According to the report, compliance with stringent government regulations is a key driver propelling this markets growth prospects. Power companies worldwide are looking at automation as an effective means to comply with stringent regulations in their geography and deal with the increased scrutiny of regulatory bodies.
Technavio Announces the Publication of its Research Report Global Automation Solutions Market in Power Industry 2016-2020
Technavio recognizes the following companies as the key players in the global automation solutions market in power industry: ABB, Honeywell, Emerson Electric, Schneider Electric, and Siemens.
Other Prominent Vendors in the market are: FANUC, GE, Hitachi, IDEC, Koyo Electronics, Mitsubishi Electric, Omron, Parsec Automation, and Yokogawa.
Commenting on the report, an analyst from Technavios team said: Automation solutions in cloud is one of the recent trends gaining traction in the market. Automation solutions in the cloud are likely to be a next logical step in the evolution of automation technology in process industries.
Power companies can significantly reduce costs, achieve greater flexibility, and enhance functionality by shifting toward cloud-based environments. A cloud-based architecture shifts the task of displaying and maintaining data from the end-user to the cloud-service provider.
It eliminates expenses related to the hardware layer of IT infrastructure of automation solutions such as MES and SCADA. It enables users to view data on devices such as tablets and smartphones, and also through email and text messages.
Regulatory authorities, especially in Europe and North America, have initiated strict regulations to reduce the carbon dioxide emissions from process industries such as power.Power generation, especially by thermal power plants, results in the emission of harmful greenhouse gases, which harms the natural environment and increases the risk of serious health hazards.
The power industry is striving to implement advanced technology processes and equipment to reduce the carbon dioxide emissions during plant operations. Regulations such as the Kyoto Protocol have mandated the reduction of emissions worldwide.
In response, the use of automation systems like SCADA has increased considerably in the power industry. These systems measure the emissions in plant operations accurately and help in real-time monitoring and controlling of power plants.
Thus, the power industries worldwide are likely to exhibit an increased preference for these systems during the forecast period.
Further, the report states that threat from open-source industrial automation solutions is a major challenge this market is facing. Open-source automation software and solutions are independent platforms that provide a set of tools, which can be manipulated in different ways to produce a unique product and service.
The open-source communities offer development libraries, interface applications, mass configuration tools, and front- and back-end applications. The automation solutions based on open platform provides an alternative to expensive in-house design.
It helps automation solutions vendors to take advantage of cutting-edge solutions from the open-source community, reap the benefits of crowdsourcing, and avoid expensive development efforts. It supports process industries such as power that are pressurized to reduce large upfront development costs or quick introduction of new features in existing software designs.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
About Automation Solutions in Power Industry
Automation solutions enable operators and utilities to manage the load on the grid actively. Utilities can also leverage the information obtained from the power grid through these automation solutions, make instant changes to optimize grid conditions, and avoid events that may trigger grid failure.
Technavios analysts forecast the global automation solutions in power industry to grow at a CAGR of 5.68% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global automation solutions in power industry 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of hardware, software licenses, renewal of software licenses, upgrades of existing solutions, and maintenance and services in the power industry.
The market is divided into the following segments based on geography:
Technavio's report, Global Automation Solutions Market in Power Industry 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years.
The report also includes a discussion of the key vendors operating in this market.
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