Market Synopsis
Turbine Control System Market is projected to be worth USD 21.65 billion by 2027, registering a CAGR of 4.73% during the forecast period (2021 - 2027), The market was valued at USD 14.15 billion in 2020.
Turbine control solutions with shorter ROI (return on investment) are available in the market. In addition, the growing awareness about their benefits can increase the rate of adoption across different sectors. These are likely to provide thrust the Turbine Control System Market. The rise in oil and gas sector-related applications of turbine control systems can cause their market to surge. The upscaling demand for turbine control system to achieve petroleum extraction procedure to accelerate the market growth.
Segmental Study
The study of the turbine control system market is segmented based on components, function, and type.
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The component based segments of the market are hardware and software. The hardware segment comprises controller, human-machine interface, sensors, and others. The rise in importance of hardware in turbine control system to monitor and control different turbine activities can bolster the expansion of the turbine control system market. The software segments are data collection and computer instructions that garner data from hardware. The high efficacy of pre-specified programs to cause function optimization of turbines and fosters the adoption of turbine control system. Thus, can impel its market growth.
The function-based segments of the market are temperature control, speed control, pressure control, load control, and others. The wide range of speed limit and facilities availed by turbine control system are observed to increase their deployment rate. The launch of innovations with better speed features can shore up the growth of the turbine control system market.
The type-based segments of the market are Turbine Controls Market, of steam turbine control systems, speed turbine control system, and others. The growing popularity of steam turbine control systems prompt the market expansion. The rise in awareness about beneficial features of gas turbine system can improve the market impetus in the years to come.
Regional Outlook
Asia Pacific is reputed as the energy producing hub. One of the highest end-users of turbine control systems is the energy and power sector. The rise in population in the APAC region is creating the need for increased energy supply. Turbine control systems are deployed heavily to monitor and control the smooth run of turbines that are applied to generate power. Thus, the rise in need to boost performance threshold of energy generation companies can fortify the global ground of APAC turbine control system market.
North America is known for its technical expertise, which can support developments and innovations of turbine control systems. The presence of key turbine control system developers and their growing focus on research to avail better control system solutions can promote the regional market.
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Prominent Players
- Honeywell International Inc. (US)
- Emerson Electric Co. (US)
- General Electric Company (US)
- Woodward Inc. (the US)
- ABB (Switzerland)
- HPI
- LLC. ALL (US)
- Heinzmann GmbH Co. KG (Germany)
- DNV GL (Norway)
- Future Solutions Pte Limited (Singapore)
- Siemens AG (Germany)
- Rockwell Automation (US)
- Spica Technology Aps (Denmark)
- Mita-Teknik (Denmark).
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Tables Of Contents
1 Executive Summary
2 Research Methodology
3 Market Dynamics
4 Global Turbine Control System Market, By Reactor Type
5 Global Turbine Control System Market, By Strategy
6 Global Turbine Control System Market, By Capacity
7 Regional Market Analysis
8 Competitive Analysis
9 List of Tables
10 List of Figures
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