Global Turbine Control
System Market Analysis
The
Global
Turbine Control System Market is predicted to touch USD 19 billion at a
4.73% CAGR over the forecast period (2018-2023), states the new Market Research
Future (MRFR) report. Turbine control systems are designed with the current
technology for operating a turbine reliably and safely. These systems ensure
stable operation throughout every operational phase- at the time of start-up,
parallel operation, shutdown, island mode, and others.
Various
factors are propelling the turbine control systems market growth. These
factors, as specified by the Market Research Future (MRFR) report, include
growing demand for electricity from renewable energy, growing awareness
regarding favorable effects of renewable energy on the environment, drive
towards the reduction of carbon footprints, and conventional power generation.
Additional factors boosting market growth include rising wind power generation,
and an increase in operational productivity of turbines that are augmenting the
efficiency of power plants.
On
the contrary, limited re-investment and high capital investment are factors
that may deter the turbine control systems market growth during the forecast
period.
Global Turbine Control
System Market Segmentation
The
Market Research Future report provides a wide segmental analysis of the turbine
control systems market based on function, component, and type.
Based
on type, the turbine control systems market is segmented into gas turbine, steam
turbine, and others. Of these, the steam turbine segment will have the largest
share in the market over the forecast period. It is predicted to grow at a
higher pace.
Based
on function, the turbine control systems market is segmented into pressure control,
load control, temperature control, speed control, and others. Of these, the
speed control segment will dominate the market over the forecast period. This
is owing to large-scale existing as well as upcoming wind power generation
projects. The speed control system will be followed by the load control
segment.
Based
on component, the turbine control systems market is segmented into HMI,
sensors, controller, software, and others. Of these, the software segment will
have the maximum share in the market over the forecast period. Software
provides the convenience of common platforms for effective administration of
various devices that is anticipated to boost the turbine control systems market
growth.
Regional Analysis
Based
on the region, the turbine control systems market report covers growth
opportunities and the latest trends across Europe, North America, Asia Pacific
(APAC), and the Rest of the World.
Of
these, the APAC region will lead the market over the forecast period. The
consolidation of developed and fast developing economies is forecasted to
influence the expansion of the market in the future. Besides, the initiatives
undertaken by the government for generating renewable energy and increasing
investments in the energy sector will act as a catalyst for market
proliferation. India as well as China are the key contributors here owing to
the growing awareness about cleaner energy.
The
turbine control systems in North America is predicted to have a major share in
the market over the forecast period. The region is experiencing different
project development for preserving the balance of demand and supply. The US is
the key contributor here. This country is predicted to create innovative
technologies for gas turbine components. Moreover, an upsurge in government
investments in the infrastructure and economic growth will boost the market
growth in this region.
The
turbine control systems market in Europe is predicted to have a significant
growth over the forecast period. This is owing to the burgeoning demand for
renewable energy in such developed regions.
Key Players
Leading
players profiled in the turbine control systems market report include
Mita-Teknik (Denmark), HPI, LLC (US), Turbine Controls Ltd. (United Kingdom),
DNV GL AS (Norway), HEINZMANN GmbH & Co. KG (Germany), Proeon Systems Ltd.
(England), Innoway Future Solutions (Singapore), Woodward, Inc (US), Siemens AG
(Germany), Emerson Electric Co (US), Rockwell Automation, Inc (US), Spica
Technology ApS (Denmark), GENERAL ELECTRIC (US), Honeywell International Inc
(US), and ABB (Switzerland).
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