Technavio, a tech-focused market research firm, has published a new report on the global automation solutions market in power industry, which is expected to experience a slow but steady growth rate with a CAGR of close to 6% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global automation solutions market in the power industry for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global automation solutions market in power industry into the following key regions: The Americas, APAC, and EMEA.
Geographical segmentation of the global automation solutions market in power industry for 2015 (market share %)
|
APAC |
43.90% |
|
EMEA |
31.81% |
|
Americas |
24.29% |
Source: Technavio
APAC: largest revenue generating region for automation solutions market in power industry
The automation solutions market in the power industry in APAC was valued at over $4 billion in 2015 and is expected to grow at a CAGR of almost 7% by 2020. The government initiatives to reduce carbon footprint and introduce renewable and nuclear energy in China is evolving the power industry. China is the leading country in APAC for smart grid investments. Automated solutions help meeting the need for flexible for transmission distribution (T&D) infrastructure, to ensure stable power supply and reliability of the grid. Solutions like DCS, PLC, and RTUs manage the stress of the power lines. It helps utility providers to scale up the energy storage and to have backup power plants to balance the intermittent power generation. The advancements and developments enable distribution generation and vehicle-grid integration to manage the two-way power flow.
“The Indian Government has undertaken several initiates to deploy and develop a smart grid for better and environmentally friendly energy distribution. These initiatives include building smart cities, publishing standards for smart meters, and promotion of digitalization by increasing accessibility of broadband across the country. Such developments will boost the smart grid automation solutions and systems market in the APAC region,” says Bharath Kanniappan, a lead analyst at Technavio for research on automation.
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Automation solutions market in power industry by EMEA
The automation solutions market in the power industry in EMEA was valued at around $3 billion in 2015 and is expected to grow at a CAGR of over 4% by 2020. The expanding government support and investments in smart grids and smart grid technologies will propel the growth of the market in EMEA. Currently, an aggregate budget of approximately $3 billion is sanctioned for smart grid research and development projects for the demonstration and deployment of these projects in Europe. Countries like Saudi Arabia and the UAE in the Middle East have the largest number of pilot projects for the implementation of these technologies. These projects are set up by the utilities to evaluate the right technologies and their benefits for better power distribution in this area.
Automation solutions market in power industry bythe Americas
The automation solutions market in the power industry in the Americas was valued at over $2 billion in 2015 and is expected to grow at a CAGR of around 5% by 2020. The US dominates the smart grid-related technologies and services market. The government is investing in smart grid technologies to overcome the power crisis and reduce carbon emissions. There are grants by the regulatory bodies to meet the rising requirement for power systems including the installation of advanced switches, sensors, and communication equipment. The vendors are modernizing the grid by adding devices like smart meters, integrating IP-based communication, and implementing automation infrastructure.
The top leading vendors operating in the global automation solutions market in power industry are:
- ABB
- Honeywell
- Rockwell Automation
- Emerson Electric
- Schneider
- Siemens
Other prominent vendors in the market include FANUC, GE, Hitachi, IDEC, Koyo Electronics, Mitsubishi Electric, Omron, Parsec Automation, and Yokogawa.
A more detailed analysis is available in the Technavio report titled, ‘Global Automation Solutions Market In Power Industry 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Industrial Automation Software Market 2016-2020
- Global Automation Solutions Market in Shale Gas Industry 2016-2020
- Global MRO Market for Automation Solutions 2016-2020
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