Automation and Instrumentation In Power Market to Reach $57 Billion Globally by 2032 at 7.2% CAGR: Allied Market Research

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Apr 23, 2024, 10:01 ET

The growing energy demand across the globe and the integration of renewable energy sources globally are projected to drive the global automation and instrumentation in power market's growth during the forecast period. The Asia-Pacific region is predicted to witness prominent growth by 2032.

PORTLAND, Ore., April 23, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Automation and Instrumentation In Power Market Size, Share, Competitive Landscape and Trend Analysis Report by Solution, by Instrument : Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global automation and instrumentation in power market generated $29.8 billion in 2022, and is anticipated to generate $57 billion by 2032, rising at a CAGR of 7.2% from 2023 to 2032.

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Prime Determinants of Growth

The growing integration of renewable energy sources, increasing demand for energy across the globe, and various benefits provided by automation and instrumentation, such as reduce operational costs, improve safety standards, and ensure regulatory compliance in the power sector are the factors expected to drive the growth of the global automation and instrumentation in power market in the forecast period from 2023 to 2032. However, technical dependency on automation & instrumentation and complexity of automated systems may hamper market growth in the coming future. On the contrary, the integration of Information Technology (IT) and Operational Technology (OT) across the power generation value chain and push towards sustainability and environmental stewardship are expected to offer remunerative opportunities for the expansion of the automation and instrumentation in power market during the forecast period.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$29.8 billion
Market Size in 2032	$57 billion
CAGR	7.2 %
No. of Pages in Report	320
Segments covered	Solution, Instrument, and Region
Drivers	Integration of renewable energy sources globally Growing focus on energy efficiency
Opportunities	Push towards sustainability and environmental stewardship Integration of IT and OT across the power generation
Restraints	Complexity and technical dependency

Solution: Distributed & Advanced Control System Sub-segment Held Major Share in 2022

The distributed & advanced control system sub-segment accounted for the largest global automation and instrumentation in power market share of 24.4% in 2022 and is expected to witness substantial growth during the forecast period. This dominance is mainly due to enhancing efficiency through sophisticated algorithms and real-time data analytics. These systems optimize power production, distribution, and network load balancing, significantly reducing energy losses and improving performance. Besides, their flexibility allows operators to quickly adapt to changing conditions, ensuring operational responsiveness.

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Instrument: Field Instruments Sub-segment to Flourish Immensely by 2032

The field instruments sub-segment accounted for the largest global market share of 60.8% in 2022 and is expected to rise at the highest CAGR of 7.8% during the forecast period. This dominance majorly is driven by continuous technological advancements that enhance their performance and reliability. Innovations like IoT connectivity, wireless communication, and improved diagnostics allow these instruments to provide richer data, fostering smarter, more efficient power systems. In addition, field instruments support predictive maintenance, improving asset longevity and reducing operational costs by preemptively identifying potential failures.

Region: Asia-Pacific Market to be the Most Dominant by 2032

The automation and instrumentation in power market in the Asia-Pacific region accounted for the largest share of 33.0% in 2022 and is predicted to continue to maintain its dominance and grow at the highest CAGR of 8.0% during the forecast period. This growth is mainly owing to a surge in power demand from growing populations, industrial expansion, and increased adoption of electric vehicles & heating systems. This growth necessitates significant upgrades to aging power infrastructure, prompting investments in automation and instrumentation to enhance efficiency, reliability, and safety. Besides, stringent regulatory mandates across the region compel power utilities to improve energy efficiency and grid stability while reducing emissions.

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Leading Players in the Automation and Instrumentation in Power Market:

Schneider Electric
Yokogawa Electric
Siemens
Mitsubishi Electric
Emerson Process Management
Honeywell process solutions
Omron automation
Rockwell Automation, Inc.
Danaher Industrial Ltd.
ABB

The report provides a detailed analysis of the key players of the global automation and instrumentation in power market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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