The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Automatic Generation Control Global Market Report 2024, the automatic generation control market is expected to show significant growth in the forecast period.

Strong Growth in Recent Years

• Market Expansion: The automatic generation control (AGC) market size has grown significantly from $10.87 billion in 2023 to $12.01 billion in 2024, with a compound annual growth rate (CAGR) of 10.5%.
• Historical Drivers: Growth during this period is driven by load fluctuations, renewable energy integration, grid interconnection, demand response programs, and generation outages.

Future Market Projections

• Rapid Future Growth: The AGC market is projected to expand to $16.57 billion by 2028 at a CAGR of 8.4%.
• Key Growth Factors: Factors such as increased penetration of distributed energy resources, integration of electric vehicles (EVs), growing energy market integration, and rising cybersecurity concerns are expected to fuel this growth.

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Emerging Trends in AGC

• Technology Integration: Major trends include the deployment of edge computing, blockchain technology integration, expansion of virtual power plants (VPPs), emergence of grid-interactive buildings, and adoption of multi-agent systems (MAS).

Rising Electricity Demand

• Demand Growth: Rising electricity demand is a major driver of AGC market growth, with electricity usage increasing due to population growth, urbanization, economic development, and technological advancements.
• Optimizing Power Systems: AGC optimizes power system operations, minimizes energy imbalances, and ensures reliable electricity supply. For instance, US electricity demand rose from 4,192.9 TWh in 2021 to 4,338.1 TWh in 2022.

Leading Market Players

• Key Companies: Major players include Hitachi Ltd., Siemens AG, GE-Alstom Grid LLC, General Electric Co., Mitsubishi Electric Corp., Schneider Electric SE, Honeywell International Inc., ASEA Brown Boveri Ltd., and many others.
• Innovative Solutions: These companies focus on developing innovative solutions to stay competitive in the market.

Honeywell’s Advanced Control for Buildings Platform

• New Launch: Honeywell International Inc. launched an Advanced Control for Buildings platform in January 2024.
• Platform Features: This platform integrates advanced cybersecurity, faster network speeds, and innovative technology to automate building operations, enhance energy efficiency, and address operational challenges.

Emerson’s Strategic Acquisition

• Expanding Capabilities: In December 2021, Emerson Electric Co. acquired Mita-Teknik A/S to enhance its wind power portfolio.
• Optimizing Wind Power: The acquisition aims to optimize wind turbine operations and wind farm output, increasing energy production and efficiency.

Market Segmentation

• By Type: Turbine Governor Control, Load Frequency Control
• By Component: Hardware, Software, Services
• By Application: Hydro Power Plant, Thermal Power Plant, Nuclear Power Plant, Solar Power Plant, Wind Power Plant

Regional Insights

• Asia-Pacific Leadership: Asia-Pacific was the largest AGC market in 2023 and is expected to be the fastest-growing region during the forecast period.

The automatic generation control market is poised for robust growth, driven by technological advancements, rising electricity demand, and strategic industry moves. The future looks promising with increasing integration of innovative technologies and the growing need for efficient energy management solutions.

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The Automatic Generation Control Global Market Report 2024  provides an in-depth analysis on the automatic generation control market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the automatic generation control market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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