Power Plant Control System Market Forecasts to 2028 - Global Analysis By Component (Software, Hardware), Plant Type (Natural Gas, Hydroelectric, Renewable), Application, and By Geography

According to Stratistics MRC, the Global Power Plant Control System Market is accounted for $7.48 billion in 2021 and is expected to reach $13.94 billion by 2028 growing at a CAGR of 9.3% during the forecast period. The power plant control system controls individual inverters to sustain particular active power, reactive power, voltage, power factor, and frequency at the point of interconnection. These electrical devices were hardwired to inputs/outputs (I/O) and data controlled systems (DCS). Moreover, the power plant control system controls, monitors, and regulates the plant to prevent risk factors & accidents.

Market Dynamics:

Driver:

Increasing trend of decarbonization

The high usage of fossil fuels presents potential hazards to the regional and global environment. Governments and utilities across the world are to decarbonize the power sector and heavily invest in renewable power plants. This trend of decarbonization and rising investments in renewable power plants are evident from the annual global investments in power plants. The global investments in renewable power plants have outpaced the investments in fossil fuel plants. Global commitment to clean energy and the signing of the climate agreement by all major nations are among the reasons for increased investments. These increased investments are likely to be the major driver of market growth.

Restraint:

Lack of standardization

The power plant systems communicate through a variety of interfaces, technologies, and protocols. The lack of standardization of these communication interfaces and protocols may result in a misrepresentation of information. Lack of standardization with regard to technology complicates the integration of systems and hinders the plug-and-play capabilities between unrelated systems. Interoperability is the ability of different systems to operate together without compatibility issues. Owing to the presence of several major players, each with its solutions, the customer can be at a disadvantage as they will be locked into the product ecosystem of one manufacturer. This limits the customer choice and the ability of customers to switch to or integrate better solutions offered by other manufacturers. This lack of interoperability can be a restraint on market growth.

Opportunity:

High adoption of digital solutions

The advancements in the technologies such as the Internet of Things (IoT) have enabled decision-making based on accurate real-time information. The IoT has created a new generation of automation systems that have unparalleled capability and extensibility. These systems are likely to play a significant role in power plant automation and the control arena with leaner and flatter architectures, which are likely to bridge the gap between operational technologies (OT) and information technologies (IT). The IIoT provides holistic insights and helps in faster decision making and is, hence, providing opportunities for the power plant control system market.

Threat:

Cyberattacks threat

Automation and the digital interconnectedness of power plant assets increased the threat of cyberattacks. Electricity is one of the significant infrastructures for the proper functioning of modern society. Power plants and their equipment are the key components, which when exposed to cyberattacks can bring down entire nations to their heels. Cyberattacks are one of the primary issues to be addressed while developing a sensor-based network to monitor and control critical infrastructures. Power plant control systems manage the operational aspects of critical infrastructures by using logical processes and physical operations. Cyberattacks on power plant assets can act as a challenge to market growth.

The distributed control system (DCS) segment is expected to be the largest during the forecast period

The distributed control system (DCS) segment is estimated to have a lucrative growth owing to the increased adoption of distributed control system solutions across fossil-fueled plants because its high reliability and ease of use is the major driver of the demand. Distributed control system solutions are preferred in large, complex power plants such as coal-, gas-, and oil-fired power plants.

The coal segment is expected to have the highest CAGR during the forecast period

The coal segment is anticipated to witness the fastest CAGR growth during the forecast period as coal-fired power plants burn coal to make steam and the steam turns turbines to generate electricity. Several industries have their power plants, and a few use coal to generate electricity for their use and mostly in combined heat and power plants. Moreover, coal-fired power plants play a crucial role in the power plant control system market as the power plant control system is heavily used in monitoring and controlling turbines and generators in coal-fired power plants.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to continuous investments in fossil fuel power plants, increasing population, urbanization, and industrialization along with the increased renewable power plant investments. This increasing capacity of coal-based thermal power plants to meet energy demand. In addition, Countries like China are focusing more on renewable sources of energy that require a proper control systems.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period owing to a large number of industries as these industries need fully automates a system that will help to enhance productivity. Most countries are dominated by industries and an increasing a large number of projects for renewable sources of power generation leads to an increase in demand for power plant control systems.

Key players in the market

Some of the key players profiled in the Power Plant Control System Market include Yokogawa Electric Corporation, Valmet, Toshiba, Siemens Energy, Meteocontrol, Emerson, Rockwell, OMRON, Motorola Solutions, Endress+Hauser, Schneider Electric, Ingeteam, INDRA Sistemas, Honeywell, Hitachi, GE, Mitsubishi Electric, Schweitzer Engineering Laboratories, Bentek Systems, and ABB.

Key Developments:

In April 2021, Siemens Energy has signed an agreement with Spanish EPC contractor TSK to provide the company's highly efficient energy technology and services to Atinkou. Owned by ATINKOU S.A., the power plant will have an installed capacity of 390 MW in a combined cycle and introduces the first F-class gas turbine in Sub-Saharan Africa.

In March 2019, ABB launched distributed control system (DCS) 800xA 6.1 that is intended to bring value to capital projects with flexible and efficient engineering. ABB Ability System 800xA 6.1 introduces Ethernet I/O solutions, additional High Integrity controllers, and a series of engineering tools such as a Ethernet I/O Field Kit, an Ethernet I/O Wizard for field commissioning, and the possibility to engineer with signals in the Control Builder.

Solutions Covered:

• Plant Asset Management (PAM)
• Distributed Control System (DCS)
• Plant Lifecycle Management (PLM)
• Supervisory Control & Data Acquisition (SCADA)
• Programmable Logic Controller (PLC)

Components Covered:

• Software
• Hardware
• Services

Plant Types Covered:

• Oil
• Nuclear
• Natural Gas
• Hydroelectric
• Coal
• Renewable

Applications Covered:

• Turbine & Auxiliaries Control
• Generator Excitation & Electrical Control
• Boiler & Auxiliaries Control
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances