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 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 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.
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Competitive
Dashboard:
Some of the key
players operating in the market are 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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Turbine
Control Systems Market Segmental Analysis:
Global Turbine
Control Systems Market, By Type
- Steam
Turbine
- Gas
Turbine
- Others
Global Turbine
Control Systems Market, By Function
- Speed
Control
- Temperature
Control
- Load
Control
- Pressure
Control
- Others
Global Turbine
Control Systems Market, By Component
- Software
- Controller
- Sensors
- HMI
- Others
Global Turbine
Control Systems Market, By Region
- North
America
- Europe
- Asia
Pacific
- Rest
of the World
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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About Market
Research Future:
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Market Research Future (MRFR), we enable our customers to unravel the
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