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 4.7% 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.
In terms of component, global
turbine control system market has been categorized into sensors, HMI,
controllers, software and others. Among these, 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.
Asia-Pacific
is expected to be the fastest growing market for turbine control systems during
forecast period. Factors such as increasing use of
renewable energy to generate power, rapid modernization and increasing power
consumption are some of the major key factors to drive turbine control system
market in the region. Moreover, Asia-Pacific has the highest wind power
installed capacity in the world and is undergoing various project developments
to maintain the demand-supply balance. Countries such as China and India are
experiencing rapid growth in industrialization and urbanization. Moreover,
these countries possess high wind power installed capacity. China, which is one
of the largest revenue contributors to the region, is anticipated to develop
innovative technologies for advanced steam 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.
Browse 9 market data Tables and 96 Figures spread through 110 Pages and an in-depth TOC on "Global Turbine Control System Market"
https://www.techsciresearch.com/report/global-turbine-control-system-market/2421.html
“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 ageing 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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