“The turbine control system market is projected to grow at a CAGR of 4.66%, from 2018 to 2023”
The global turbine control system market is estimated at USD 15.13 billion in 2018 and is projected to grow at a CAGR of 4.66% to reach USD 19.00 billion by 2023. The global market is likely to grow significantly due to increasing conventional power generation in developed countries and due to the demand for the operational productivity of turbines. Although some cost bearing constraints in the installation of turbine control systems are being observed, increase in wind power generation is expected to create better opportunities for the turbine control system market. Depleting fossil reserves are expected to be major challenges for the growth in the turbine control system market.
“The steam turbine control system segment is expected to have the largest market share by 2023”
With regards to the type segment, the steam turbine control system segment is expected to constitute the largest market by 2023. The increasing capacity of coal-based thermal power plants in Asia Pacific, and a large share of diesel-based, and oil-based power generation is driving the market for a steam turbine control system in the turbine control system market.
“North America: The fastest growing market for turbine control system”
North America is expected to be the fastest growing market for turbine control systems from 2018 to 2023. This region is undergoing various project development to maintain the demand-supply balance. The US, which is one of the largest revenue contributors to the region. The country is expected to develop innovative technologies for advanced gas turbine components. Increase in investment and continue governmental investments in the economic and infrastructure growth are expected to boost the turbine control systems market in the region
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 35%, Tier 2- 45%, Tier 3- 20%
By Designation: C–Level- 35%, Director Level- 25%, Others- 40%
By Region: North America-45%, Europe-20%, Asia Pacific-30%, RoW-5%
Note: Others includes sales managers, product managers, and design engineers
The tier of the company has been defined on the basis of its total revenue, as of 2013: Tier 1 = > USD 1 billion, Tier 2 = From USD 1 billion to USD 500 million, and Tier 3 = < USD 500 million
Some of the prominent players in the power quality equipment market include GE (US), Siemens (Germany), ABB (Switzerland), Emerson (US), and Rockwell (US).
The report defines, describes, and forecasts the global turbine control system market by type, components, functions, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market.
Why buy this report?
1. The report identifies and addresses key markets for turbine control system, which would help suppliers review the growth in the demand for the product.
2. The report helps components providers understand the pulse of the market, and provide insights into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.