According to a new report, published by KBV research, The Global Automation and Instrumentation In Power Market size is expected to reach $51.7 billion by 2031, rising at a market growth of 7.0% CAGR during the forecast period.
The Field Instruments segment is leading the Global Automation and Instrumentation In Power Market by Instrument in 2023; thereby, achieving a market value of $32.4 billion by 2031. This achievement can be attributed to the essential role field instruments play in monitoring and controlling various parameters within power plants and distribution systems. Field instruments, including sensors, transmitters, and actuators, provide critical data on temperature, pressure, flow, and level measurements, ensuring the efficient and safe operation of power facilities.
The Distributed Control System (DCS) segment exhibits a CAGR of 6.7% during (2024 - 2031). DCSs are crucial for managing large-scale and complex industrial processes, particularly in power generation facilities where precision and control are paramount. The capability of DCS to integrate various subsystems and provide centralized control over multiple processes enhances operational efficiency and reliability. The growing trend towards smart grids and the need for more sophisticated control mechanisms in power plants have significantly contributed to the revenue share of the DCS segment.
Full Report: https://www.kbvresearch.com/automation-and-instrumentation-in-power-market/
The Asia Pacific region dominated the Global Automation and Instrumentation In Power Market by Region in 2023; thereby, achieving a market value of $20 billion by 2031. The North America region is expected to witness a CAGR of 6.3% during (2024 - 2031). Additionally, The Europe region would capture a CAGR of 6.8% during (2024 - 2031).
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