All updated as on -
The market size for turbine control systems was estimated at USD 15.5 billion in 2022. During the forecast period (2023 - 2030), the Turbine Control System market industry is anticipated to expand from USD 16.23 billion in 2023 to USD 23.49 billion, registering a compound yearly growth rate (CAGR) of 5.73%. The main market factors promoting market expansion are an increase in the construction of micro hydro projects and an increase in the amount of energy produced from renewable sources.
The rising energy demand, which encourages more investment in renewable energy sources and a growth in their generation capacity, particularly solar, wind, and biofuels, is what is driving the market CAGR for turbine control systems. Additionally, it is anticipated that growing concerns over the environment and the depletion of conventional energy sources would lead to increased infrastructure spending and a rise in the need for turbine control systems. Because of various investments made across the globe and government initiatives, the market's value is anticipated to increase during the forecast period. The market for turbine control systems is being driven by the desire for improved efficiency. Control systems make it feasible for turbine operations to be automated. Automation has led to cheaper operating costs, improved safety requirements, and longer lifespans for turbine systems. The above-mentioned problems will likely result in increased demand for turbine control systems in the future.
Additionally, industrial transformation in emerging countries is significantly responsible for the rising need for electrical power, which should facilitate the usage of turbine control systems. Asia and the Pacific are among the regions of the world that are developing the fastest. This is due to reasons such increasing urbanisation and industrialization. As a result, a dependable source of electricity is quite important. In order to meet demand and increase the effectiveness and efficiency of current power plants, many nations are investing in new ones. The market for control systems will grow as a result of increased product demand from different end-use industries and rising energy demand. As a result, the global market is expanding due to the rising incidence of energy use.
For instance, ABB has added a new product to the Relion family in order to offer electricity that is dependable, clever, and ecologically conscious. The REX610 facilitates safety and control while enhancing fundamental energy transmission applications. Due to the increasing need for energy supply machines, it is anticipated that the market for turbine control systems would expand throughout the course of the forecasted time. The market income for turbine control systems is hence the motivating driver.
The market for turbine control systems in Europe holds the second-largest market share as a result of the increase in global urbanisation, industrialisation, and population. Additionally, the UK turbine control system market had the quickest rate of growth in the European region, while the German turbine control system market had the largest market share.
The majority of oil and gas facilities employ integrated turbine compressor control systems to increase operational efficiency, which will cause the Asia-Pacific turbine control system market to expand at the quickest CAGR between 2023 and 2032. The market has also grown as a result of the expansion of the area's infrastructure and growing urbanisation of the area. Additionally, the Indian turbine control system market had the quickest rate of growth in the Asia-Pacific region, while China's turbine control system market had the biggest market share.
Report Coverage
Global Turbine Control System research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Turbine Control System report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Turbine Control System competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Turbine Control System market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Turbine Control System market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Turbine Control System market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Honeywell International Inc. (US), General Electric Company (US), Emerson Electric Co. (US), ABB (Switzerland), Heinzmann GmbH & Co. KG (Germany), Woodward Inc. (the US), DNV GL (Norway), Siemens AG (Germany), Rockwell Automation (US), Spica Technology Aps (Denmark), Mita-Tekni (Denmark), and HPI LLC. (US)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Turbine Control System market based on the below-mentioned segments:
Global Turbine Control System Market, By Type
Gas Turbine Control System
Steam Turbine Control System
Others
Global Turbine Control System market, By Component
Hardware
Software
Global Turbine Control System Market, By Function
Speed Control
Temperature Control
Load Control
Pressure Control
Others
Global Turbine Control System market, Regional Analysis
The rising energy demand, which encourages more investment in renewable energy sources and a growth in their generation capacity, particularly solar, wind, and biofuels, is what is driving the market CAGR for turbine control systems. Additionally, it is anticipated that growing concerns over the environment and the depletion of conventional energy sources would lead to increased infrastructure spending and a rise in the need for turbine control systems. Because of various investments made across the globe and government initiatives, the market's value is anticipated to increase during the forecast period. The market for turbine control systems is being driven by the desire for improved efficiency. Control systems make it feasible for turbine operations to be automated. Automation has led to cheaper operating costs, improved safety requirements, and longer lifespans for turbine systems. The above-mentioned problems will likely result in increased demand for turbine control systems in the future.
Additionally, industrial transformation in emerging countries is significantly responsible for the rising need for electrical power, which should facilitate the usage of turbine control systems. Asia and the Pacific are among the regions of the world that are developing the fastest. This is due to reasons such increasing urbanisation and industrialization. As a result, a dependable source of electricity is quite important. In order to meet demand and increase the effectiveness and efficiency of current power plants, many nations are investing in new ones. The market for control systems will grow as a result of increased product demand from different end-use industries and rising energy demand. As a result, the global market is expanding due to the rising incidence of energy use.
For instance, ABB has added a new product to the Relion family in order to offer electricity that is dependable, clever, and ecologically conscious. The REX610 facilitates safety and control while enhancing fundamental energy transmission applications. Due to the increasing need for energy supply machines, it is anticipated that the market for turbine control systems would expand throughout the course of the forecasted time. The market income for turbine control systems is hence the motivating driver.
The market for turbine control systems in Europe holds the second-largest market share as a result of the increase in global urbanisation, industrialisation, and population. Additionally, the UK turbine control system market had the quickest rate of growth in the European region, while the German turbine control system market had the largest market share.
The majority of oil and gas facilities employ integrated turbine compressor control systems to increase operational efficiency, which will cause the Asia-Pacific turbine control system market to expand at the quickest CAGR between 2023 and 2032. The market has also grown as a result of the expansion of the area's infrastructure and growing urbanisation of the area. Additionally, the Indian turbine control system market had the quickest rate of growth in the Asia-Pacific region, while China's turbine control system market had the biggest market share.
Report Coverage
Global Turbine Control System research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Turbine Control System report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Turbine Control System competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Turbine Control System market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Honeywell International Inc. (US), General Electric Company (US), Emerson Electric Co. (US), ABB (Switzerland), Heinzmann GmbH & Co. KG (Germany), Woodward Inc. (the US), DNV GL (Norway), Siemens AG (Germany), Rockwell Automation (US), Spica Technology Aps (Denmark), Mita-Tekni (Denmark), and HPI LLC. (US) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Turbine Control System Market from 2021 to 2030.
- Market Forecast for Turbine Control System Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Turbine Control System competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Turbine Control System
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Turbine Control System market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Turbine Control System market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Honeywell International Inc. (US), General Electric Company (US), Emerson Electric Co. (US), ABB (Switzerland), Heinzmann GmbH & Co. KG (Germany), Woodward Inc. (the US), DNV GL (Norway), Siemens AG (Germany), Rockwell Automation (US), Spica Technology Aps (Denmark), Mita-Tekni (Denmark), and HPI LLC. (US)
Primary Target Market
- Market Players of Turbine Control System
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Turbine Control System market based on the below-mentioned segments:
Global Turbine Control System Market, By Type
Gas Turbine Control System
Steam Turbine Control System
Others
Global Turbine Control System market, By Component
Hardware
Software
Global Turbine Control System Market, By Function
Speed Control
Temperature Control
Load Control
Pressure Control
Others
Global Turbine Control System market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive turbine control system market market research and competitor analysis for your business to help you develop more profound insights into the turbine control system market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the turbine control system market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.