Power Plant Control System Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 8.46 Billion |
| Market Size (2029) | USD 10.64 Billion |
| CAGR (2024 - 2029) | 4.69 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Power Plant Control System Market Analysis
The Power Plant Control System Market size is estimated at USD 8.46 billion in 2024, and is expected to reach USD 10.64 billion by 2029, growing at a CAGR of 4.69% during the forecast period (2024-2029).
- An increase in power consumption, the rising influx of renewable sources in the energy mix, and renovation, modernization, and upgradation of aging power plants are expected to drive the market during the forecast period.
- On the other hand, the growing dependency on distributed energy development will likely restrain the growth of the power plant control system market in the coming years.
- Nevertheless, the focus has increased on the adoption of automation technologies in the power sector to increase productivity and efficiency. As a result, the upgradation of existing facilities will likely create an excellent opportunity for the power plant control systems market in the future.
- Asia-Pacific has dominated the power plant control system market in recent years. The region is expected to witness significant market growth during the forecast period, with the majority of demand coming from China and India.
Power Plant Control System Market Trends
The Renewables Sector is Expected to Dominate the Market
- The renewable sector is expected to witness significant growth during the forecast period due to the rising share of renewables in total electricity generation, an increasing number of utility-sized renewable projects, and increasing demand for clean energy.
- The global solar energy capacity grew from 180.75 GW in 2014 to 1418.96 GW in 2023, and wind energy capacity grew from 349.41 GW in 2014 to 1017.19 GW in 2023. Most of this capacity was added in the form of utility-scale wind and solar farms, all of which use power plant control systems.
- Another factor contributing to the growth of the renewable sector is the significant drop in the CAPEX required for setting up renewable projects like wind and solar. For example, solar photovoltaic (PV) module costs have plummeted by around 99% in the last four decades. The costs are expected to continue to decline during the forecast period due to advancements in solar panel production technologies and mass production of solar panels. The same trend is being witnessed in the cost of wind turbines.
- Increasing demand for clean energy is one of the primary drivers for the renewable sector, as well as for power plant control systems. According to the International Renewable Energy Agency, in 2023, the total renewable energy installed capacity accounted for 3869.7 GW, an annual growth rate of 13.9% compared to the previous year. As governments worldwide focus more on installing greener energy projects, the capacity is expected to grow further during the forecast period.
- In September 2023, the European Union awarded a EUR 40 million fund, including eight solar PV projects with a total capacity of 282.77 MW. The European Commission announced its plans to start the next round of discussions with EU countries in view of launching the second tender in 2024.
- Therefore, the renewable sector is expected to grow due to the increasing demand for clean energy, which may also boost the growth of the power plant control system market.
Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific is one of the fastest-growing regions in the world due to its increasing population and rising urbanization and industrialization. As a result, the demand for a guaranteed power supply is high. To address this demand, many countries in the region are investing in various power generation plants and increasing their efficiency.
- As per the Global Energy Monitor report, China accounted for 95% of the world’s new coal power construction activity in 2023. Approximately 47.4GW of coal power capacity was installed in 2023, with an increase accounting for two-thirds of the global rise in operating coal power capacity.
- The region is also increasing its footprint in nuclear power, which may drive the demand for power plant control systems. For instance, in April 2024, the first digital control system was installed at Linglong One. It is a small modular reactor demonstration project that is being built at the Changjiang nuclear power plant in Hainan Province.
- The renewable energy sector is also witnessing significant growth, which is expected to boost the demand for power plant control systems in the region. According to the International Renewable Energy Agency, in 2023, the total renewable energy installed capacity in Asia accounted for 1961.09 GW, an annual growth rate of 20% compared to the previous year.
- These factors are expected to propel the demand for power plant control systems in the region during the forecast period.
Power Plant Control System Industry Overview
The power plant control system market is partially fragmented. Some of the key players in this market include (in no particular order) ABB Ltd, General Electric Company, Honeywell International Inc., Emerson Electric Co., and Siemens AG.
Power Plant Control System Market Leaders
ABB Ltd
General Electric Company
Honeywell International Inc.
Emerson Electric Co.
Siemens AG
*Disclaimer: Major Players sorted in no particular order
Power Plant Control System Market News
- February 2024: Salzburg AG für Energie, Verkehr und Telekommunikation, an energy and infrastructure service provider in Salzburg and Upper Austria, selected ABB to upgrade the gas turbine control system at its HKW Mitte plant. This upgrade aims to improve productivity and enhance asset lifecycle and reliability.
