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19:23 | 09.02.2018
Global Automation Solution Market in Renewable Power Generation Industry – Growth Prospects and Forecasts | Technavio

The global
automation solution market in renewable power generation industry
is expected to grow at a CAGR of close to 12% during the period
2018-2022, according to a new market research study by Technavio.

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http://www.businesswire.com/news/home/20180209005390/en/
Technavio has published a new market research report on the global automation solution market in renewable power generation industry 2018-2022 under their industrial automation library. (Graphic: Business Wire)
The report categorizes the global
automation solution market in renewable power generation industry
by application, including PLC, DCS, and SCADA. The report also
determines the geographic breakdown of the market in terms of detailed
analysis and impact, which includes key geographies such as APAC, the
Americas, and EMEA.
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Market driver: aggressive policies supporting the growth of renewable
power
Governments in developed and developing countries are coming up with
various policies, regulatory measures, and protocols that will act as a
catalyst to increase the adoption of renewable sources for generating
power. With growing investments and incentives in the field of renewable
power generation to minimize the emission of greenhouse gases and reduce
the impact of global warming, the market for automation solutions is
gaining traction. Many policies and measures across countries are
supporting the growth of renewable power generation.

According to a senior lead analyst at Technavio for automation
research, “In countries such as India, the government has set a
target of increasing its solar energy generation capacity from the
current capacity of approximately 15 GW to 100 GW by 2022. Similarly,
the Environmental Protection Agency in the US has come up with
guidelines that clearly states that power plants older than 25 years
with capacities over 50 MW are required to be upgraded.”
Looking for more information on this market? Request
a free sample reportTechnavio’s sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.Market trend: renewable energy auctions gaining traction
For expanding renewable power generation in developed and developing
countries, renewable energy project auctions are becoming increasingly
popular. These auctions coupled with measures to incentivize renewable
energy deployment are driving the growth of renewable energy generation.
Deployment of renewable technologies in a cost-efficient, well-planned,
and transparent manner, and subsequently fulfill several other
objectives as well are the factors leading to renewable energy auctions
gaining popularity. These objectives mainly include job creation, local
ownership, and development. Flexibility, price, and commitments are the
main benefits of these auctions.

The flexibility to design policies enables policymakers to combine and
tailor unique and different elements to meet the objectives of renewable
energy projects. Factors such as the country’s present economic
situation, the structure of its energy sector, and maturity of its power
market are taken into consideration while deploying such projects. The
certainty on quantity and price results in stable revenue for project
developers and ensures that renewable generation targets are met more
precisely.
Market challenge: cost challenges due to retrofitting
Implementing automation in power plants provides a wide range of
advantages. However, significant investment and effort is required while
retrofitting automation solutions in conventional devices and machines.
This, in turn, requires a cost-benefit analysis, as companies need to
justify investments made toward purchasing new systems. In addition,
there should be compatibility of the newly bought systems with advanced
automation solutions or with retrofitting existing devices with smart
solutions.
Is your business on track for a successful future? Learn
how Technavio can helpTechnavio helps businesses anticipate changes in their marketplace,
make proactive adjustments, and develop effective strategies to optimize
their market positions.Some of the major contributors in the global
automation solution market in the renewable power generation industry:
ABB

Emerson

General Electric

Rockwell Automation

Siemens
Get a sample copy of the global
automation solution market in renewable power generation industry
report free of costAccess Technavio’s continuously growing automation
research library and find expert analysis on hundreds of markets.About TechnavioTechnavio
is a leading global technology research and advisory company. Their
research and analysis focuses on emerging market trends and provides
actionable insights to help businesses identify market opportunities and
develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists
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within changing market scenarios.

If you are interested in more information, please contact our media team
at media@technavio.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180209005390/en/


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