The growing energy demand across the globe and the
integration of renewable energy sources globally are projected to
drive the global automation and instrumentation in power market's
growth during the forecast period. The Asia-Pacific region is predicted to witness
prominent growth by 2032.
PORTLAND, Ore., April 23,
2024 /PRNewswire/ -- Allied Market Research has
recently published a report, titled, "Automation and
Instrumentation In Power Market Size, Share, Competitive Landscape
and Trend Analysis Report by Solution, by Instrument : Global
Opportunity Analysis and Industry Forecast, 2023-2032."
According to the report, the global automation and instrumentation
in power market generated $29.8
billion in 2022, and is anticipated to generate $57 billion by 2032, rising at a CAGR of 7.2%
from 2023 to 2032.
Download PDF Brochure:
https://www.alliedmarketresearch.com/request-sample/A208832
Prime Determinants of Growth
The growing integration of renewable energy sources, increasing
demand for energy across the globe, and various benefits provided
by automation and instrumentation, such as reduce operational
costs, improve safety standards, and ensure regulatory compliance
in the power sector are the factors expected to drive the growth of
the global automation and instrumentation in power market in the
forecast period from 2023 to 2032. However, technical dependency on
automation & instrumentation and complexity of automated
systems may hamper market growth in the coming future. On the
contrary, the integration of Information Technology (IT) and
Operational Technology (OT) across the power generation value chain
and push towards sustainability and environmental stewardship are
expected to offer remunerative opportunities for the expansion of
the automation and instrumentation in power market during the
forecast period.
Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$29.8
billion
|
Market Size in
2032
|
$57 billion
|
CAGR
|
7.2 %
|
No. of Pages in
Report
|
320
|
Segments
covered
|
Solution, Instrument,
and Region
|
Drivers
|
Integration of
renewable energy sources globally
Growing focus on energy
efficiency
|
Opportunities
|
Push towards
sustainability and environmental stewardship
Integration of IT and
OT across the power generation
|
Restraints
|
Complexity and
technical dependency
|
Solution: Distributed & Advanced Control System
Sub-segment Held Major Share in 2022
The distributed & advanced control system sub-segment
accounted for the largest global automation and instrumentation in
power market share of 24.4% in 2022 and is expected to witness
substantial growth during the forecast period. This dominance is
mainly due to enhancing efficiency through sophisticated algorithms
and real-time data analytics. These systems optimize power
production, distribution, and network load balancing, significantly
reducing energy losses and improving performance. Besides, their
flexibility allows operators to quickly adapt to changing
conditions, ensuring operational responsiveness.
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Instrument: Field Instruments Sub-segment to Flourish
Immensely by 2032
The field instruments sub-segment accounted for the largest
global market share of 60.8% in 2022 and is expected to rise at the
highest CAGR of 7.8% during the forecast period. This dominance
majorly is driven by continuous technological advancements that
enhance their performance and reliability. Innovations like IoT
connectivity, wireless communication, and improved diagnostics
allow these instruments to provide richer data, fostering smarter,
more efficient power systems. In addition, field instruments
support predictive maintenance, improving asset longevity and
reducing operational costs by preemptively identifying potential
failures.
Region: Asia-Pacific Market to be the Most Dominant by
2032
The automation and instrumentation in power market in the
Asia-Pacific region accounted for
the largest share of 33.0% in 2022 and is predicted to continue to
maintain its dominance and grow at the highest CAGR of 8.0% during
the forecast period. This growth is mainly owing to a surge in
power demand from growing populations, industrial expansion, and
increased adoption of electric vehicles & heating systems. This
growth necessitates significant upgrades to aging power
infrastructure, prompting investments in automation and
instrumentation to enhance efficiency, reliability, and safety.
Besides, stringent regulatory mandates across the region compel
power utilities to improve energy efficiency and grid stability
while reducing emissions.
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Leading Players in the Automation and Instrumentation in
Power Market:
- Schneider Electric
- Yokogawa Electric
- Siemens
- Mitsubishi Electric
- Emerson Process Management
- Honeywell process solutions
- Omron automation
- Rockwell Automation, Inc.
- Danaher Industrial Ltd.
- ABB
The report provides a detailed analysis of the key players of
the global automation and instrumentation in power market. These
players are employing various strategies including launching new
products, entering collaborations, expanding operations, forming
joint ventures, and signing agreements, all aimed at boosting their
market share and securing their competitive position across
different regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive scenario.
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