Automation Solution Market in Renewable Power Generation Industry Featuring ABB Ltd. and Hitachi Ltd. | Technavio
NEW YORK, July 5, 2021 -- The automation solution market in the renewable power generation industry is poised to grow by USD 3.45 billion during 2021-2025, progressing at a CAGR of over 5% during the forecast period.
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Read the 120-page report with TOC on "Automation Solution Market in Renewable Power Generation Industry Analysis Report by End-user (Solar energy, Wind energy, and Others), Geography (APAC, North America, Europe, MEA, and South America), and the Segment Forecasts, 2021-2025".
The market is driven by the introduction of aggressive policies supporting renewable power. In addition, the inception of new business models is anticipated to boost the growth of the automation solution market in renewable power generation industry.
Growing concerns over GHG emissions are driving governments in both developed and developing countries to enforce stricter regulations and frame new policies that encourage the adoption of renewable sources for generating power. For instance, the Government of India set the target of increasing its renewable energy generation capacity from the current capacity of approximately 136 GW to 450 GW by 2030. Similarly, the US Environmental Protection Agency (EPA) has introduced certain guidelines that clearly state that power plants older than 25 years with capacities of over 50 MW must be upgraded. The introduction of such regulatory norms is attracting significant investments in the field of renewable power generation, which is also driving the demand for automation solutions.
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Major Five Automation Solution Companies:
The company offers automation devices that deliver solutions such as Programmable Logic Controllers (PLCs), automation builder, control panels, and legacy products for renewable energy industry.
Beckhoff Automation GmbH and Co. KG
The company offers open automation systems using PC-based control technology. Various automation solutions offered by the company are Industrial PCs, drive technology, I/O and fieldbus components, and automation software.
Eaton Corporation Plc
The company offers a wide range of automation solutions such as electrical power monitoring system (EPMS), Power control and automation systems/PLC, industrial gateways, remote monitoring solutions, and solar monitoring solutions.
The company offers Remote I/Os, inverters, and PLCs stand for highly integrated and discrete industrial automation solutions and smart manufacturing processes for the renewable power generation industry.
Mitsubishi Electric Corp.
The company offers a vast range of automation and processing technologies, comprising of controllers, power distribution and control products, drive products, electrical discharge machines, laser processing machines, electron beam machines, computerized numerical controllers, and industrial robots.
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Automation Solution Market in Renewable Power Generation Industry End-user Outlook (Revenue, USD Billion, 2020-2025)
- Solar energy - size and forecast 2020-2025
- Wind energy - size and forecast 2020-2025
- Others - size and forecast 2020-2025
Automation Solution Market in Renewable Power Generation Industry Geography Outlook (Revenue, USD Billion, 2020-2025)
- APAC - size and forecast 2020-2025
- North America - size and forecast 2020-2025
- Europe - size and forecast 2020-2025
- MEA - size and forecast 2020-2025
- South America - size and forecast 2020-2025
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