- November 2023: GreenPowerMonitor, a DNV Company, launched a new Hybrid Power Plant Controller. The control system combines the quality to control both PV and BESS, combining PV's strictly one-directional power with the storage flexibility of BESS.
Power Plant Control System Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2029
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.4.1 Drivers
4.4.1.1 The Rising Influx of Renewable Sources in the Energy Mix
4.4.1.2 Upgradation of Aging Power Plants
4.4.2 Restraints
4.4.2.1 The Growing Dependency on Distributed Energy Development
4.5 Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes Products and Services
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Solution (Qualitative Analysis)
5.1.1 Supervisory Control and Data Acquisition (SCADA)
5.1.2 Programmable Logic Controller (PLC)
5.1.3 Distributed Control System (DCS)
5.1.4 Plant Asset Management (PAM)
5.1.5 Plant Lifecycle Management (PLM)
5.2 Component
5.2.1 Hardware
5.2.2 Software
5.3 Plant Type
5.3.1 Coal
5.3.2 Hydroelectric
5.3.3 Natural Gas
5.3.4 Nuclear
5.3.5 Renewables
5.4 Geography
5.4.1 North America
5.4.1.1 United States of America
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Russia
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Spain
5.4.2.5 Italy
5.4.2.6 NORDIC
5.4.2.7 Germany
5.4.2.8 Turkey
5.4.2.9 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 Thailand
5.4.3.5 Vietnam
5.4.3.6 Malaysia
5.4.3.7 Australia
5.4.3.8 Singapore
5.4.3.9 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Columbia
5.4.4.4 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 South Africa
5.4.5.2 United Arab Emirates
5.4.5.3 Saudi Arabia
5.4.5.4 Nigeria
5.4.5.5 Egypt
5.4.5.6 Qatar
5.4.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 Emerson Electric Co.
6.3.3 General Electric Company
6.3.4 Mitsubishi Hitachi Power Systems Ltd
6.3.5 Honeywell International Inc.
6.3.6 OMRON Corporation
6.3.7 Rockwell Automation
6.3.8 Schneider Electric SE
6.3.9 Siemens AG
6.3.10 Toshiba Corp.
6.3.11 Yokogawa Electric Corporation
6.3.12 Endress+Hauser AG
- *List Not Exhaustive
6.4 List of Other Prominent Players
6.5 Market Ranking Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Adoption of Automation Technologies in the Power Sector
Power Plant Control System Industry Segmentation
Power plant control systems are crucial in the energy generation, manufacturing, and process industries. The power plant control system maximizes the efficiency of turbine equipment, thereby enhancing its productivity.
The power plant control system market is segmented into solution, component, plant type, and geography. By solution, the market is segmented into supervisory control and data acquisition (SCADA), programmable logic controller (PLC), distributed control system (DCS), plant asset management (PAM), and plant lifecycle management (PLM). By component, the market is segmented into hardware and software. By plant type, the market is segmented into coal, hydroelectricity, natural gas, nuclear, and renewables. The report also covers the market size and forecasts for the power plant control system market across the regions. For each segment, the market sizing and forecasts were made based on revenue (USD).
| Solution (Qualitative Analysis) | |
| Supervisory Control and Data Acquisition (SCADA) | |
| Programmable Logic Controller (PLC) | |
| Distributed Control System (DCS) | |
| Plant Asset Management (PAM) | |
| Plant Lifecycle Management (PLM) |
| Component | |
| Hardware | |
| Software |
| Plant Type | |
| Coal | |
| Hydroelectric | |
| Natural Gas | |
| Nuclear | |
| Renewables |
| Geography | |||||||||||
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Power Plant Control System Market Research FAQs
How big is the Power Plant Control System Market?
The Power Plant Control System Market size is expected to reach USD 8.46 billion in 2024 and grow at a CAGR of 4.69% to reach USD 10.64 billion by 2029.
What is the current Power Plant Control System Market size?
In 2024, the Power Plant Control System Market size is expected to reach USD 8.46 billion.
Who are the key players in Power Plant Control System Market?
ABB Ltd, General Electric Company, Honeywell International Inc., Emerson Electric Co. and Siemens AG are the major companies operating in the Power Plant Control System Market.
Which is the fastest growing region in Power Plant Control System Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Power Plant Control System Market?
In 2024, the Asia Pacific accounts for the largest market share in Power Plant Control System Market.
What years does this Power Plant Control System Market cover, and what was the market size in 2023?
In 2023, the Power Plant Control System Market size was estimated at USD 8.06 billion. The report covers the Power Plant Control System Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Power Plant Control System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Power Plant Control System Industry Report
Statistics for the 2024 Power Plant Control System market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Power Plant Control System analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
