Ireland’s Research and Markets Ltd has added Frost & Sullivan's report ‘World Automation and Control Solutions Market in Power Industry’ to its product range. This study provides drivers, market metrics, market trends, revenues, strategies and end-user forecasts for the automation and control solutions (ACS) market.
In this research, Frost & Sullivan's analysts examine distributed control systems (DCSs), programmable logic controllers (PLCs), human machine interfaces (HMIs), supervisory control and data acquisition (SCADA) systems, safety systems, and real-time optimisation and simulation (RTOS).
The dip in energy consumption during the economic downturn of 2009 will straighten out once the economy rebounds, says the study. As various geographies gear up to deal with the hike in demand for power, participants in the automation sector will feel hopeful of a simultaneous rise in demand for their products.
India and China are making significant investments in various applications including thermal and hydroelectric power <em dash> creating demand for automation products. There is substantial potential for automation technology in the power industry across both developed and developing nations, says the analyst of this research. The introduction of smart-grid technologies is expected to drive automation business in developed economies and the latent demand will buoy the prospects in emerging economies.
Participants are likely to obtain most of their revenue from smart grids’ advanced metering infrastructure, distribution automation management and transmission automation. Notably, the need for testing and certification of these systems is expected to give a huge boost to the automation market.
Meanwhile, the retirement of skilled workers is creating a void that is being filled by a less experienced workforce, notes the analyst. This will drive the adoption rate of knowledge management systems and automation components, as it dramatically reduces the need for personnel.
While emerging economies mostly invest in green-field power projects, the developed economies invest in retrofits and smart grids. However, end-users are cautious of investing in both legacy system refurbishments and green-field projects because of the current economic situation. The increased interest in alternative energy sources might also dampen the demand for automation equipment in the long term because the level of automation required for renewable, power-generating sources is less than that needed for traditional sources, says the report.
To tide over these challenges, automation equipment suppliers have to diligently position their product line and offer comprehensive and value-added features, says Frost & Sullivan. As price is likely to be a decisive purchase factor, providers must also adopt cost-effective migration strategies while upgrading customers’ systems. This strategy would do well in building credibility through tighter integration of heterogeneous technology and customer-centric service strategies.
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