ID: MRFR/E&P/5212-CR | 165 Pages | Author: Anshula Mandaokar | October 2020
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 (2022 - 2030)
2022 - 2030
Turbine Control System Market is projected to be worth USD 21.65 billion, registering a CAGR of 4.73% during the forecast period (2022-2030). The market was valued at USD 14.15 billion in 2020.
The term turbine control system refers to a digital system that controls and safeguards various types of turbines, such as hydro turbines, steam turbines, wind turbines, and gas turbines. The turbine control system operates through algorithms and electronics functions incorporated inside the hardware and software components. The turbine control system market growth is increasing at a faster rate due to the rising demand for renewable resources projects and government initiatives to support it.
According to the report of hydropower status, the micro-hydro projects provided an installed capacity of around 22 GW globally in 2019. The increased generation of clean hydroelectricity led the government to invest more in hydropower projects. A market provides hydroelectric systems that monitor the river flow, load, reservoir level and implements a control strategy that regulates smooth flow back and enhances load generation. With the increase in implementation of micro-hydro projects, the turbine control system market growth is also expanding.
The environmental concerns are rising day by day, which led to increased adoption of renewable resources energy methods and reduced dependence on fossil fuels and coal. The huge amount of investments in these projects reduced the importance of conventional power plants. Different countries government is making policies and strategies to support the market growth as protects from the depletion of non-renewable resources worldwide. Wind power projects are blooming in the revenue at a rapid pace and will continue to grow the turbine control system market share in the forecast years.
Several financial organizations like World Bank, Asian development bank are providing support for the expansion of the turbine control system industry and utilization of clean, renewable resources energy. Governments of different countries are showing their support in increasing turbine control system market revenue. The report of the International Renewable energy Agency (IRENA) in 2018 stated that the countries in Europe contributed around USD 29.4 billion to the turbine control system industry for developing wind farms. The New York State Energy research conducted small wind turbine programs, which contribute USD 6 billion as incentives for the development of renewable power generation. All these initiatives encourage the expansion of the market size and drive the market growth to a greater extent.
The report describes a brief summary of the market and explains the impact of COVID 19 on market growth. It has an analysis of the market dynamics of the market and provides insights into the key market players. It covers an elaboration of different segments of the market and regions that will influence its growth in the forecast period.
The major players in the market are:
The global economy has witnessed a drastic phase during the outbreak of the COVID19 pandemic. The economic growth rate of the different markets took a downturn and will take several further years to be stable again. The lockdown restrictions put a halt on industrial processes and working practices of various sectors. Businesses and institutions had faced heavy financial losses. The market growth is also affected by the pandemic as the energy consumption during lockdown is reduced a lot.
As the turbine control system industry is entirely dependent on the high energy consumption rate, it faced challenges. Many projects got delayed for an uncertain time period which restricted the rising growth of the turbine control system market. However, the upsurge in demand for the implementation of renewable energy systems for efficient electricity generation will drive the growth of the turbine control system market size for the next many years.
The market is majorly driven by the escalating development of renewable resources energy projects and government initiatives to support it. The adoption of renewable resources energy systems will reduce the dependence on fossil fuels and coal, which will eventually protect the non-renewable natural resources from depletion. A large amount of investments in the implementation of renewable energy systems increases the market growth. Different countries are conducting programs and providing incentives for the development of turbine control systems. The hydro and wind power energy projects adoption is elevating at a faster rate which will drive the market revenue potential to the optimum level in the near future.
The rising demand for the application of renewable energy systems has improved the growth of the market size. The initiatives and policies of the government for a reduction in non-renewable methods of energy production have resulted in an increase in the turbine control system industry. Major developments in turbine control system market trends allow to have electricity from cleaner energy sources and resolve the issues of environmental concern.
The investments in the project by many financial institutions like World Bank, International Finance Corporation, Asian Development Bank will enhance the implementation of turbine control systems. The turbine control system market outlook will improve in the forecast years. The new developments and continuous changes in turbine control system market trends are a major opportunity for market growth.
The turbine control system market value was severely affected during the COVID19 pandemic, and the growth rate slowed down. The energy consumption worldwide reduced to a greater extent which lowered the demand for turbine control systems. However, the turbine control system market analysis predicts that the reduction of utilization of conventional power plants will increase the demand for turbine control systems. The escalating implementation of these systems will drive the market value in the forecast period.
The rise in adoption of solar power energy projects might hamper the potential of the turbine control system market. The turbine control systems control hydro, wind, gas, and steam turbines and help in monitoring them. The other renewable resources energy projects may hinder the path of the turbine control system market growth, but the numerous advantages the market is providing will defend the market challenges.
The turbine control system market revenue is expected to grow more in the upcoming years, as many countries are taking steps to implement turbine control systems projects. A large number of investments in different regions and strategies of government will increase the market value within the forecast period. By 2023, the market size will reach its optimum level and surpass the historical growth rate.
The global market is separated into different parts on the basis of function, type, function, and region. The market segment on the basis of the function includes speed controls, load control, temperature control, pressure control, and many more. The market segment on the basis of types comprises different turbine control systems like gas turbine control systems, steam turbine control systems, and others.
The market segment on the basis of components involves the hardware and software sector. The hardware segment is further divided into sensors, controllers, HMI, etc. By region, the market is fragmented into North America, Asia Pacific, Africa, Middle East, Europe, and South America.
The market analysis is done in different regions of North America, Europe, Asia Pacific, Middle East, Europe, and South America. The Asia Pacific region holds the major market share as increasing population demands for uninterrupted electricity supply. India’s Reliance industries sealed a deal with Saudi Aramco, which requires continuous electricity supply for oil refinery activities.
The increased shale gas extraction in China will increase the electricity generation through gas turbines. All these will expand the market size in the Asia Pacific. In North America, small wind energy programs and incentives will increase the implementation of the turbine control system in the forecast period. European countries are investing a large amount in the development of turbine control systems projects which will enhance the market growth in future.
|Market Size||2027: USD 21.65 billion|
|CAGR||4.73% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Function, Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Honeywell International, Inc. (US)General Electric Company (US), Emerson Electric Co. (US), ABB (Switzerland), Heinzmann GmbH & Co. KG (Germany), In no way Future Solutions Pte Limited (Singapore), Woodward, Inc. (the US), DNV GL (Norway), Siemens AG (Germany), Rockwell Automation (US), Spica Technology Aps (Denmark), Mita-Teknik (Denmark), HPI, LLC. ALL (US)|
|Key Market Opportunities||Potential for wind power generation|
|Key Market Drivers||Rising development of micro hydro projects Government initiatives to explore renewable sources of energy|
A 4.73% CAGR is recorded for the market.
The forecast period of the market is 2022 to 2030.
The valuation of market is recorded to be USD 21.65 billion by 2027.
Top key players in the market are Honeywell International, Inc. (US)General Electric Company (US), Emerson Electric Co. (US), ABB (Switzerland), Heinzmann GmbH & Co. KG (Germany), In no way Future Solutions Pte Limited (Singapore), Woodward, Inc. (the US), DNV GL (Norway), Siemens AG (Germany), Rockwell Automation (US), Spica Technology Aps (Denmark), Mita-Teknik (Denmark), HPI, LLC. ALL (US), and othrs.
North America, Europe, Asia Pacific and the Rest of the World the important regions leading the market share.
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