Turbine Control System Market Revenue to Hit $19.00 Billion by 2023; At a CAGR of 4.66% from 2018 to
The global turbine control system market is projected to reach USD 19.00 billion by 2023, growing at a CAGR of 4.66%, from an estimated USD 15.13 billion in 2018. The growth of the turbine control system market is majorly driven by the growth of conventional power generation and increase in operational productivity.
North America is expected to be the fastest growing market for turbine control systems from 2018 to 2023. As per the BP Statistical Review of World Energy 2017, in 2016 North America accounted for approximately 21.5% of the total global electricity generation. According to Irena, in 2015, the region generated 225,912 GWh of total electricity through wind and 662,515 GWh through hydropower. In addition to that, the US, Canada, and Mexico entered into an agreement establishing a goal of 50% electricity generation from clean energy sources by 2025. Thus, increasing investment in the renewable energy sector is likely to enhance the turbine control system market in North America.
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The market in the US is expected to be the fastest in North America for turbine control systems, during the forecast period. According to the US Energy Information Administration, in 2016, around 4.08 trillion kilowatt-hours (kWh) of electricity was generated in the US out of which 65% of the total electricity was generated through fossil fuels such as coal, natural gas, petroleum, and other gases, about 20% was from natural energy, and 15% was from renewable energy sources. On July 2016, the US Department of Energy planned to invest USD 30 million for six Phase II projects, to develop innovative technologies for advanced gas turbine components and supercritical carbon dioxide (sCO2) power cycles. All these factors are expected to influence the turbine control system market in the country.
The report segments the turbine control system market, by component, into sensors, controllers, software, HMI (Human Machine Interface), and others. The other segments include communication devices, processors, and protection devices. The sensors segment is expected to grow at the highest CAGR during the forecast period. The segment is mainly used to provide real-time control solutions to maximize power output with the use of various types of sensors such as displacement sensors, temperature sensors, vibration sensors, position sensors, and SiC flame tracker sensors.
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The turbine control system market, by type, is segmented into the gas turbine control system, steam turbine control system, and others. The others include wind, hydro, and small hydro turbine control system. The steam turbine control system is expected to hold the largest market share during the forecast period due to a large share of coal-based, diesel-based, and oil-based power generation.
The turbine control system market, by function, is segmented into speed control, load control, temperature control, pressure control, and others. The others segment includes frequency influence and turbine stress influence. The speed control segment is expected to grow at the highest CAGR during the forecast period. The segment is mainly driven due to the increase in wind power generation across all the countries. This is likely to drive the turbine control system market.
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