Turbine Control Systems Market Scenario
The
turbine control systems are meant to control the flow of water or steam in all
operational conditions. Market Research Future (MRFR) has published a research
report about the global turbine control systems market that displays prosperity
for this market at 4.73% CAGR between 2018 and 2023. By value, the market has
been figured to be worth the US $ 19 bn by the end of the forecast period.
A
prominent factor extending the global turbine control systems market growth is
rising awareness about the positive effects of renewable energy on the
environment. The second factor proliferating the market growth include
complementary regulations enforced for the large-scale adoption of renewable
energy. However, the requirement of substantial initial investment can cause
glitches in the market growth.
Key Players
The
key players in the global turbine
control market include ABB Group (Switzerland), DNV GL AS (Norway),
Emerson Electric Co (USA), General Electric (USA), Heinzmann GmbH & Co. KG
(Germany), Honeywell International Inc. (USA), HPI LLC (USA), Innoway Future
Solutions (Singapore), Mita-Teknik (Denmark), Proeon Systems Ltd. (England),
Rockwell Automation Inc. (USA), Siemens AG (Germany), Spica Technology ApS
(Denmark), Turbine Controls Ltd. (UK), and Woodward Inc. (USA).
Turbine Control Systems Market Segmental
Analysis:
The
global turbine control systems market can be segmented into component,
function, type, and lastly, region.
Based
on component, this market has been segmented into the controller, human-machine
interface (HMI), sensors, software, and others.
The
function-based segmentation segments the market into load control, speed
control, temperature control, pressure control, and others. The growth of the
segment is attributable to large-scale existing and upcoming wind power
generation projects. Meanwhile, the load control segment is prognosticated to
scale new heights in the forthcoming years.
By
type, the market can be segmented into gas turbine, steam 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.
Regional Analysis
The
regional segmentation of the global turbine control systems market can segment
the market into the regional markets namely North America, Asia Pacific,
Europe, and rest of the world (RoW).
The
Asia Pacific region is likely to remain as the largest as well as the fastest
growing regional market due to the consolidation of fast developing and
developed economies in this region that is helping the regional market
expansion. Other factors aiding the market growth in this region include
government initiatives encouraging the generation of renewable energy, growing
investments in the energy sector, and rising awareness about cleaner energy.
Due to the high density of population and growing consumption of power in China
and India, the Asia Pacific region is the largest consumer of power in the
whole world. Other important country-specific in this region are Australia and
Japan, followed by the remaining countries of the Asia Pacific region.
Due
to technological advancement, the presence of key market players and
established power generation infrastructure, North America is another regional
market, and the headlines of this market are revenue from Canada and USA.
Europe
is another major regional market in this region due to the presence of many key
market players. The cream of this regional market lies in the revenue from
Italy, Germany, Spain, and the UK, followed by the remaining countries of
Europe.
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