Automation and Instrumentation Market in Power Industry in Europe 2015-2019
About Automation and Instrumentation
Automation is fast becoming an integral part of organizations in Europe. Many discrete manufacturing as well as process industries are adopting automated solutions to reduce their process variability and improve plant efficiency. Companies are able to optimize their business operations using automation solutions such as PLC, SCADA, and DCS, which effectively control production processes. Instruments, including flow meters, control valves, and transmitters, are used in automation processes to reduce the downtime and overall operational costs.
Technavio's analysts forecast the automation and instrumentation market in power industry in Europe to grow at a CAGR of 5.11% over the period 2015-2019.
Covered in this Report
The automation and instrumentation market in power industry in Europe can be segmented into two: industrial automation consisting of PLC, SCADA, and DCS; and automation instrumentation consisting of control valves, flow meters, and transmitters.
Technavio's report, Automation and Instrumentation Market in Power Industry in Europe, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers Europe in detail; it also covers the automation and instrumentation market landscape in the power industry in Europe and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Automation and Instrumentation Market in Power Industry in Europe 2015-2019
Technavio recognizes the following companies as the key players in the automation and instrumentation market in power industry in Europe: ABB, Emerson Process Management, Honeywell International, Schneider Electric and Siemens
Other Prominent Vendors in the market are: GE, Mitsubishi Electric, Rockwell Automation and Yokogawa Electric
Commenting on the report, an analyst from Technavio’s team said: “End-users in the power industry in Europe are increasingly looking for automation and instrumentation manufacturers that can provide complete solutions to meet their requirements. MACs are responsible for coordinating, installing, and maintaining all automation and related activities for customers. The growing popularity of the MAC concept has also encouraged automation and instrumentation manufacturers to become one-stop solution providers in the power industry. The MAC concept is proven to save 10-30% compared to the traditional multi-vendor approach. This concept provides not only a hassle-free environment to customers but also an ideal platform for automation and instrumentation manufacturers to consolidate their market share. This also enhances the trust and confidence of the customers.”
According to the report, globally, there has been a rise in energy consumption since the global economic crisis in 2009, leading to an increase in energy requirement, especially in Eastern Europe. Though thermal power plants remain the chief source of power generation in Western Europe, there are many growth opportunities for power generation using renewable sources, making way for the growth of the automation and instrumentation market both in the developed and developing economies of Europe. Technavio predicts that increased investment in smart grid technologies influencing the adoption of automation solutions will have a powerful impact throughout the forecast period.
Further, the report states that growth of the market has been curtailed by wary investment strategies of some power plants and a reluctance to switch from existing legacy systems.
ABB, Emerson Process Management, Honeywell International, Schneider Electric, Siemens, GE, Mitsubishi Electric, Rockwell Automation, Yokogawa Electric