Major companies in the power generation, transmission and control equipment market include Siemens AG; ABB Ltd; Schneider Electric SA; General Electric Corporation and Mitsubishi Electric Corporation.
New York, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Power Generation, Transmission And Control Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027710/?utm_source=GNW
The global power generation, transmission and control equipment market is expected to grow from $450.24 billion in 2020 to $487.7 billion in 2021 at a compound annual growth rate (CAGR) of 8.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $615.02 billion in 2025 at a CAGR of 6%.
The power generation, transmission and control equipment market consists of sales of power generation, transmission and control equipment by entities (organizations, sole traders and partnerships) that produce power, distribution, and specialty transformers; electric motors, generators, and motor generator sets; switchgear and switchboard apparatus; relays; and industrial controls. The power generation, transmission and control equipment market is segmented into transformer; motor and generator; switchgear and switchboard apparatus and relay and industrial controls.
Asia Pacific was the largest region in the global power generation, transmission and control equipment market, accounting for 44% of the market in 2020.Western Europe was the second largest region accounting for 25% of the global power generation, transmission and control equipment market.
Africa was the smallest region in the global power generation, transmission and control equipment market.
The relay and industrial control industry is increasingly adopting SCADA (Supervisory control and data acquisition) systems to enhance process efficiency and productivity.SCADA systems are used to remotely control industrial processes such as power generation, fabrication and refining through coded signals over cloud channels.
The applications of these SCADA systems is expected to rise mainly due to their scalability, ease of upgrading, emergence of global smart grid projects and increased use of cloud technologies.The market is also benefitting from high demand for energy and renewable resource projects.
The SCADA systems market is estimated to grow at a CAGR of 7.2% from 2014 to 2020.
Read the full report: https://www.reportlinker.com/p06027710/?utm_source=GNW
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