Market Research Future (MRFR)’s new study has highlighted that the global turbine control systems market is projected to expand at 4.73% CAGR during the forecast period 2018 to 2023. The market is expected to surpass a valuation of USD 19 Bn by the end of 2023.
ABB (Switzerland), Honeywell International Inc (US), GENERAL ELECTRIC (US), Spica Technology ApS (Denmark), Rockwell Automation, Inc (US), Emerson Electric Co (US), Siemens AG (Germany), Woodward, Inc (US), Innoway Future Solutions (Singapore), Proeon Systems Ltd. (England), HEINZMANN GmbH & Co. KG (Germany), DNV GL AS (Norway), Turbine Controls Ltd. (United Kingdom), HPI, LLC (US) and Mita-Teknik (Denmark).
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Global Turbine Control Systems Market Overview
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 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 market poses potential and is likely to be backed by favorable policies and regulations enforced for the adoption of renewable energy. The huge investments being directed towards renewable energy projects over the world are anticipated to generate more demand for turbine control systems, thus, stimulating market proliferation.
The drive towards the reduction of carbon footprints has propelled the acceptance of renewable energy. It has created awareness among the population about the effects of greener energy on the environment, which is projected to accelerate revenue creation for market participants. However, these systems require significant amounts of initial costs which are poised to hamper the pace of market expansion across the review period.
Turbine Control Systems Market Segmental Analysis
MRFR’s report offers a segmental analysis of turbine control systems market based on type, function, and component.
By type, the market has been segmented into steam turbine, gas turbine, and others.
By function, the market has been segmented into speed control, temperature control, load control, pressure control and others.
By component, the turbine control systems market has been segmented into software, controller, sensors, HMI and others.
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.
Table Of Contents
1 Executive Summary
2 Market Introduction
2.2 Scope Of The Study
2.3 Market Structure
2.4 Key Takeaways
2.5 Macro Factor Indicators Analysis
2.5.1 GDP (USD Million)
2.5.2 GNI Per Capita, Atlas Method (USD)
2.5.3 GDP Per Capita PPP (USD)
3 Market Insights
4 Research Methodology
4.1 Research Solution Type
4.2 Primary Research
4.3 Secondary Research
4.4 Market Size Estimation
4.5 Forecast Model
4.6 List Of Assumptions
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