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The automatic generation control market size is estimated to grow at a CAGR of 3.78% between 2023 and 2028. The market size is forecast to increase by USD 257.3 million. The growth of the market depends on several factors, such as the increase in the number of residential and commercial building projects, the growing number of nuclear power plants, and the rising renewable power generation.
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Rising demand for mobile power plants is the primary trend shaping market growth. Many people across the world, especially in underdeveloped and developing nations, have minimal or no access to electricity. Power shortages have become a significant barrier to the development of the economy in developing countries. Therefore, the demand for flexible and quick power generation is rising across the world.
Moreover, flexible and quick power generation plants are easy to set up and deploy, which makes them effective for providing power in any remote location or during emergency situations. In mobile power plants, automatic generation control can be used to adjust the power outputs of generators based on the changes in load demand. Therefore, the increasing demand for mobile power plants will drive market growth during the forecast period.
The non-renewable energy power plants segment is estimated to witness significant growth during the forecast period. The non-renewable energy power plants segment contains coal power, nuclear power, oil power, and natural gas power plants. Non-renewable energy power plants (NREPPs) use natural resources to generate electricity. Nuclear power is considered non-renewable because of the limited supply of uranium.
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Some of the benefits of NREPPs include the capability to generate high amounts of electricity, easily available and easy to use, conveniently transported across the globe, and easy to store. This encourages governments to invest in NREPPs. Thus, an increase in the installation of NREPPs can drive the growth of the global automatic generation control market during the forecast period.
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APAC is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Another region offering significant growth opportunities to market players is North America. The growth of the residential and commercial sectors in North America will lead to an increase in demand for power, thereby driving the demand for automatic generation control.
In addition, the availability of low borrowing costs and wage growth are leading to an increase in demand for more housing units in North America. This is encouraging enterprises in the construction industry to invest in construction and infrastructural development activities. Furthermore, the establishment of new REPPs will increase the demand for automatic generation control that can improve their performance. Owing to the above-mentioned factors, the adoption of automatic generation control systems will increase in North America during the forecast period.
In 2020, the COVID-19 pandemic had a negative impact on the automatic generation control market in the North American region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of the power sector. The need for renewable energy sources for power generation is expected to drive the growth of the power industry in North America during the forecast period.
The rising renewable power generation is the key factor driving market growth. With the rising concerns regarding environmental pollution and global warming, governments are increasingly investing in renewable power sources. The addition of renewable energy capacity will lead to an increase in the size of energy grids. Power control and safety equipment are required at the generating point and the point of interconnection between the supply line and the transmission network.
Moreover, the global renewable energy capacity is expected to grow significantly. Another significant factor supporting the adoption of renewable energy is its decreasing cost. Hence, with the growing adoption of renewable power generation, the demand for AGC will increase, thereby driving the growth of the market during the forecast period.
Fast-changing electricity requirements is a challenge that affects market growth. Automatic generation control systems maintain nominal frequency and balance power distribution as scheduled, but with fast-changing electricity requirements, these systems sometimes fail to meet the performance requirements. Moreover, in multi-machine power systems, the outputs of individual machines are determined by various constraints, including availability and costs.
Moreover, as the load on networks in multi-machine power systems constantly changes, the complexities regarding hardware and software in automatic generation control can impact the output of these systems. Hence, fast-changing electricity requirements can impact the output offered by automatic generation control systems. Therefore, enterprises seek alternatives to automatic generation systems, which may impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automatic Generation Control Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd.: The company offers automatic generation control solutions to help maintain stable plant operation of frequency and voltage and coordinated control of generator power outputs.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The automatic generation control market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Automatic Generation Control Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.78% |
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Market growth 2024-2028 |
USD 257.3 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.18 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 32% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Andritz AG, DEIF AS, Emerson Electric Co., ENERCON GmbH, ETAP Operation Technology Inc., General Electric Co., Hitachi Ltd., Honeywell International Inc., Hubbell Inc., Larsen and Toubro Ltd., Mitsubishi Electric Corp., Regal Beloit Corp., Rockwell Automation Inc., Schneider Electric SE, Schweitzer Engineering Laboratories Inc., Siemens AG, Suzlon Energy Ltd., Wartsila Corp., and Yokogawa Electric Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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