LONDON--(BUSINESS WIRE)--Technavio's latest market research report on the global automation control market in the power generation sector provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global automation control market in the power generation sector will grow at a CAGR of above 6% during the forecast period. The growing concern to enhance plant performance through dependable and predictable operations is a major factor driving the market's growth.
Enhancing the performance of plant operations is one of the key aspects that the operators are mostly interested. The emergence of innovative technologies, such as predictive maintenance and convergence of IT and OT, is enabling this enhancement of plant performance. With the help of predictive maintenance and connectivity through the Internet, power plant automation solutions help in automating turbine control, boiler control, boiler protection, the balance of the plant, and integration of third-party systems. Improved plant safety, integrated workflows, process optimization, transparency, and reliable day-to-day operations are the major advantages of using an automated control system.
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The three emerging market trends driving the global automation control market in the power generation sector according to Technavio research analysts are:
- Emergence of integrated solutions
- Emergence of cloud-based automation solutions
- Virtual Power Plants (VPP) gaining momentum
Emergence of cloud-based automation solutions
Automation solution through cloud gives power companies advantages such as reduction in costs, functionality enhancement, and to achieve greater flexibility by shifting toward cloud-based environments. Cloud-based architecture eliminates the hardware expenses related to the IT infrastructure of automation solutions such as MES and SCADA. The shift to cloud service provider through cloud-based architecture from analyzing and maintaining data from the operators, enables the users to view data on devices such as tablets and smartphones. These devices are also used as portable HMIs to monitor remote machines and enable field technicians to access and control the processes. Integration of near field communication (NFC) and Global positioning system (GPS), have enabled the installation of SCADA in iPads and smartphones.
"The adoption of cloud-based SCADA solutions is expected to reduce end-users' costs up to 25% when compared with traditional SCADA solutions in the power industry. In Southeast Asia and India, due to the rising energy demands, 30% of the power companies are expected to deploy their operations on the cloud by 2020," says a senior analyst at Technavio for research on automation.
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Global automation control market in the power generation sector segmentation
This market research report segments the global automation control market in the power generation sector into the following four major products (DCS, SCADA, PLC, and MES) and three major regions (the Americas, APAC, and EMEA).
The DCS segment held the largest market share in 2017, accounting for nearly 50% of the market. However, the market share for this application is expected to decrease nearly 3% by 2022. The MES product segment is expected to increase its share by nearly 2% by 2022, showing significant growth than the rest of the other product segments.
APAC was the leading region for the global automation control market in the power generation sector in 2017, accounting for a market share of 45%. The region will continue its dominance through the forecast period.
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