Turbine Control System Market size is to grow by USD 3.74 billion from 2022 to 2027, Universal turbine monitoring and control systems enable cross-company compatibility to drive the growth – Technavio

NEW YORK, Sept. 28, 2023 /PRNewswire/ — The turbine control system market is expected to grow by USD 3.74 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 4.05% during the forecast period. The market is segmented by component (sensors, HMI, controllers, software, and others), type (gas turbine control system, wind turbine control system, steam turbine control system, and hydro turbine control system), and geography (APAC, North America, Europe, South America, and Middle East and Africa). Universal turbine monitoring and control systems enable cross-company compatibility is a key factor driving market growth. As most large businesses are increasing their investments in R&D, the market is becoming more and more technologically advanced. For instance, for all Siemens industrial turbines, Emerson has developed state-of-the-art control systems. Emerson has also been providing professional solutions and maintenance for Industrial turbines since it became the former original equipment manufacturer of such turbines. In addition, a number of control algorithms and software modules that work on Rockwell ControlLogix and Siemens S7 PLC controllers have been developed by PROEON. These systems provide a wide range of interchangeable mobile hardware and software, high levels of standardization, company autonomy, and scalable technology with global support from leading companies. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample 

Key Highlights:

  • The report recognizes the following as some of the key players in the turbine control system market: ABB Ltd., American Superconductor Corp., Baker Hughes Co., Compressor Controls Corp., Emerson Electric Co., General Electric Co., Heinzmann GmbH and Co. KG, Honeywell International Inc., HPI Energy Services LLC, Innoway Future Solutions Pte Ltd., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., Proeon Systems Ltd., Robert Bosch GmbH, Rockwell Automation Inc., Rolls Royce Holdings Plc, Siemens AG, Vestas Wind Systems AS, Woodward Inc., and Solar Turbines Inc.
  • Turbine Control System Market is fragmented in nature.
  • Market to observe 3.44% YOY growth in 2023.

Market Dynamics:

Major Trend

  • The development of digital twin technology in wind turbines is a major trend in the market.
  • Digital twin wind technology is currently in the research and development phase, but Wind Twin is striving to offer solutions that address the growing operational and maintenance expenses linked to wind turbine operations.
  • Furthermore, Wind Twin’s primary goal is to enhance wind power generation by delivering more dependable and efficient wind turbines.
  • The technological innovations promised by Wind Twin are expected to minimize turbine downtime and decrease inspection and maintenance expenditures.
  • In addition, Wind Twin intends to apply signal processing and condition monitoring algorithms to the turbines, enabling the collection of essential operational data. This will empower turbine operators to access real-time information on asset performance.
  •  Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

  • False alarms cast doubt on the reliability of turbine parts is a significant challenge restricting market growth. 
  • The turbine monitoring system module collects data from various levels, including system, subsystem, and individual component levels.
  • Unfortunately, there have been instances where these monitoring systems on the turbines triggered false alarms, casting doubt on their reliability.
  • Furthermore, these false alarms result in unnecessary maintenance of the turbine control system, incurring costs and disruptions. In critical cases, a false subsystem alarm can force a turbine shutdown until a trained technician inspects the components.
  • In addition, false alarms also have adverse effects on the overall turbine operation, often necessitating the costly replacement of entire turbine components to address these failures.
  •  Hence, these factors are expected to restrict market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

  • The sensors segment will account for a major share of the market’s growth during the forecast period.  Sensors are critical components of the turbines’ control systems, which represent a large part of their operation. These sensors, with the aim of both safety and optimum performance, allow for monitoring of turbines’ temperature, pressure, vibrations, etc. In order to ensure optimum operating conditions, pressure sensors are also used. In addition, turbine control systems are becoming common in power stations worldwide with advances in sensor technology, such as the integration of the Internet of Things and AI capabilities. Hence, these factors are expected to drive segment growth during the forecast period. 

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Related Reports:

The wind turbine monitoring systems market size is estimated to grow at a CAGR of 17.42% between 2022 and 2027. The market size is forecast to increase by USD 6,557.84 million.

The machine condition monitoring market size is estimated to grow by USD 1,147.05 million accelerating at a CAGR of 7.17% between 2023 and 2027. 

Turbine Control System Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.05%

Market growth 2023-2027

USD 3.74 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.44

Regional analysis

APAC, North America, Europe, South America, and the Middle East and Africa

Performing market contribution

APAC at 44%

Key countries

US, China, India, Germany, and the UK

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., American Superconductor Corp., Baker Hughes Co., Compressor Controls Corp., Emerson Electric Co., General Electric Co., Heinzmann GmbH and Co. KG, Honeywell International Inc., HPI Energy Services LLC, Innoway Future Solutions Pte Ltd., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., Proeon Systems Ltd., Robert Bosch GmbH, Rockwell Automation Inc., Rolls Royce Holdings Plc, Siemens AG, Vestas Wind Systems AS, Woodward Inc., and Solar Turbines Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio