NEW YORK , June 16, 2022 /PRNewswire/ -- The Automation Solution Market size is expected to grow by USD 3.45 billion at a CAGR of 5.37% as per the latest market report by Technavio. 48% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for the automation solutions market in the renewable power generation industry in APAC.
The market in this region will increase at a quicker rate than the market in other regions. Over the projection period, aggressive regulations promoting the expansion of renewable energy would help the automation solution market in the renewable power generating industry thrive in APAC.
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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".
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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:
ABB Ltd.-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.
Hitachi Ltd.-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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Automation Solution Market In Renewable Power Generation Industry Market Scope
Accelerate at a CAGR of 5.37%
APAC, North America, Europe, MEA, and South America
US, China, India, Germany, and Japan
Leading companies, Competitive strategies, Consumer engagement scope
ABB Ltd., Beckhoff Automation GmbH and Co. KG, Eaton Corporation Plc, Hitachi Ltd., Mitsubishi Electric Corp., Pilz GmbH and Co. KG, Bosch Rexroth AG, Rockwell Automation Inc., Siemens AG, and Toshiba Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
3.4 Market outlook: Forecast for 2020 - 2025
5.3 Solar energy - Market size and forecast 2020-2025
5.4 Wind energy - Market size and forecast 2020-2025
5.5 Others - Market size and forecast 2020-2025
7.3 APAC - Market size and forecast 2020-2025
7.4 North America - Market size and forecast 2020-2025
7.5 Europe - Market size and forecast 2020-2025
7.6 MEA - Market size and forecast 2020-2025
7.7 South America - Market size and forecast 2020-2025
10.4 Beckhoff Automation GmbH and Co. KG
10.8 Pilz GmbH and Co. KG
11.2 Currency conversion rates for US$
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
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