Power plant control system market worth $6.22 Billion by 2022

The report "Power Plant Control System Market by Solution (SCADA, PLC, DCS), Application (Boiler, Turbine, Generator, Balance of Plant, Reactor), Component, Plant Type (Coal, Natural Gas, Hydroelectric, Nuclear, Oil, Renewables), and Region - Global Forecast to 2022", published by MarketsandMarkets says the market is expected to grow from an estimated $

4.70 Billion

 in 2017 to $

6.22 Billion

 by 2022, registering a CAGR of 5.78% during the forecast period.

This growth is primarily due to the increasing emphasis on alternative energy production, increase in the buoyant power sector and augmented power generation capacities worldwide, and government initiatives toward the adoption of industrial automation.

The turbine and auxiliaries control segment is expected to hold the largest share of the Power Plant Control System Market, by application, during the forecast period

The turbine and auxiliaries segment led the Power Plant Control System Market in 2016 and is projected to dominate the market during the forecast period. The turbine and auxiliaries control segment comprises control systems for turbine governing systems, vacuum systems, condensate systems, feedwater systems, cooling water systems, and lubrication oil systems. Control systems for turbines and auxiliaries are specifically used in coal-based thermal power plants, nuclear power plants, oil-fired steam turbine power plants, gas-fired steam turbine power plants, wind power plants, and concentrated solar power plants. In a power plant, the cost component for the turbine and auxiliaries control segment holds the largest share of the entire power plant control system. The increase in the capacity addition of the wind power plant across the globe along with large investments in the capacity addition of thermal power plants in 

Asia Pacific

 acts as a major driver for the growth of the turbine and auxiliaries control segment.

The SCADA solution is expected to be the fastest growing segment in the Power Plant Control System Market during the forecast period

With regard to the solution segment, SCADA solutions are expected to constitute the fastest growing market from 2017 to 2022. The market is primarily driven by increasing investments in large-scale renewable power projects where SCADA is implemented excessively. A SCADA system collects real-time data from remote locations to control the equipment or device. SCADA uses computers, communication systems, and graphical user interface for monitoring the process. SCADA systems are used to ease the automation process in remote areas where manual controlling is not possible in power plants. The components of SCADA are generally grouped into control devices and remote site devices that are used for the plant control network. They provide various facilities such as controlling and monitoring, as well as triggering alarms in the plant during hazardous events. Such a system adds tangible cost benefits by eliminating redundant and obsolete processes such as scanning or searching and streamlining the processes.

Asia Pacific: The leading market for power plant control systems

Asia Pacific

 is expected to account for the largest market share in the global Power Plant Control System Market in 2017. The increasing consumption of energy followed by the increase in investments in renewable energy is expected to boost the power generation plants, thereby, enhancing the Power Plant Control System Market in the region. According to the Bloomberg New Energy Finance, 

China

 was observed to be the highest investor in renewable energy and the associated low-emissions-energy sectors by investing 

USD 103 billion

 in 2015, recording a 17% growth year on year (YoY).