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Turbine Control Systems Market Overview
Market Research Future (MRFR)’s new study reveals that the global turbine control systems market is estimated to value at USD 19.20 Bn expanding at a CAGR of 4.73% during the forecast period 2018 to 2023. The endeavors and government initiatives undertaken to reduce carbon footprints have led to the growth of the renewable energy industry. This has intensified the expansion of the turbine control systems market and is expected to drive the market growth over the assessment period. Also, the existing, as well as the upcoming installations, resonate strong opportunities for growth.
The growth of the energy sector coupled with rising demand for electricity from renewable energy has intensified the need for the deployment of automation. It is projected to accelerate the adoption of turbine control systems market globally in the foreseeable future. Furthermore, the demand for efficient systems that boost operational efficiency is another major factor responsible for expediting the growth of the market over the next couple of years.
The rising awareness about the favorable effects of renewable energy on the environment has catalyzed the proliferation of the market. The market is projected to attract a larger customer base over the assessment period. Additionally, the complementary regulations enforced for the large-scale adoption of renewable energy is anticipated to act as the catalyst to the market expansion. Nevertheless, the requirement of substantial initial investment is poised to hold the growth of the market in the foreseeable future.
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Competitive Dashboard
Some of the key players operating in the global market include ABB (Switzerland), Emerson Electric Co (US), Honeywell International Inc (US), GENERAL ELECTRIC (US), Rockwell Automation, Inc (US), Siemens AG (Germany), Woodward, Inc (US), HEINZMANN GmbH & Co. KG (Germany), Innoway Future Solutions (Singapore), Proeon Systems Ltd. (England), DNV GL AS (Norway), Turbine Controls Ltd. (United Kingdom), Spica Technology ApS (Denmark), HPI, LLC (US) and Mita-Teknik (Denmark).
Turbine Control Systems Market Segmental Analysis
MRFR’s report offers a segmental analysis of the market based on type, function, and component.
By type, the market has been segmented into steam turbine, gas turbine, and others. Among these, the steam turbine segment is projected to lead the global market and expand at a higher pace than other segments over the assessment period.
By function, the market has been segmented into speed control, temperature control, load control, pressure control and others. The speed control segment is likely to hold a dominant share of the market through the projection period. The growth of the segment is attributable to large-scale existing and upcoming wind power generation projects.
By component, the turbine control systems market has been segmented into software, controller, sensors, HMI and others. Among these, the software segment resonates promising opportunities for growth and are expected to exhibit substantial growth at a relatively higher CAGR across the review period.
Regional Outlook
The global turbine control systems market, by region, has been segmented into North America, Europe, Asia Pacific and the Rest of the World.
Among these, Asia Pacific is estimated to exhibit the fastest growth rate and retain its pole position during the forecast period. The consolidation of fast developing and developed economies is forecasted to favorably influence the expansion of the regional market in the foreseeable future.
Additionally, the initiatives undertaken by the governments for the generation of renewable energy coupled with rising investments in the energy sector are forecasted to act as catalysts to the market proliferation. The major country-level markets of the region is supposed to be China and India. The region is likely to become the largest consumer of power globally which when coupled with the rising awareness about cleaner energy is prognosticated to fuel demand for turbine control systems in the region.
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