Fact.MR has announced the addition of the “Turbine Control Systems Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2028"report to their offering.
Rockville, MD -- (SBWIRE) -- 02/20/2019 -- Turbine Control Systems Market Likely to Bloom, Owing to Growing Natural Gas Production
In the near future, the turbine control systems market is likely to expand, owing to the rise in development of gas-fired power plants and growing focus on improving the operational competence of power generation. To achieve the same, industries are opting for integration between automation and control technologies in its systems.
Moreover, the power generation using gas could surge due to the growing natural gas production lately. The U.S. Energy Information Administration (EIA) stats show that in the US, natural gas production has climbed from 55 billion cubic feet per day (Bcf/d) a decade back to average 73.6 Bcf/d last year. The higher the number of turbines installed presently and the upcoming installations, the higher will be the opportunities of growth in turbine control systems market.
Furthermore, in this technology-driven world, more and more power industries are retrofitting their outdated gas turbine plants with control systems to make their operations more efficient.
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Growing Deployment of Solar Power Could Hinder Turbine Control Systems Market
As clean power gain ground, the growth of solar-based power generation could prevail. According to IRENA, the worldwide weighted average cost of utility-scale PV has declined by 68% between 2010 and 2017. Also, the declaration of renewable energy technologies has emerged as a huge roadblock for power generation from conventional sources, like coal-based power generation. In many countries, concerns related to environment have resulted into restrictions on coal-based power generation, and are increasing replaced by power generation.
Turbine Control Systems Market Structure
The segmentation of turbine control systems market can be done on the basis of component type, functions type, and geographical analysis.
In terms of functionality, the market can be divided based on speed control, load control, temperature control, pressure control etc. Speed control segment includes speed limiting and acceleration functions, and usually preferred in steam turbines, gas turbines, and wind turbines.
In terms of type, the market can be segmented based on gas, steam, and hydro turbines etc. By type, steam turbine control systems market is likely to bloom due to the growing dependency of coal-based, diesel-based, and oil-based power generation in the developing countries. Steam turbine control systems have been designed using the existing technology to operate a turbine safely.
In terms of component type, turbine control systems can be segmented based on software, sensors, HMI, controllers, etc. The sub-segment software includes IT applications like advanced process control systems, process optimization, process safety solutions, and digital synchronization, etc. This sub-segment is offering a common platform for devices to connect and operate.
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Asia Pacific: Lucrative for Turbine Control Systems Market
Asia Pacific is likely to emerge as the leading market for turbine control system. As per International Energy Agency (IEA), the world's most populated country China is likely to install 36% of total worldwide hydroelectricity generation capacity, 40% of all global wind energy, and 36% of all solar energy between 2015 and 2021. Renewable energy sector in this area is likely to experience immense growth due to the aforementioned factors, which will further put a positive impact on the turbine control systems market.
Key Players in Turbine Control Systems Market
Some of the key players in Turbine Control Systems Market are The Emerson Electric Company; Swiss-Swedish multinational corporation ABB; German conglomerate company Siemens; and French multinational corporation, Schneider Electric, etc.
Emersion Electric: In November last year, The Emerson Electric Company released the updated version of the Ovation control module, Ovation OCC 100. It is a highly reliable and innovative control platform for power generation.
The key players in turbine control systems market are embracing fast-changing technology and following various strategies to grow their market shares.
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This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on