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.
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The key players in the global turbine control systems 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.
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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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