need to raise operating efficiency and operate power plants in a way that takes account of the environment.
The DCS segment is expected to form one of the major contributors to the Power Plant Control System Market. There is increasing capacity of coal-based thermal power plants in the Asia Pacific (APAC), large capacity of nuclear power plants and large hydroelectric plants in Latin America is expected to drive the market for DCS in the power plant control system market. The Power Plant Control System Market based on plant type has been segmented into coal, nuclear, hydroelectric, oil, natural gas, and renewables power plants. The renewables segment is expected to hold one of the largest market shares for power plant control systems market. This growth is attributed to the global investment in the renewable energy sector and rise in automation of the renewable energy power plants in Europe, The APAC, and North America.
Geographically, APAC is expected to be one of the largest markets for power plant control system. High growth in the APAC region can be attributed to increasing in power consumption, modernization across countries like India and China that is further driving the overall market growth.