According to Future Market Insights, the global turbomachinery control system market is anticipated to attain a value pool of US 6.75 Billion by 2023-end. Global demand for turbomachinery control systems is expected to rise at a CAGR of 2.3% to US$ 8.50 billion in 2033.
A big share of the revenue of the turbomachinery control system market comes from its enormous end-users, which are showing extensive growth lately, paving the way for the expansion of the turbomachinery control system market industry during the projected timeframe. Over the next few years, oil and gas companies are expected to focus on investment toward expanding their production capacity through capital expenditure (CAPEX) or organic growth, with an increased focus on upstream activities, which deploy turbomachinery control systems. The United States dominated the global turbomachinery control system market in North America, with natural gas expenditure reaching a 14-year high in 2022. Hence, the oil and gas industry is anticipated to bring lucrative growth prospects for the global turbomachinery control system market.
The clean energy movement has caused quite a whirlwind in the power generation market. For instance, turbochargers are some of the most important parts of modern cars because of their ability to increase power without a significant increase in engine size or carbon emissions. The market devised a mechanism to meet the changing demands of consumers. The market's growth is driven by technological advancements in energy systems as well as the industrial sector's adoption of automation technology. The increase in temperature sensitivity of turbine materials and the emergence of advanced technologies have spurred the demand for effective control systems. Wide-scale adoption of turbomachinery control systems has led to a reduction in emissions and an increase in the quality of the air supply.
Due to the vigorous technological advancements in the energy sector, combined with a shift in emphasis toward distributed power generation technologies, the global market is booming. Automation technology adoption is expected to drive market expansion in the industrial sector in the coming years.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 6.75 Billion |
| Projected Market Value in 2033 | US$ 8.50 Billion |
| Growth Rate (2023 to 2033) | 2.3% CAGR |
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Asia Pacific is forecasted to be a crucial region for turbomachinery control systems, as it held a hefty share of the total market valuation in 2022. Increasing refinery activities in emerging countries to meet fuel demands and economic development will also boost business growth in the region over the forecast timeline.
The most notable determinant bringing the lucrative prospects is the noteworthy expansion in the power generation sector worldwide. The ever-expanding population of the world is an eminent factor augmenting the sector’s demand is prominently attributed to factors like ongoing power plant projects, rising environmental concerns, rising focus on reducing the co2 emissions, surging refinery activities and a growing desire for allocated power generation technologies.
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In December 2022, Rockwell Automation, Inc., the world's biggest corporation committed to industrial automation and digital transformation, announced the completion of its purchase of CUBIC, a firm that specializes in modular solutions for electrical panel assembly.
This Turbomachinery Control System market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape.
Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Turbomachinery Control System market.
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Turbomachinery Control System is an integrated turbine & compressor control system. The turbomachinery control system helps to end users such as utility and industrial providers to replace the black box turbine & compressor controls with the single device known as turbomachinery control system. The turbomachinery control systems are majorly used in power generation, upstream oil and gas, and process facilities.
While ensuring over-speed protection, turbomachinery control system provide more control to the speed of gas, hydro and steam turbines. It also offers more protection for compressors, load balancing between generators or compressors to allow for the most efficient use of resources and alarm management capabilities.
The presence of abundance of natural gas and increasing application across various end use industries expected to create significant growth in the consumption of natural gas, in turn, drive the demand for turbomachinery.
The integration of turbomachinery equipment into a single control system is difficult and it require high investment. Moreover, governments of various countries are shifting to cleaner energy sources to reduce carbon emission levels from conventional fuels. This trend will drive the customer to shift towards renewable source based generation, which reduces the deployment of turbomachinery. Therefore restraining the growth of the turbomachinery control system market in the forecast period.
A mechanical control unit incorporated in the turbine main unit, which is the precursor of turbomachinery control system which are based on DEHC (Digital Electro-Hydraulic Controller) or EHC (Electro-Hydraulic Controller). This caused problem that different hardware used fixed between power generating plant control system and turbomachinery control system.
Hence, Yokogawa India Ltd. developed CENTUM VP which is an I/O module integrates DEHC and DCS features to monitor and control the power generation plant and turbomachinery control using unified hardware, contributing towards the turbomachinery control system market growth.
North America industrial sector established strong base in the global turbomachinery control system market which results in stable demand for industrial equipment, expected to create growth opportunity for the turbomachinery control system. Currently, Europe witness high market share following North America for the turbomachinery control system in the global market owing to the presence of large number of manufacturers.
Asia Pacific is anticipated to create lucrative opportunity for the demand of turbomachinery control system owing to the increasing industrialization and largest energy-consuming region, worldwide.
High growth is seen in developing nations such as China, and India which expected to upsurge the market growth in the Asia Pacific region. Latin America and Middle East & Africa showing less adoption in the global market, although estimated to contributing towards the growth of turbomachinery control system market.
Globally, the turbomachinery control system market is expected to be fragmented as the market several small to medium-sized companies which are competing with each other. Established manufacturers involved in the turbomachinery control system focusing merger and acquisition strategy in order create dominance in the global market.
For instance, on 2nd July 2018, ABB Group completed its acquisition with GE industrial solutions and acquire GE’s electrification solution business. This acquisition increase growth opportunities of ABB’s in digital offering.
Some of the key players involved in the turbomachinery control system market include Honeywell Technology Solutions, Schneider Electric SE, Rockwell Automation Inc., Woodward Inc., ABB Group, Siemens AG, Emerson Electric Co., Voith AG, General Electric, MAN Diesel & Turbo SE, Technics Systems Solution, Turbomachinery Control Solutions LLC, Tri-sen Systems Corporation, Stork, Elliot Group, among others.
The research report presents a comprehensive assessment of the turbomachinery control system market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to turbomachinery control system market segments such as application and end use industry.
The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on turbomachinery control system market segments and geographies.
Globally, the turbomachinery control system market can be segmented on the basis of application and end-use industry
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Application 6.2. End-Use Industry 7. Global Market Analysis and Forecast, By Application 7.1. Generator Controls 7.2. Compressor Controls 7.3. Turbine Controls 7.4. Others 8. Global Market Analysis and Forecast, By End-Use Industry 8.1. Oil & Gas 8.2. Chemical & Petrochemical 8.3. Transportation 8.4. Power Generation Sector 8.5. Food and Beverages 9. Global Market Analysis and Forecast, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. South Asia 9.5. East Asia 9.6. Oceania 9.7. Middle East & Africa 10. North America Sales Analysis and Forecast, by Key Segments and Countries 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries 12. Europe Sales Analysis and Forecast, by Key Segments and Countries 13. South Asia Sales Analysis and Forecast, by Key Segments and Countries 14. East Asia Sales Analysis and Forecast, by Key Segments and Countries 15. Oceania Sales Analysis and Forecast, by Key Segments and Countries 16. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 17. Sales Forecast by Application and End-Use Industry for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Honeywell Technology Solutions 19.2. Schneider Electric SE 19.3. Rockwell Automation Inc. 19.4. Woodward Inc. 19.5. ABB Group 19.6. Siemens AG 19.7. Emerson Electric Co. 19.8. Voith AG 19.9. General Electric 19.10. MAN Diesel & Turbo SE 19.11. Technics Systems Solution 19.12. Turbomachinery Control Solutions LLC 19.13. Tri-sen Systems Corporation 19.14. Stork 19.15. Elliot Group
Industrial Automation
December 2022
REP-GB-2006
250 pages
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Turbomachinery Control System Market
