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Turbine Control System Market 2024 - By Size, Share, Trends, Growth Analysis And Outlook By 2033
Turbine Control System Market
According to The Business Research Company's, The turbine control system market size has grown strongly in recent years. It will grow from $18.21 billion in 2023 to $19.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to advancements in turbine technology, demand for energy efficiency, regulatory compliance, rise of industrial automation, and emergence of renewable energy.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Turbine Control System Market 2024 Key Insights:
• The Turbine Control System Market is expected to grow to $23.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Rising Demand For Electricity Driving Growth Of Turbine Control System Market
• Yokogawa Electric Corporation Introduces CENTUM VP R6.10 For Streamlined Turbine Control And Facility Management
• Asia-Pacific was the largest region in the turbine control system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the turbine control system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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