Automation in Combined Heat and Power Market to Witness Robust Expansion Throughout the Forecast Period 2021 – 2030

WILMINGTON, DELAWARE, UNITED STATES, May 6, 2024 /EINPresswire.com/ -- The automation in combined heat and power market in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to high investments in the industrial sector. Moreover, economically developed nations tend to witness high penetration of automation in combined heat and power products in the energy & power sectors, which is projected to significantly contribute toward the growth of the market. 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%. Asia-Pacific is expected to be the leading contributor toward automation in the combined heat and power market during the forecast period, followed by LAMEA and North America.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/A15612

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 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, the emergence of the concept of connected enterprises boosts overall market growth. However, a lack of awareness among small-scale industries acts as a major restraint for global automation in combined heat and power industry. On the contrary, the surge in demand from the Asia-Pacific region is expected to create lucrative opportunities for automation in combined heat and power market growth.

Moreover, developing nations tend to witness high penetration of automation in combined heat and power products, especially in commercial sectors, which is anticipated to augment the market growth. Factors such as the rise in the adoption of energy-efficient products accelerate the market growth.

The global automation in combined heat and power market is segmented based on component, control and safety system, and region. By component, the market is classified into sensors, controllers, switches & relays, drives, and others. Depending on the control and safety system, the market is categorized into distributed control systems, supervisory control & data acquisition systems, systems instrumented systems, programmable logic controllers, and human-machine interfaces. The automation in combined heat and power market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.

Region-wise, the automation in combined heat and power market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed the maximum revenue in 2020. However, between 2020 and 2030, the automation in combined heat and power market analysis in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to an increase in demand from emerging economic countries such as India, China, Japan, Taiwan, and South Korea.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A15612

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Automation in Combined Heat and Power industry's 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 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐂𝐨𝐦𝐛𝐢𝐧𝐞𝐝 𝐇𝐞𝐚𝐭 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

ABB Ltd
Emerson Electric Co.
Honeywell International Inc.
Mitsubishi Electric Corporation
Omron Corporation
Rockwell Automation, Inc.
Schneider Electric S.E.
Siemens AG
Valmet
Yokogawa Electric Corporation

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to an increase in several COVID-19 cases, and are expected to remain closed in the first quarter of 2022. Furthermore, partial or complete lockdown has disrupted the global supply chain posing challenges for manufacturers to reach customers.

The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day by day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and is resulting in falling business confidence, massive slowing of the supply chain, and increasing panic among customers.

Asian and European countries under lockdowns have suffered major losses of business and revenue, owing to the shutdown of manufacturing units. Operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted the growth of the automation in combined heat and power market.

In addition, the COVID-19 pandemic has impacted the electronics sector as production facilities have been stalled, which, in turn, boosted demand for electronics and semiconductor products in these industries. Its major impact includes a large manufacturing interruption across Europe and an interruption in Chinese parts exports, which hinder the automation of combined heat and power market opportunities globally.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A15612

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

- The controllers segment is projected to be the major component, followed by sensors.
- By region, Asia-Pacific and North America collectively accounted for more than 62% of the automation in combined heat and power market share in 2020.
India is anticipated to witness the highest growth rate during the forecast period.
- The U.S. was the major shareholder in the North America Automation in Combined Heat and Power market, accounting for approximately 54% share in 2020.
- Depending on the control and safety system, the supervisory control and data acquisition system (SCADA) segment generated the highest revenue in 2020. However, the programmable logic controller (PLC) segment is expected to witness the highest growth rate in the future.
- Region-wise, the automation in combined heat and power market was dominated by Europe. However, Asia-Pacific is expected to witness significant growth in the coming years.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Market Research
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