Power Plant Control System Market Trends

Statistics for the 2023 & 2024 Power Plant Control System market trends, created by Mordor Intelligence™ Industry Reports. Power Plant Control System trend report includes a market forecast to 2028 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Corporate License

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Market Trends of Power Plant Control System Industry

The Renewables Sector is Expected to Dominate the Market

  • The renewable sector is expected to witness significant growth during the forecast period due to the rising share of renewables in total electricity generation, an increasing number of utility-sized renewable projects, and increasing demand for clean energy.
  • The global solar energy capacity grew from 180.75 GW in 2014 to 1418.96 GW in 2023, and wind energy capacity grew from 349.41 GW in 2014 to 1017.19 GW in 2023. Most of this capacity was added in the form of utility-scale wind and solar farms, all of which use power plant control systems.
  • Another factor contributing to the growth of the renewable sector is the significant drop in the CAPEX required for setting up renewable projects like wind and solar. For example, solar photovoltaic (PV) module costs have plummeted by around 99% in the last four decades. The costs are expected to continue to decline during the forecast period due to advancements in solar panel production technologies and mass production of solar panels. The same trend is being witnessed in the cost of wind turbines.
  • Increasing demand for clean energy is one of the primary drivers for the renewable sector, as well as for power plant control systems. According to the International Renewable Energy Agency, in 2023, the total renewable energy installed capacity accounted for 3869.7 GW, an annual growth rate of 13.9% compared to the previous year. As governments worldwide focus more on installing greener energy projects, the capacity is expected to grow further during the forecast period.
  • In September 2023, the European Union awarded a EUR 40 million fund, including eight solar PV projects with a total capacity of 282.77 MW. The European Commission announced its plans to start the next round of discussions with EU countries in view of launching the second tender in 2024.
  • Therefore, the renewable sector is expected to grow due to the increasing demand for clean energy, which may also boost the growth of the power plant control system market.
Power Plant Control System Market: Total Renewable Energy Installed Capacity, in Giga Watt (GW), Global, 2018-2023

Asia-Pacific is Expected to Dominate the Market

  • Asia-Pacific is one of the fastest-growing regions in the world due to its increasing population and rising urbanization and industrialization. As a result, the demand for a guaranteed power supply is high. To address this demand, many countries in the region are investing in various power generation plants and increasing their efficiency.
  • As per the Global Energy Monitor report, China accounted for 95% of the world’s new coal power construction activity in 2023. Approximately 47.4GW of coal power capacity was installed in 2023, with an increase accounting for two-thirds of the global rise in operating coal power capacity.
  • The region is also increasing its footprint in nuclear power, which may drive the demand for power plant control systems. For instance, in April 2024, the first digital control system was installed at Linglong One. It is a small modular reactor demonstration project that is being built at the Changjiang nuclear power plant in Hainan Province.
  • The renewable energy sector is also witnessing significant growth, which is expected to boost the demand for power plant control systems in the region. According to the International Renewable Energy Agency, in 2023, the total renewable energy installed capacity in Asia accounted for 1961.09 GW, an annual growth rate of 20% compared to the previous year.
  • These factors are expected to propel the demand for power plant control systems in the region during the forecast period.
Power Plant Control System Market: Growth Rate by Region, 2024-2029

Power Plant Control System Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)