Global Automation Solution Market in Renewable Power Generation Industry 2018-2022
About Automation Solution in Renewable Power Generation Industry
Automation solutions in the renewable power generation industry facilitate smooth functioning, monitoring, and complete control of a plant. These solutions ensure accurate measurement of emissions from the plant and aid in real-time monitoring and controlling of power plant operations.
Technavio’s analysts forecast the global automation solution market in renewable power generation industry to grow at a CAGR of 11.70% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global automation solution market in renewable power generation industry for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automation Solution Market in Renewable Power Generation Industry 2018-2022
Technavio recognizes the following companies as the key players in the global automation solution market in renewable power generation industry: ABB, Emerson, General Electric, Rockwell Automation, Schneider Electric, and Siemens.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is inception of new business models. With the increasing awareness and adaptability of renewable resources for generating power, new business models promising new ways to finance renewable energy are gaining traction. For instance, the concept of leasing is gaining popularity beyond the solar PV market in the US to Europe, India, China, the Pacific and, most recently, Africa.”
According to the report, one driver in the market is aggressive policies supporting the growth of renewable power. To minimize the emission of greenhouse gases and reduce the impact of global warming, governments in both developed and developing countries are coming up with various policies, regulatory measures, and protocols that will act as a catalyst to increase the adoption of renewable sources for generating power.
Further, the report states that one challenge in the market is cost challenges due to retrofitting. Implementing automation in power plants provides a wide range of advantages. However, retrofitting automation solutions in conventional devices and machines requires significant investment and effort. This in turn requires a cost-benefit analysis, as companies need to justify investments made toward purchasing new systems.
ABB, Emerson, General Electric, Rockwell Automation, Schneider Electric, and Siemens.