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

Allied Market Research

The growing energy demand across the globe and the integration of renewable energy sources globally are projected to drive the global automation and instrumentation in power market's growth during the forecast period. The Asia-Pacific region is predicted to witness prominent growth by 2032.

PORTLAND, Ore., April 23, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Automation and Instrumentation In Power Market Size, Share, Competitive Landscape and Trend Analysis Report by Solution, by Instrument : Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global automation and instrumentation in power market generated $29.8 billion in 2022, and is anticipated to generate $57 billion by 2032, rising at a CAGR of 7.2% from 2023 to 2032.

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Prime Determinants of Growth

The growing integration of renewable energy sources, increasing demand for energy across the globe, and various benefits provided by automation and instrumentation, such as reduce operational costs, improve safety standards, and ensure regulatory compliance in the power sector are the factors expected to drive the growth of the global automation and instrumentation in power market in the forecast period from 2023 to 2032. However, technical dependency on automation & instrumentation and complexity of automated systems may hamper market growth in the coming future. On the contrary, the integration of Information Technology (IT) and Operational Technology (OT) across the power generation value chain and push towards sustainability and environmental stewardship are expected to offer remunerative opportunities for the expansion of the automation and instrumentation in power market during the forecast period.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$29.8 billion