DUBLIN--(BUSINESS WIRE)--The "Automation in Combined Heat and Power Market by Component, Control and Safety System: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global automation in combined heat and power market size was valued at $12.53 billion in 2020 and is projected to reach $24.12 billion by 2030, registering a CAGR of 7.1% from 2021 to 2030. Combined heat and power (CHP) automation plays a significant role in energy management which include optimal coordination of turbines & boilers in order to minimalize production costs while maintaining environmental compliance. The automation system in a CHP plant covers the entire process, including the turbine island, boiler island, fuel handling, balance of plant, and auxiliary processes.
Growth of the global automation in combined heat and power market is anticipated to be driven by factors such as emphasis on industrial automation & optimum utilization of resources, and adoption of emerging technologies such as IoT and AI in industrial environments. In addition, emergence of the concept of connected enterprises boosts the overall market growth. However, lack of awareness among small scale industries acts as a major restraint for the global automation in the combined heat and power industry. On the contrary, a surge in demand from the Asia-Pacific region is expected to create lucrative opportunities for the automation in combined heat and power market.
The global automation in combined heat and power market is segmented on the basis of components, control and safety system, and region. By component, the market is classified into sensors, controllers, switches & relays, drives, and others. Depending on control and safety system, it is categorized into distributed control system, supervisory control & data acquisition system, systems instrumented systems, programmable logic controller, and human machine interface.
Companies Mentioned
- ABB
- Emerson Electric Co.
- Honeywell International Inc
- Mitsubishi Electric Corporation
- Omron Corporation
- Rockwell Automation, Inc
- Schneider Electric
- Siemens AG
- Valmet
- Yokogawa Electric Corporation
KEY BENEFITS FOR STAKEHOLDERS
- This study comprises an analytical depiction of the global market size along with current trends and future estimations to depict imminent investment pockets.
- The overall automation in combined heat and power market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with detailed impact analysis.
- The current automation in the combined heat and power market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter's five forces analysis illustrates the potency of the buyers and the automation in the combined heat and power market share of key vendors.
- The report includes the market trends and the market share of key vendors
Market Dynamics
Drivers
- Government Initiatives and Supportive Policies
- Surge in adoption of industry 4.0 and enabling technologies industries
Restraint
- High initial investment
Opportunities
- Increased demand for safety compliance automation solutions
KEY MARKET SEGMENTS
By Component
- Sensors
- Controllers
- Switches & Relays
- Drives
- Other
By Control and Safety System
- Distributed control system (DCS)
- Supervisory control & data acquisition system (SCADA)
- Systems instrumented systems (SIS)
- Programmable Logic Controller (PLC)
- Human machine interface (HMI)
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
For more information about this report visit https://www.researchandmarkets.com/r/w9voyh
