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Automatic Generation Control Market Report Overview
The global automatic generation control market size was 1201.9 million in 2021. As per our research, the market is expected to reach USD 1535.8 million in 2028, exhibiting a CAGR of 3.5 % during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with automatic generation control market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Automatic generation control (AGC) is a system for adjusting the power output of multiple generators at different power plants, in response to changes in the load. In power systems, the control mechanism responsible for maintaining the system frequency to the minor value and the real power interchange between balancing authority areas to the scheduled values is referred to as automatic generation control. Nuclear power plants use nuclear fission to generate electricity. In nuclear power plants, the adjustment of the output of electric power according to the variation of demand is made using AGC. It alleviates the fluctuation of grid frequency due to the irregular nature of these power plants. Automobile industry may increase production, decrease factory downtime, improve supply chain efficiency and quick respond to market demand. Industrial automation products are being sold by large organization and employed in a variety of local industries. The automation generation control industry must improve manufacturing processes and boost productivity to survive and grow in a highly fragmented market. Upsurge in the implementation of digital solution such as real time monitoring and decision-making solutions through several industries is estimated to motivate the automation and controls market post pandemic. The growing population attached with rising living standards has led to an upsurge in industrial activities which has resulted in increased consumption of energy. Technical difficulties will reduce the industry revenue. The automatic generation control market has observed generous growth in current years and it is anticipated to remain rising sturdily in the coming years, operated by technological improvements and rising customer demand.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
COVID 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Automatic Generation Control Market Segmentation
- By Type Analysis
According to type, the market can be segmented into turbine-governor control (TGC), load-frequency control (LFC).
Turbine-governor control (TGC) capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into hydropower plant, thermal power plant.
Automatic generation control market players cover segment as hydropower plant will dominate the market share during forecast period.
Driving Factors
"Increase in demand in residential & commercial assignment to boost the market growth"
Increasing residential and commercial building assignments is estimated to enhance the market. The growth in the number of residential and commercial launches is consequently growing the electricity demand. Automatic generation control is widely used in power plants to control power generation. Also, increase in organizations focused on worker safety to boost the progression of automation generation control market.
"Technological advancement and development to upsurge the market."
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the automatic generation control market growth. Automation and modern production infrastructure facilitate quick manufacturing and material handling activities. Industries are implementing industrial control and automation system. Growing investment in research and development activities and growing awareness about benefits to deliver profitable opportunities for the market. Constant development are one of the trends in the market.
Restraining Factors
"High implementation cost to hamper the market growth"
High implementation cost is hampering development of automatic generation control market. Operation cost required for the industry is not affordable for smaller companies. High initial cost, complex procedure and upkeep condition are involved in the restraining factors which is depleting the market growth.
Automatic Generation Control Market Regional Insights
"Asia Pacific to dominate the region due to technological development"
Asia Pacific is further expected to witness growth in the automatic generation control market share. The region is dominating the market due to growing number of nuclear power plants which will facilitate the automatic generation control market growth during the forecast period. Furthermore, demand for the automotive industry and significant investments in the region which will boost the market growth. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage."
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- ABB (Switzerland)
- GE-Alstom Grid (France)
- Siemens (Germany)
- Hitachi (Japan)
- Maverick Technologies (U.S.)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1201.9 Million in 2021 |
Market Size Value By |
US$ 1535.8 Million by 2028 |
Growth Rate |
CAGR of 3.5% from 2021 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the automatic generation control market expected to touch by 2028?
Automatic generation control market is expected to touch USD 1535.8 million by 2028.
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What CAGR is the automatic generation control automatic generation control market expected to exhibit during 2021-2028?
Automatic generation control market is expected to exhibit CAGR of 3.5% during 2021-2028.
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What are the driving factors of the automatic generation control Market?
The growth in the number of residential and commercial launches is consequently growing the electricity demand. Automatic generation control is widely used in power plants to control power generation.
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Which are the key players or most dominating companies functioning in the automatic generation control market?
The dominating companies in the automatic generation control market are ABB, GE-Alstom Grid, Siemens, ANDRITZ, and DEIF.