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Technavio’s market research analysts have estimated that the global automation solutions market in the power industry will grow moderately at a CAGR of almost 6% by 2020. The augmented need for reducing T&D losses across the power grid will lead to the growth of this market during the predicted period. According to a research carried out by our analysts, it has been found that the total amount of power generated by power plants does not reach the customers due to flaws in the long distance power transmission infrastructure. By the time the power reaches the end-user, approximately 10% of the power is lost due to technical and non-technical losses. Technical losses can be attributed to leakages, open circuit losses, dielectric losses, joule losses in transmission lines, and overloading of distribution systems. Similarly, non-technical/commercial losses can be attributed to theft, defective meters, and meter reading errors. Since these factors result in huge financial losses for power utilities companies, the need for automation solutions will increase significantly over the next few years.
The widespread adoption of the Internet-of-Things (IoT) across the power industry is a noteworthy factor leading to the growth of this market during the forecast period. At present, many companies have started option for IoT for intelligent grids, meters, assets, and appliances to increase the interaction between products, people, and assets. The implementation of IoT across the power industry helps streamline the flow of information, mitigate supply chain risks, and increase asset performance. Consequently, many power companies are investing in IoT to increase overall equipment effectiveness (OEE), reduce the cost of quality and compliance, and improve customer service.
The global automation solutions market in the power industry is mostly dominated by established multinational companies that have a large portfolio of power plant-related automation technology. In this market, the vendors that have access to high free cash flow and R&D funds are anticipated to gain a competitive edge over their peers as they will be able to customize products according to the need of their customers.
Key vendors in this market space are -
Other prominent vendors mentioned in this market study are FANUC, GE, Hitachi, IDEC, Koyo Electronics, Mitsubishi Electric, Omron, Parsec Automation, and Yokogawa.
According to this market research report, the manufacturing execution system (MES) product segment will exhibit the fastest growth during the forecast period. Much of this market segment’s growth can be attributed to the ability of MES to bring new levels of clarity and precision to complex vendor, buyer, and end-user interactions. Additionally, factors such as the extensive use of cloud-based MES solutions in the power generation and transmission environment due to their reliable, scalable, and secure nature will lead to the rapid growth of this market segment during the predicted period.
In terms of geography, APAC currently dominates this market and is envisaged to be the largest market for automation solutions in the power industry by the end of 2020. The implementation of government initiatives that are designed to boost investments in smart grids, lower carbon emissions, and expand electricity infrastructure will lead to the strong growth of the market in this region.
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The growing demand for seamless power across the commercial, residential and industrial sectors has augmented the market potential for new investments in the power sector, both in terms of power generation and distribution. To minimize losses and streamline processes in the power sector, the operators are constantly making investments in automation and control solutions. Automation solutions such as a programmable logic controller (PLC), manufacturing execution system (MES), distributed control system (DCS), supervisory control and data acquisition (SCADA), and motors and drives are increasingly being adopted in the power production and distribution plants. The governments across the world are urging utilities to implement automation solutions in the power sector to boost grid efficiency. Delta, ABB, and Siemens will be some of the prominent vendors in this market space.
The report, global automation solutions market in the power industry, is part of Technavio’s industrial automation research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as automation and robotics. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Appendix
PART 15: Explore Technavio
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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