Automation and Instrumentation In Power Market to Reach $57 Billion Globally by 2032 at 7.2% CAGR

Allied Market Research - Seite 2

Market Size in 2032

$57 billion

CAGR

7.2 %

No. of Pages in Report

320

Segments covered

Solution, Instrument, and Region

Drivers

Integration of renewable energy sources globally

Growing focus on energy efficiency

Opportunities

Push towards sustainability and environmental stewardship

Integration of IT and OT across the power generation

Restraints

Complexity and technical dependency

Solution: Distributed & Advanced Control System Sub-segment Held Major Share in 2022

The distributed & advanced control system sub-segment accounted for the largest global automation and instrumentation in power market share of 24.4% in 2022 and is expected to witness substantial growth during the forecast period. This dominance is mainly due to enhancing efficiency through sophisticated algorithms and real-time data analytics. These systems optimize power production, distribution, and network load balancing, significantly reducing energy losses and improving performance. Besides, their flexibility allows operators to quickly adapt to changing conditions, ensuring operational responsiveness.

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Instrument: Field Instruments Sub-segment to Flourish Immensely by 2032

The field instruments sub-segment accounted for the largest global market share of 60.8% in 2022 and is expected to rise at the highest CAGR of 7.8% during the forecast period. This dominance majorly is driven by continuous technological advancements that enhance their performance and reliability. Innovations like IoT connectivity, wireless communication, and improved diagnostics allow these instruments to provide richer data, fostering smarter, more efficient power systems. In addition, field instruments support predictive maintenance, improving asset longevity and reducing operational costs by preemptively identifying potential failures.