Automation in Combined Heat and Power Market to Garner $24.12 Bn, Globally, by 2030 at 7.1% CAGR: Allied Market Research
- Several government initiatives & supportive policies and increase in adoption of industry 4.0 & enabling technologies industries drive the growth of the global automation in combined heat and power market.
PORTLAND, Ore., Feb. 15, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Automation in Combined Heat and Power Market by Component (Sensors, Controllers, Switches & Relays, Drives, and Others), Control and Safety System (Distributed Control System, Supervisory Control & Data Acquisition System, Systems Instrumented Systems, Programmable Logic Controller, and Human Machine Interface): Global Opportunity Analysis and Industry Forecast, 2021–2030." As per the report, the global automation in combined heat and power industry was accounted for $12.53 billion in 2020, and is expected to reach $24.12 billion by 2030, growing at a CAGR of 7.1% from 2021 to 2030.
Drivers, Restraints, and Opportunities-
Several government initiatives & supportive policies and increase in adoption of industry 4.0 & enabling technologies industries drive the growth of the global automation in combined heat and power market. On the other hand, high initial investment restrains the growth to some extent. However, increased demand for safety compliance automation solutions is anticipated to create lucrative opportunities in the industry.
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Covid-19 Scenario-
- The outbreak of the pandemic gave way to falling business confidence, massive slowing of supply chain, and increasing panic among customers, which impacted the global automation in combined heat and power market negatively.
- However, the market is anticipated to get back on track soon.
The Controllers Segment Held the Lion's Share-
Based on component, the controllers segment held the major share in 2020, generating around one-third of the global automation in combined heat and power market. The heightened need for safe, reliable, and qualitative production is projected to increase the demand for controllers in the automation in combined heat and power market. The sensors segment, simultaneously, is projected to cite the fastest CAGR of 8.8% during the forecast period. Factors such as rise in need for automation across different industry verticals as well as technological advancements, availability of cheap labor, and low manufacturing cost drive the growth of the segment.
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The Supervisory Control and Data Acquisition System (Scada) Segment Held The Highest Share In 2020-
Based on control and safety system, the supervisory control and data acquisition system (Scada) segment held the highest share in 2020, generating around one-fourth of the global automation in combined heat and power market. This is attributed to the fact that the demand for SCADA systems is increasing in the manufacturing, pipeline monitoring & control, water treatment centers & distribution, electrical power transmission & distribution, and other industries. The Programmable Logic Controller (Plc) segment, on the other hand, would cite the fastest CAGR of 9.4% from 2021 to 2030. This is due to the fact that the majority of the end users prefer PLCs to implement them as a major component in configuration of small control systems.
Europe, Followed by North America, Held the Major Share-
Based on region, Europe, followed by North America, accounted for the major share in 2020, contributing to more than one-third of the global automation in combined heat and power market. Increase in investments in the development of small-sized manufacturing units in the region has augmented the business opportunity, thereby propelling the market growth. Asia-Pacific, however, is expected to cite the fastest CAGR of 9.3% throughout the forecast period. Investments in large new gas-fired cogeneration plants and large coal-fired plants, along with rising demand for electricity, are expected to drive the growth of the market in this province.
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Prominent Market Players-
- Emerson Electric Co.
- Mitsubishi Electric Corporation
- Yokogawa Electric Corporation
- Omron Corporation
- Rockwell Automation, Inc.
- Honeywell International Inc.
- Schneider Electric S.E.
- ABB Ltd
- Siemens AG
- Valmet
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