$24.12 Billion Opportunities in the Automation in Combined Heat and Power Global Market, 2021-2030 by Component, Control and Safety System -…

DUBLIN--(BUSINESS WIRE)--The "Automation in Combined Heat and Power Market by Component, Control and Safety System: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

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% from 2021 to 2030. Combined heat and power (CHP) automation plays a significant role in energy management which include optimal coordination of turbines & boilers in order to minimalize production costs while maintaining environmental compliance. The automation system in a CHP plant covers the entire process, including the turbine island, boiler island, fuel handling, balance of plant, and auxiliary processes.

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

The global automation in combined heat and power market is segmented on the basis of components, control and safety system, and region. By component, the market is classified into sensors, controllers, switches & relays, drives, and others. Depending on control and safety system, it is categorized into distributed control system, supervisory control & data acquisition system, systems instrumented systems, programmable logic controller, and human machine interface.

Companies Mentioned

KEY BENEFITS FOR STAKEHOLDERS

Market Dynamics

Drivers

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Opportunities

KEY MARKET SEGMENTS

By Component

By Control and Safety System

By Region

For more information about this report visit https://www.researchandmarkets.com/r/w9voyh

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$24.12 Billion Opportunities in the Automation in Combined Heat and Power Global Market, 2021-2030 by Component, Control and Safety System -...