New York, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The global SCR power controller market size is slated to expand at ~5% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 423 million by the end of 2036, up from a revenue of ~USD 145 million in the year 2023.The market growth is impelled by the increasing adoption of renewable energy sources. The acceptance and use of renewable energy are rising globally owing to its abundance and its ability to alleviate global warming. Moreover, grid integration of renewable energy necessitates the use of SCR power controllers to manage the power flow and maintain the stability of the grid. According to estimates, more than 90% of the expansion in the world's electricity capacity is anticipated to come from renewable sources by 2026.
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The growing technological advancements are believed to fuel the SCR power controller market. For instance, in 2020 Advanced Energy introduced its new Thyro-A+ to provide next-generation SCR accuracy and significantly lower energy consumption, in precision heating applications. Industries that use SCR controllers must adhere to safety and environmental regulations. Manufacturers ensure that their products comply with relevant standards and safety requirements to meet industry-specific guidelines. Customers often require customized solutions to fit their specific applications. Manufacturers in this market provide support and expertise to help customers select and integrate the right SCR controllers for their systems.
Increasing Adoption of Industry 4.0 across the Globe to Boost Market Growth
Industry 4.0 describes the growing trend towards automation can be defined as the integration of technology such as the Internet of Things (IoT), cloud computing and analytics, AI, and machine learning into their manufacturing processes. SCR power controller helps in controlling electric power for machinery and is considered an integral part of smart manufacturing. This has led to an increase in demand for charging infrastructure which necessitates the usage of SCR power controllers for fast charging. According to estimates, in 2022, more than 73 million vehicles were sold worldwide, with electric automobiles making up over 14% of those sales. Companies in the SCR power controller market often develop industry-specific solutions. For example, controllers used in the plastics industry may have different features and specifications than those used in the metallurgy industry, reflecting the diverse needs of various sectors. Advancements in semiconductor technology and control systems have improved the efficiency and performance of SCR power controllers. Modern controllers offer enhanced features such as digital interfaces, communication capabilities, and remote monitoring, making them more attractive to industries seeking automation and control. The SCR power controller market has experienced steady growth due to industrial expansion and increasing automation. As industries modernize and adopt more advanced and efficient heating technologies, the demand for precise and reliable power control solutions like SCR controllers has increased.
SCR Power Controller Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Industrial Sector to Drive the Market Growth in North America Region
The SCR power controller market in North America region is estimated to garner the largest revenue by the end of 2036. The continuous expansion and diversification of the industrial sector drive the demand for SCR power controllers. These controllers are vital in applications that require precise power control, such as electric heating in various industrial processes. The growth of industries necessitates more advanced and efficient power control solutions. In North America, the industrial sector is a significant contributor to economic growth, accounting for a substantial share of the GDP, which stood at approximately 16% in the year 2019. The growing emphasis on energy efficiency in industrial processes is a key driver for SCR power controllers. These controllers provide precise control of power delivery to heating elements, helping industries optimize energy consumption and reduce operational costs. They align with the increasing focus on sustainability and resource conservation. As North American industries embrace modernization and automation, there's a greater need for advanced control systems. SCR power controllers play a pivotal role in this transformation by ensuring precise power management, which is essential for the accuracy and efficiency of automated processes.
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Energy Efficiency Focus to Propel the Growth in the Asia Pacific Region
The Asia Pacific SCR power controller market is estimated to garner the highest CAGR by the end of 2036. The emphasis on energy efficiency in industrial processes is a driving force for SCR power controllers. These controllers enable industries to optimize energy consumption by providing precise control over power delivery to heating elements. The rising awareness of sustainability and resource conservation further fuels this demand. In 2019, energy consumption for industrial purposes in Asia Pacific represented a significant portion of the total energy use in the region. As industries in Asia Pacific embrace automation and Industry 4.0 principles, there is a growing need for advanced control systems. SCR power controllers ensure precise power management, which is critical for the accuracy and efficiency of automated processes, making them a preferred choice in this context. Investments in automation technologies and Industry 4.0 initiatives in Asia Pacific reached USD 6.9 billion in 2020, reflecting the region's commitment to automation and modernization. Ongoing technological advancements in semiconductors and control systems have led to more efficient and reliable SCR power controllers. These controllers offer advanced features, including digital interfaces, remote monitoring, and communication capabilities, making them attractive to Asia Pacific industries seeking cutting-edge solutions.
SCR Power Controller, Segmentation by Phase
- Three Phase
- Single Phase
Amongst these segments, the single-phase segment is anticipated to hold the largest share over the forecast period. Small and medium enterprises often require precise power control solutions for various applications. Single-phase SCR power controllers offer a cost-effective and efficient means to control power delivery to electric heating elements, making them essential for SMEs across industries. SMEs contribute significantly to the global economy, accounting for nearly 90% of all businesses in both developed and emerging industries. As the home appliance industry expands, there is a growing demand for single-phase SCR power controllers. These controllers are integral to managing the power supplied to heating elements in appliances like ovens, stoves, and water heaters, ensuring safe and efficient operation. The emphasis on energy-efficient heating solutions is driving the adoption of single-phase SCR power controllers. These controllers enable precise power control in heating applications, reducing energy consumption and aligning with energy efficiency goals.
SCR Power Controller, Segmentation by Load
- Resistive
- Non-Resistive
Amongst these segments, the non-resistive segment is anticipated to hold a significant share over the forecast period. As industries continue to embrace automation and sophisticated control systems, the non-resistive segment of SCR power controllers gains prominence. These controllers play a vital role in managing power delivery to various industrial loads, such as motors and transformers, ensuring precise and efficient control. The global industrial automation industry is projected to reach USD 306 billion by 2025, driven by increased demand for automation in industries. The non-resistive segment of SCR power controllers caters to the demand for precision and accuracy in industrial applications. These controllers offer the capability to manage power with high precision, making them essential for industries that require exact control over electric loads. Electric motors are integral to many industrial processes. Non-resistive SCR power controllers are employed to precisely control power to these motors, enhancing efficiency and performance, and supporting the growing electric motor market.
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Few of the well-known market leaders in SCR power controller market that are profiled by Research Nester are Siemens, Honeywell International, Inc., ABB, Gefran, Omron Corporation, Chromalox, Avatar Instruments, Jumo, and other key market players.
Recent Development in the SCR Power Controller Market
- Schneider Electric teamed up with STMicroelectronics to reduce energy consumption on ST's manufacturing sites, and aid in the following phase of its continuous initiatives to lessen its environmental impact on the world. Furthermore, the two parties will intensify their collaboration to create new products, technologies, and energy efficiency improvement solutions, and connectivity.
- Honeywell International, Inc. an American advanced-technology company acquired COMPRESSOR CONTROLS CORPORATION to boost its position as a leader in industrial control, automation, and process solutions, allow clients to move more quickly towards renewable energy, and also strengthen its growth sustainability portfolio.
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