Automation in Combined Heat and Power Market Poised to Garner Maximum Revenues During 2021 – 2030
Automation in Combined Heat and Power Market Poised to Garner Maximum Revenues During 2021 - 2030 EIN News
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Automation in Combined Heat and Power Market Size
Automation in Combined Heat and Power Market to Witness Robust Expansion Throughout the Forecast Period 2021 – 2030
Emphasis on industrial automation & optimum utilization of resources, and adoption of emerging technologies such as IoT and AI in industrial environments.
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.
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Introduction
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.
Sustainable Development Goals (SDGs)
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.
- Emphasis on industrial automation & optimum utilization of resources
- Adoption of emerging technologies such as IoT and AI in industrial environments
- The emergence of the concept of connected enterprises
- Lack of awareness among small-scale industries
- Surge in demand from the Asia-Pacific region
Market Segmentation
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.
Regional Analysis
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.
Key Players
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.
Major Key Players:
- 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
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
The issues highlighted in the article are connected to the following Sustainable Development Goals (SDGs):
– SDG 7: Affordable and Clean Energy
– SDG 9: Industry, Innovation, and Infrastructure
2. What specific targets under those SDGs can be identified based on the article’s content?
Based on the article’s content, the following specific targets under the identified SDGs can be identified:
– SDG 7:
– Target 7.2: Increase substantially the share of renewable energy in the global energy mix.
– Target 7.3: Double the global rate of improvement in energy efficiency.
– SDG 9:
– Target 9.2: Promote inclusive and sustainable industrialization and foster innovation.
– Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
The article does not explicitly mention any indicators that can be used to measure progress towards the identified targets. However, some potential indicators that can be considered based on the article’s content include:
– Share of renewable energy in the combined heat and power market.
– Rate of improvement in energy efficiency in the combined heat and power market.
– Investments in industrial automation and emerging technologies such as IoT and AI in the energy sector.
– Penetration of automation in combined heat and power products in economically developed nations.
– Adoption of energy-efficient products in the combined heat and power market.
SDGs, Targets, and Indicators Table
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | Target 7.2: Increase substantially the share of renewable energy in the global energy mix. | – Share of renewable energy in the combined heat and power market. |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.2: Promote inclusive and sustainable industrialization and foster innovation. | – Investments in industrial automation and emerging technologies such as IoT and AI in the energy sector. |
| Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable. | – Adoption of energy-efficient products in the combined heat and power market. |
Copyright: Dive into this article, curated with care by SDG Investors Inc. Our advanced AI technology searches through vast amounts of data to spotlight how we are all moving forward with the Sustainable Development Goals. While we own the rights to this content, we invite you to share it to help spread knowledge and spark action on the SDGs.
Fuente: einnews.com
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