LONDON--(BUSINESS WIRE)--The global automation solution market in renewable power generation industry is expected to grow at a CAGR of close to 12% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global automation solution market in renewable power generation industry by application, including PLC, DCS, and SCADA. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: aggressive policies supporting the growth of renewable power
Governments in developed and developing countries are coming up with various policies, regulatory measures, and protocols that will act as a catalyst to increase the adoption of renewable sources for generating power. With growing investments and incentives in the field of renewable power generation to minimize the emission of greenhouse gases and reduce the impact of global warming, the market for automation solutions is gaining traction. Many policies and measures across countries are supporting the growth of renewable power generation.
According to a senior lead analyst at Technavio for automation research, “In countries such as India, the government has set a target of increasing its solar energy generation capacity from the current capacity of approximately 15 GW to 100 GW by 2022. Similarly, the Environmental Protection Agency in the US has come up with guidelines that clearly states that power plants older than 25 years with capacities over 50 MW are required to be upgraded.”
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Market trend: renewable energy auctions gaining traction
For expanding renewable power generation in developed and developing countries, renewable energy project auctions are becoming increasingly popular. These auctions coupled with measures to incentivize renewable energy deployment are driving the growth of renewable energy generation. Deployment of renewable technologies in a cost-efficient, well-planned, and transparent manner, and subsequently fulfill several other objectives as well are the factors leading to renewable energy auctions gaining popularity. These objectives mainly include job creation, local ownership, and development. Flexibility, price, and commitments are the main benefits of these auctions.
The flexibility to design policies enables policymakers to combine and tailor unique and different elements to meet the objectives of renewable energy projects. Factors such as the country's present economic situation, the structure of its energy sector, and maturity of its power market are taken into consideration while deploying such projects. The certainty on quantity and price results in stable revenue for project developers and ensures that renewable generation targets are met more precisely.
Market challenge: cost challenges due to retrofitting
Implementing automation in power plants provides a wide range of advantages. However, significant investment and effort is required while retrofitting automation solutions in conventional devices and machines. This, in turn, requires a cost-benefit analysis, as companies need to justify investments made toward purchasing new systems. In addition, there should be compatibility of the newly bought systems with advanced automation solutions or with retrofitting existing devices with smart solutions.
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Some of the major contributors in the global automation solution market in the renewable power generation industry:
- General Electric
- Rockwell Automation
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