Power Plant Control System Market Is Expected to Grow with a CAGR of 5.78% During the F... - 0 views
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Almira Coyne on 25 Aug 20the global power plant control system market is projected to reach USD 6.22 billion by 2022, growing at a CAGR of 5.78%, from an estimated USD 4.70 billion in 2017. The growth of the power plant control system market is majorly driven by the increase in alternative energy programs, the increase in the buoyant power sector and augmented power generation capacities worldwide, and government initiatives toward industrial automation. The Middle East is expected to be the fastest growing market for power plant control systems from 2017 to 2022. This region is undergoing rapid electricity infrastructure development to maintain the demand-supply balance. The United Arab Emirates, which is one of the largest revenue contributors to the region, is investing heavily in diversifying its energy mix including renewable sources. Qatar is set to host the FIFA World Cup 2022 and needs to upgrade its power infrastructure. This process of upgrade and capacity addition of power plants would create substantial opportunities for the suppliers of power plant control systems. Continued governmental investments in the economic and infrastructure growth are expected to boost the Middle Eastern power plant control system market.