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Turbine Control System Global Market Report 2024 - By Demand, Size, Share, Growth And Analysis, Forecast To 2033
Turbine Control System Market
The turbine control system market size is expected to see strong growth in the next few years. It will grow to $23.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to renewable energy growth, energy transition policies, digitalization and industry 4.0, grid modernization initiatives, and cybersecurity concerns. Major trends in the forecast period include integration of ai and machine learning, remote monitoring and control, cybersecurity enhancements, digital twin technology, and decentralized energy systems.
Market Overview -
A turbine control system is a complex system designed to monitor, regulate, and optimize the operation of turbines used in various industrial applications, such as power generation, propulsion, or mechanical drive, to maximize the performance, safety, reliability, and efficiency of turbines. It handles power management from start-up to shut down and coordinates multiple turbines based on changing environmental and operational factors.
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Rising Demand For Electricity Driving Growth Of Turbine Control System Market
The rising electricity demand is expected to propel the growth of the turbine control system market going forward. Electricity is a form of energy resulting from the movement of charged particles, typically electrons. The electricity demand is increasing because of increased population, urbanization, expansion, industrialization, and technological improvements. Turbine control systems are used in electricity generation to regulate the operation of turbines, ensuring efficient and safe performance and controlling the steam flow to steam turbines in various conditions through extraction control valves. For instance, according to the data published by Our World in Data, a UK-based scientific online publication organization, US electricity demand increased from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) in 2022. Therefore, the rising electricity demand is driving the growth of the turbine control system market.
Competitive Landscape -
Major companies operating in the turbine control system market are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Honeywell International Inc., ABB Ltd., Rolls-Royce Holdings plc, Emerson Electric Co., Danfoss Power Solutions Inc., Rockwell Automation Inc., WEG Electric Corp., Voith Group, Sulzer Ltd., Woodward Inc., Brunel Energy Pty Ltd., Enercon Services Inc., Schneider Electric Societas Europaea, Compressor Controls Corporation, Bently Nevada, Omicron Energy Solutions, Power Systems Manufacturing, LLC, Qualitrol Corporation, Endurance Wind Power Inc., Peak Machinery Inc., Turbine Controls Ltd., Turbine Technology Services Corporation
Yokogawa Electric Corporation Introduces CENTUM VP R6.10 For Streamlined Turbine Control And Facility Management
Major companies operating in the turbine control system market are concentrating on developing innovative solutions, such as centrum VP R6.10, to streamline operations, engineering, procurement, and maintenance for plants and facilities by consolidating control systems under a unified platform. It is focused on enabling the control of steam turbines for compressor drives and the integrated control of multiple compressor trains. For instance, in November 2022, Yokogawa Electric Corporation, a Japan-based electrical engineering and software company, launched CENTUM VP R6.10, a new version of its integrated production control system that enables the control of steam turbine control for compressor drives and the integrated control of multiple compressor trains. Its features include an expanded scope of control, support for CCC Inside, simplified operations, and simplified engineering, procurement, and maintenance.
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Key Segments -
The turbine control system market covered in this report is segmented -
1) By Type: Gas Turbine, Steam Turbine, Hydro-Turbine, Wind Turbine, Other Types
2) By Component: Sensors, Human-Machine Interface, Controllers, Software, Other Components
3) By Function: Speed Control, Load Control, Temperature Control, Pressure Control, Other Functions
4) By Application: Power Generation, Oil And Gas, Marine, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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