Automation in Combined Heat and Power Market Size, Industry Revenue, Business Views by 2030 | Growing at a CAGR of 7.1%.
Automation in Combined Heat and Power Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
WILMINGTON, DELAWARE, UNITED STATES, October 12, 2023 /EINPresswire.com/ — Automation in Combined Heat and Power Market by Component (Sensors, Controllers, Switches & Relays, Drives, and Others), Control and Safety System (Distributed Control System, Supervisory Control & Data Acquisition System, Systems Instrumented Systems, Programmable Logic Controller, and Human Machine Interface): Global Opportunity Analysis and Industry Forecast, 2021-2030.
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.
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Combined heat and power automation boost performance, lower environmental loads, raise energy efficiency, and minimize the use of raw materials. It is also used to calculate, measure, estimate & monitor the production efficiency, direct costs, lifetime costs, and emissions of CHP plants. Automation enables the plant to control & optimize its operations correspondingly.
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 growth.
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.
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Competitive Analysis:
The automation in combined heat and power industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the distributed temperature sensing (DTS) market include,
• SCHNEIDER ELECTRIC,
• OMRON CORPORATION,
• YOKOGAWA ELECTRIC CORPORATION,
• EMERSON ELECTRIC CO.,
• SIEMENS AG,
• HONEYWELL INTERNATIONAL INC,
• ROCKWELL AUTOMATION, INC,
• VALMET,
• MITSUBISHI ELECTRIC CORPORATION
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.
Research Methodology:
The research uses both primary and secondary research to assemble data on the various facets of the international security screening market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.
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Key Benefits for Stakeholders:
1. The overall automation in combined heat and power market analysis is determined to understand the profitable trends to gain a stronger foothold.
2. The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
3. The current automation in combined heat and power market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
4. Porter’s five forces analysis illustrates the potency of the buyers and the Automation in combined heat and power market share of key vendors.
5. The report includes the market trends and the market share of key vendors.
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