Press Release: December 16, 2018
The global power generation, transmission and control manufacturing market, one of the leading segments in the electrical equipment industry, grew at a compound annual growth rate (CAGR) of around 4% during the historic period. This is mainly due to global economic growth and rapid industrialization in emerging economies such as China, India and Vietnam.
In the forecast period, the global power generation, transmission and control manufacturing market size is expected to be over $520 billion by 2021, growing at a CAGR of nearly 4.5%. The growth is attributed to several factors which include technological advancements and increasing investments in end user industries such as infrastructure and construction.
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The relay and industrial control industry is increasingly adopting SCADA 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 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.
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