DCS market in power Industry: Key market research findings:
- Higher investments in renewable energy sources
- Synthesis of distributed control systems (DCS) with power plant operations
Technavio has added a new report on the global DCS market in the power industry, in its DCS portfolio. The market is expected to grow at a CAGR of around 3% between 2015 and 2019. The EMEA region dominates the DCS market in power industry by covering around 39%, and is expected to generate around US $3 billion by 2019. Global climate control initiatives to reduce consumption of fossil fuels, have boosted the adoption of DCS solutions in EMEA. Russia, Germany, Iraq, Kuwait, and Saudi Arabia are the major contributors to the DCS market in EMEA in the power industry.
DCS market in power industry in EMEA 2014-2019
Source: Technavio Research
DCS in power industry improves the entire functioning of power plants by lowering power wastage and enhancing productivity through better control systems. Owing to the rising number of renewable and other small-scale power plants, governments across the globe are boosting up distributed power generation to support energy-saving practises. Many MEA and APAC nations zeroing in on investing heavily in renewable energy projects between 2015 and 2019.
“Of late, DCS solutions are widely integrated with power plant management systems to optimize plant operations. Key vendors such as ABB and Honeywell are offering additional services to their customers to enhance easy power plant operations. DCS swiftly produces real-time information from all parts of the plant to a central location, facilitating prompt decision-making,” says Navin Rajendra, Lead Analyst, Engineering and Automation, Technavio Research.
Leading vendors in the global DCS market in the power industry in the power industry include ABB, Emerson Electric, Honeywell International, Siemens and Yokagawa Electric. The market has huge number of international, regional, and local vendors that offer customized automation control systems at reasonable costs.
A more detailed analysis is available in the Technavio report, Global DCS Market in Power Industry 2015-2019.
https://www.technavio.com/%3Cp%3E%3Cem%3E%3Cu%3E%3Cstrong%3EWe%20can%20cu…
