New York, Aug. 06, 2021 (GLOBE NEWSWIRE) — Turbine Control System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Turbine Control System Market Research Report, Component, Function, Type and Region – Forecast till 2027” the 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.
Adoption of Automation Technologies to Drive Global Turbine Control Market
Turbine control systems are digital systems responsible for control and management of turbines such as gas turbines, wind turbines, steam turbines, and hydro turbines. It is used to control power surges in grids and power stations and provide a steady supply of power to clients. The global turbine control market report by Market Research Future (MRFR) provides an unbiased analysis of the industry with projections for the forecast period (2021-2027) supported by relevant drivers and restraints. The COVID-19 outbreak and its effect on the market is a part of the report.
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Prominent players of the global turbine control market profiled are:
- Rockwell Automation (US)
- Honeywell International Inc. (US)
- Heinzmann GmbH & Co. KG (Germany)
- HPI LLC. ALL (US)
- Spica Technology Aps (Denmark)
- DNV GL (Norway)
- ABB (Switzerland)
- In no way Future Solutions Pte Limited (Singapore)
- Mita-Teknik (Denmark)
- General Electric Company (US)
- Woodward Inc. (the US)
- Siemens AG (Germany)
- Emerson Electric Co. (US)
Partnerships and collaborations are on the uptick as manufacturers aim to dominate the market.
Harbin Turbine Company Limited Automation Control Company has signed a contract with Westinghouse Electric Company to supply units 3 and 4 of the Changjiang nuclear power plant in Hainan province.
Browse In-depth Market Research Report (165 pages) on Turbine Control System
The global turbine control market is poised to register a superb growth rate over the forecast period.
Environmental Concerns to Encourage Market Growth
Government initiatives for renewable energy projects and efforts to shift from fossil fuels can drive the turbine control market. Development of micro-hydro projects and investments in hydropower projects can bode well for the market. Adoption of renewable energy and surge of wind power projects will induce market demand. This is exemplified by development of 14 MW offshore turbines and proximity of load-centers and wind conditions.
Automation of Turbine Systems to Drive Market
Automation of turbine systems can increase life of the equipment, improve safety, and reduce operating costs and human errors. Utilization of artificial intelligence and digital twins to virtualize hardware and remote-control operations can foster market growth. Utilization of data for predicting machine shutdowns and attrition due to damage can assist the turbine control market. Recently, researchers at General Electric have developed ‘human AI’, a safe mode for the machines to fall back in case of not recognizing certain events and scenarios. The human AI can accumulate data from human engineers and simulations to identify irregular patterns.
High Installation Costs to Hamper Market Growth
High installation costs of turbine control systems as well as move to solar power generation can hamper market growth. Uncertainty in support of energy transitions laws and economic downturns can all play a role in restraining market growth.
Lack of Green Investments due to COVID-19 to Negatively Impact Market
The COVID-19 outbreak has negatively impacted the turbine control market as renewable projects have stopped gaining funding and the focus shifted to the healthcare sector. Delay of various wind energy projects and insufficient release of capital by leading conglomerates can hamper market growth. Slow recovery of economies and no relief in electricity prices can be detrimental to the market in the coming years.
This is evident by the rollback of onshore wind energy projects by Siemens Gamesa, decline of wind blade production, and dip in orders.
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Temperature Control Function to Lead Global Market Demand
By function, it is segmented into pressure control, speed controls, load control, temperature control, and others. Temperature control systems is expected to command the demand share of the turbine control market due to its capability of preventing the exhaust temperature from damaging the turbine. Integration of steam turbines in developing economies can drive the segment demand.
Steam Turbine Control Systems to Capture Massive Market Share
On the basis of type, the market comprises gas turbine control systems, steam turbine control systems, and others. Steam turbine control systems can capture a large market share owing to surge in power generation from sources of oil, coal, and gas. Steam turbines contains an overspeed protection feature and controls speed and capacity.
Hardware Component to Capture the Lion’s Share
By component, the market is divided into hardware and software. The hardware segment is further divided into sensors, controllers, HMI, etc. The hardware component is set to capture the lion’s share owing to its ability to control various aspects of turbine control systems. Among hardware, sensors are likely to command a huge share owing to its ability to minimize errors and increase output.
APAC to Lead Global Turbine Control Market
APAC is set to dominate the global market owing to demand by the large populace in China and India and collaborations between oil producers and refineries. Shift to renewable power, modernization of aging plants, and large consumption of power can drive regional market demand. Rapid industrialization and urbanization coupled with investments in coal plants can favor the market.
Segmentation of Market covered in the research:
Information by Component (Hardware (Controller, Sensors, Human-Machine Interface (HMI) and others) and Software ), by Function (Speed Control, Temperature Control, Load Control, Pressure Control and others), by Type (Gas Turbine Control System, Steam Turbine Control System and others) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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