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 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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Global Market for Turbine Control Systems – 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. Meanwhile, the load control segment is prognosticated to scale new heights in the forthcoming years.
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. Software offers the convenience of a common platform for efficient administration of different devices, which is anticipated to drive the market growth for turbine control systems.
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).
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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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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