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% 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.
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In terms of component, global turbine control system market has been categorized into sensors, HMI, controllers, software and others. Among the component types, 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.
North America is expected to be the fastest growing market for turbine control systems in coming years. The region is undergoing various project developments to maintain the demand-supply balance. The US, which is one of the largest revenue contributors to the region, is anticipated to develop innovative technologies for advanced gas 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. Moreover, Asia-Pacific is likely to be the largest market for turbine control systems during the forecast period. The region has highest wind power installed capacity in the world. Countries such as China and India are experiencing rapid growth in industrialization and urbanization. Moreover, these countries possess high wind power installed capacity.
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“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 aging 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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