Automation in Combined Heat and Power Market Outlook – 2030
The global automation in combined heat and power market size was valued at $12.53 billion in 2020, and is projected to reach $24.12 billion by 2030, registering a CAGR of 7.1% from 2021 to 2030. Automation in combined heat and power helps industries in safety system, steam network optimization and district heating network optimization solutions, among others. It is also used to increase the efficiency of plant and required less man power compare to traditional one. Automation provides power plants with real-time data regarding emission levels, predict the flue gas emissions, and helps to react proactively to potential problems in time.Growth of the global automation in combined heat and power market is anticipated to be driven by factors such as emphasis on industrial automation & optimum utilization of resources, and adoption of emerging technologies such as IoT and AI in industrial environments. In addition, emergence of the concept of connected enterprises boosts the overall market growth. However, lack of awareness among small scale industries acts as a major restraint for the global automation in combined heat and power industry. On the contrary, surge in demand from Asia-Pacific region is expected to create lucrative opportunities for the automation in combined heat and power market.
Segment Overview
The global automation in combined heat and power market is segmented on the basis of component, control and safety system, and region. By component, the market is classified into sensors, controllers, switches & relays, drives, and others. Depending on control and safety system, the market is categorized into distributed control system, supervisory control & data acquisition system, systems instrumented systems, programmable logic controller, and human machine interface.
Region wise, the automation in combined heat and power market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Europe dominated the automation in combined heat and power market in 2020, and is projected to register significant growth rate during the forecast period, owing to growth of the commercial sector. However, Asia-Pacific is expected to witness significant growth by the end of the forecast period, followed by LAMEA.
Leading automation in combined heat and power market manufacturers such as Honeywell International Inc., Mitsubishi Electric Corporation, and Rockwell Automation are focusing on their investments on technologically advanced, cost-effective, and more secure products and solutions for various applications.
By Component
Sensors segment is expected to secure leading position during forecast period.
Top Impacting Factors
The prominent factors that impact the automation in combined heat and power market growth include surge in adoption of industry 4.0 and enabling technologies industries, and government initiatives and supportive policies. However, high initial investment cost of automation restricts the market growth. On the contrary, increased demand for safety compliance automation solutions and high demand from Asia-Pacific region are expected to create lucrative opportunities for the market.
Competitive Analysis
Competitive analysis and profiles of the major automation in combined heat and power market players such as ABB Ltd, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation, Inc., Schneider Electric S.E., Siemens AG, Valmet, and Yokogawa Electric Corporation have been covered in the report. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaboration, to enhance their market penetration.
By Control And Safety System
Supervisory Control and Data Acquisition System (Scada) segment is projected as one of the most lucrative segments.
Covid-19 Impact Analysis
The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are expected to remain closed in first quarter of 2022. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and is resulting in falling business confidence, massive slowing of supply chain, and increasing panic among customers.
Asian and European countries under lockdowns have suffered major loss of business and revenue, owing to shutdown of manufacturing units. Operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted growth of the Automation in Combined Heat and Power market.
In addition, the COVID-19 pandemic has impacted the electronics sector as production facilities have stalled, which, in turn, boost demand for electronics and semiconductor products in these industries. Its major impact includes a large manufacturing interruption across Europe and interruption in Chinese parts exports, which hinder the automation in combined heat and power market opportunity.
By Region
Asia-Pacific would exhibit the highest CAGR of 9.3% during 2021-2030
Key Benefits For Stakeholders
- his study comprises analytical depiction of the global automation in combined heat and power market size along with current trends and future estimations to depict imminent investment pockets.
- The overall automation in combined heat and power market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current automation in combined heat and power market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the Automation in combined heat and power market share of key vendors.
- The report includes the market trends and the market share of key vendors.
Automation in Combined Heat and Power Market Report Highlights
| Aspects | Details |
 By COMPONENT |
|
 By CONTROL AND SAFETY SYSTEM |
|
 By Region |
|
 Key Market Players | MITSUBISHI ELECTRIC CORPORATION, HONEYWELL INTERNATIONAL INC, SIEMENS AG, YOKOGAWA ELECTRIC CORPORATION, ABB, OMRON CORPORATION, ROCKWELL AUTOMATION, INC, EMERSON ELECTRIC CO., VALMET, SCHNEIDER ELECTRIC |
Analyst Review
The global automation in combined heat and power market is flourishing at a rapid pace. However, high initial investment is still a concern for new entrants. Market players are generously investing in R&D activities to develop improved solutions to reduce overall costs of automated combined heat and power systems. In addition, according to industry experts, it is essential to optimize affordable prices for automation in combined heat and power products for long-term growth.
Growth of the global automation in combined heat and power market is anticipated to be driven by factors such as emphasis on industrial automation & optimum utilization of resources, and adoption of emerging technologies such as IoT and AI in industrial environments. In addition, emergence of the concept of connected enterprises boosts the overall market growth. However, lack of awareness among small scale industries acts as a major restraint for the global automation in combined heat and power industry. On the contrary, surge in demand from Asia-Pacific region is expected to create lucrative opportunities for the automation in combined heat and power market.
Key players of the market focus on introducing technologically advanced products to remain competitive in the market. Collaboration, and product launches are expected to be the prominent strategies adopted by the market players. Europe accounted for a major share of the market in 2020, owing to the presence of major players in the region; however, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in adoption of automation in combined heat and power in a variety of fields.
The automation in combined heat and power market is estimated to grow at a CAGR of 7.1% from 2021 to 2030.
The automation in combined heat and power market is projected to reach $24.12 billion by 2030.
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Emphasis on industrial automation & optimum utilization of resources, and adoption of emerging technologies such as IoT and AI in industrial environments.
The key players profiled in the report include ABB Ltd, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, and many more.
On the basis of top growing big corporations, we select top 10 players.
The Automation in combined heat and power market is segmented on the basis of component, control and safety system, and region.
The key growth strategies of Automation in combined heat and power market players include product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaboration.
Sensors segment would grow at a highest CAGR of 8.8% during the forecast period.
Asia-Pacific region will dominate the market by the end of 2030.
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