- The key vendors in the automation and instrumentation market in power industry in Europe 2015-2019 are ABB Ltd., Siemens AG, Schneider Electric SE, Emerson Process Management and Honeywell International Inc.
London, 05 June 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the automation and instrumentation market in power industry in Europe 2015-2019. Growth of main automation contractor concept is one of the major trends being observed in this market. MACs are responsible for coordinating, installing, and maintaining all automation and related activities for customers. The growing popularity of the MAC concept has also encouraged automation and instrumentation manufacturers to become one-stop solution providers in the power industry. The automation and instrumentation market in power industry in Europe 2015-2019 is expected to grow at a CAGR of 5.11% during the forecast period of 2014-2019.
Automation and instrumentation solutions help in the collection of data from processes, and disseminate this information in a way that enhances understanding of the processes. This assists in efficient decision making, which influences the productivity of these plants.
The market is mainly driven by the high stimulus packages offered to the power industry by the EU. The growing need to optimize existing power plants has led to the adoption of automation and instrumentation solutions in the region.
“Automation manufacturers need to keep up with the rapidly changing security environment of the power industry,” says Faisal Ghaus, Vice President of Technavio Research.
“Advances in networking, IT, and cloud computing technologies have increased the vulnerability of automation solutions. Manufacturers also need to understand the nature of the cyber threats and develop awareness among customers.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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