Asia-Pacific to Lead Global Turbine Control System Market till 2024
Technological advancements
coupled with favorable government regulations to drive global turbine control
system market through 2024
According to TechSci Research
report, “Global
Turbine Control System Market By Type, By Function, By Component, By Region,
Competition, Forecast & Opportunities, 2024”, global turbine control
system market is projected to grow at a CAGR of over 4% during 2019-2024, on the back of increasing
development of gas-fired power plants and surging focus on enhancing the operational
efficiency of power generation. Moreover, power industry across various regions
is retrofitting its old gas turbine plants with control systems to achieve
higher operational efficiency.
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In terms of
component, global turbine control system market has been categorized into
sensors, HMI, controllers, software and others. Among the component types,
software category is expected to witness healthy growth during the forecast
period, owing to IT applications such as advanced process control systems,
digital synchronization, process optimization and process safety solutions, and
remote view software program.
North America is expected to be the fastest
growing market for turbine control systems in coming years. The region is
undergoing various project developments to maintain the demand-supply balance.
The US, which is one of the largest revenue contributors to the region, is
anticipated to develop innovative technologies for advanced gas turbine
components. Increasing investments and continued government investments in
economic and infrastructure growth are expected to boost the turbine control
system market in the region. Moreover, Asia-Pacific is likely to be the largest
market for turbine control systems during the forecast period. The region has
highest wind power installed capacity in the world. Countries such as China and
India are experiencing rapid growth in industrialization and urbanization. Moreover,
these countries possess high wind power installed capacity.
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“Global turbine control system market is anticipated to register
robust growth over the course of next five years, on account of growing
investments in renewable energy sector, increasing power consumption, rising use
of renewable energy for power generation, growing modernization and upgrading
of aging power plants. Some of the other factors that would drive the market
are increasing conventional power generation in developed countries and demand
for the operational productivity of turbines.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
Turbine
Control System Market By Type, By Function, By Component, By Region,
Competition, Forecast & Opportunities, 2024” has evaluated the future growth
potential of global turbine control system market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in global turbine control system market.
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Research
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