Overview and Scope
Automatic generation control (AGC) refers to a significant control process in power systems that operates continuously to balance generation and load at a minimum cost. It is used to regulate the power output of generators in real time to match the constantly changing demand while ensuring system stability and reliability.
Sizing and Forecast
The automatic generation control market size has grown strongly in recent years. It will grow from $10.87 billion in 2023 to $12.01 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to load fluctuations, renewable energy integration, interconnection of grids, demand response programs, generation outages.
The automatic generation control market size is expected to see rapid growth in the next few years. It will grow to $16.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to increased penetration of distributed energy resources, electric vehicles (EVs) integration, increasing integration of energy markets, and cybersecurity concerns. Major trends in the forecast period include deployment of edge computing, integration of blockchain technology, expansion of virtual power plants (VPPs), emergence of grid-interactive buildings, adoption of multi-agent systems (MAS).
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/automatic-generation-control-global-market-report
Segmentation & Regional Insights
The automatic generation control market covered in this report is segmented –
1) By Type: Turbine Governor Control, Load Frequency Control
2) By Component: Hardware, Software, Services
3) By Application: Hydro Power Plant, Thermal Power Plant, Nuclear Power Plant, Solar Power Plant, Wind Power Plant
Asia-Pacific was the largest region in the automatic generation control market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automatic generation control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=14852&type=smp
Major Driver Impacting Market Growth
The rising electricity demand is expected to propel the growth of the automatic generation control markets going forward. Electricity refers to the physical phenomena associated with the presence and flow of electric charge. It is a form of energy resulting from the movement of electrons through conductive materials such as wires or circuits. The electricity demand is rising due to population growth, urbanization, economic development, and technological advancements. Automatic generation control (AGC) is used in electricity systems to optimize the operation of power systems, minimize energy imbalances, and ensure a reliable supply of electricity to consumers. For instance, in 2022, according to the data published by Our World in Data, a UK-based scientific online publication organization, US electricity demand increased from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) in 2022. Therefore, rising electricity demand is driving the growth of the automatic generation control market.
Key Industry Players
Major companies operating in the automatic generation control market are Hitachi Ltd., Siemens AG, GE-Alstom Grid LLC, General Electric Co., Mitsubishi Electric Corp., Schneider Electric SE, Honeywell International Inc., ASEA Brown Boveri Ltd., Larsen and Toubro Ltd., Emerson Electric Co., ANDRITZ AG, Rockwell Automation Inc., Wartsila Corp., ENERCON GmbH, Regal-Beloit Corporation, Hubbell Inc., Voith Group, Yokogawa Electric Corp., Woodward Inc., OSI Systems Inc., Schweitzer Engineering Laboratories Inc., DEIF A/S, Maverick Technologies LLC, ETAP Operation Technology Inc., Suzlon Energy Ltd.
The automatic generation control market report table of contents includes:
1. Executive Summary
2. Automatic Generation Control Market Characteristics
3. Automatic Generation Control Market Trends And Strategies
4. Automatic Generation Control Market – Macro Economic Scenario
5. Global Automatic Generation Control Market Size and Growth
…..
32. Global Automatic Generation Control Market Competitive Benchmarking
33. Global Automatic Generation Control Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automatic Generation Control Market
35. Automatic Generation Control Market Future Outlook and Potential Analysis
36. Appendix
Explore the trending research reports from TBRC:
https://topprnews.com/middleoffice-business-process-outsourcing-bpo-service-market-forecast/
https://topprnews.com/radar-systems-and-technology-market-size/
https://topprnews.com/robotic-process-automation-rpa-in-information-technology-market-trends/
https://goodprnews.com/radar-systems-and-technology-market-forecast/
https://goodprnews.com/robotic-process-automation-rpa-in-information-technology-market-bal-forecast/
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
