Nuclear Power Plant Control System Market worth $825 million by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 8, 2024 /PRNewswire/ — Nuclear Power Plant Control System Market is expected to reach USD 825 million by 2028 from USD 636 million in 2023 at a CAGR of 5.3% during the 2023–2028 period according to a new report by MarketsandMarkets™.  Nuclear energy as clean energy is a more reliable way of producing electricity on a large scale. The versatile nature of nuclear energy could enable the transition to a cleaner world and a stronger global economy this is pivotal in propelling the expansion of the Nuclear Power Plant Control System Market. Furthermore, the global expansion of nuclear power has heightened the adoption of nuclear power plant control systems. The amalgamation of these systems with renewable energy contributes to their increased demand, aligning with global efforts to diminish reliance on fossil fuels and minimize carbon footprints. Government support and stringent safety regulations are pivotal factors driving the growth of the Nuclear Power Plant Control System Market. To incentivize the development and expansion of nuclear power plants, many governments provide financial support, subsidies, and favorable regulatory environments.

Browse in-depth TOC on “Nuclear Power Plant Control System Market“

112 – Tables

57 – Figures

185 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=213998778

Nuclear Power Plant Control System Market Scope:

Hardware, by component, is expected to be the largest segment during the forecast period. 

Based on components, the Nuclear Power Plant Control System Market is categorized into three categories: hardware, software, and services. The hardware is expected to be the largest segment. The growing demand for remote monitoring and control is expected to drive growth in this market. Increased reliability of the control system is achieved through the use of various backup hardware. One of the main factors propelling the Nuclear Power Plant Control System Market’s hardware segment is the rise in automation initiatives in large power plants.

The Distributed Control System (DCS), by solution, is expected to be the largest segment during the forecast period. 

Based on the solution, the nuclear power plant control systems market is segmented into five categories: distributed control system (DCS), programmable logic controller (PLC), supervisory control & data acquisition (SCADA), industrial safety, and others. Establishing diversity and fault tolerance in DCS components enhances operational continuity and shows a strong commitment to the required safety and reliability standards in nuclear power plants. Reliability is crucial in the complex world of nuclear power operations, providing a robust architecture for backup and fault tolerance in DCS components. It is important to strengthen the control system against potential failures due to the critical nature of nuclear reactors.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=213998778 

Asia Pacific is expected to be the fastest-growing region in the Nuclear Power Plant Control System Industry. 

Asia Pacific is expected to be the fastest-growing region in the Nuclear Power Plant Control System Market during the forecast period. The Asia Pacific region comprises major economies such as China, Japan, South Korea, Rest of Asia Pacific. Greater energy supply is required with the rapid urbanization and economic growth, and nuclear energy is developing as a clean, dependable baseload alternative. Governments are encouraging its development, especially in the case of elderly plants in need of upgrading. The need for advanced control systems is being driven by increased safety concerns. There are 53 nuclear power plants operating in China right now, and there are 143 in planning and 21 more under construction. The need to develop a qualified workforce and use renewable energy sources is also driving market expansion. The Asia Pacific region’s chances for nuclear power plant control systems seem bright in the face of competition and environmental concerns.

Key Players

Some of the major players in the Nuclear Power Plant Control System Companies are Siemens (Germany), ABB (Switzerland), General Electric (US), Fortum (Finland), and Framatome (France). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Related Reports:

Nuclear Power Plant Equipment Market by Reactor Type (Pressurized Water Reactor (PWR), Pressurized Heavy Water Reactor (PHWR), Boiling Water Reactor (BWR)), Equipment Type (Island Equipment, Auxiliary Equipment) Region – Global Forecast to 2027

Power Plant Control System Market by Plant Type (Coal, Natural Gas, Hydroelectric, Nuclear, Oil, and Renewable), Solution (SCADA, DCS, Programmable Controllers), Component, Application, and Region – Global Forecast to 2026

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/nuclear-power-plant-control-system-market.asp

Visit Our Website: https://www.marketsandmarkets.com/

Content Source: https://www.marketsandmarkets.com/PressReleases/nuclear-power-plant-control-system.asp 

Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/nuclear-power-plant-control-system-market-worth-825-million-by-2028—exclusive-report-by-marketsandmarkets-302057502.html

Featured image: Megapixl © jtterbugg

Disclaimer