|Fastest Growing Market:||Europe|
|Largest Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The turbomachinery control system, retrofitting, and ancillary system market was valued at USD 6.36 billion in 2020, and is expected to reach USD 7.71 billion by 2027, at a CAGR of 2.94% during 2020-2027. The COVID-19 pandemic has led to various projects being delayed due to the economic slowdown and financial losses incurred to the companies in 2020. Additionally, the oil and gas projects have been majorly affected due to the high financial burden on the operator amid the fluctuating oil prices resulting from the lower demand. Factors, such as an increasing shift in focus toward natural gas and the adoption of automation technologies in the industrial sector are expected to create a huge demand for turbomachinery control systems. However, constantly increasing preference for renewable energy sources has resulted in a reduction in the investment and demand in turbomachinery control systems in recent years.
- The power industry was the largest segment in 2020, and is expectd to dominate the turbomachinery control system, retrofitting, and ancillary system market during the forecast period.
- The advancements in turbomachinery control systems technology with a special focus on gas expansion turbines used in LNG plants are expected to create several opportunities for the market in the future.
- Asia-Pacific is likely to dominate the market, attributing to the growing economies of India and China, the presence of a large chemical industry, and low labor wages, resulting in a growing manufacturing sector.
Scope of the Report
The scope of the turbomachinery control systems, retrofitting, and ancillary services market report includes:
|Oil and Gas|
|Metals and Mining|
|Other End-user Industries|
|New Turbomachinery Control System|
|Retrofit Turbomachinery Control System and Ancillary Services|
|Middle-East and Africa|
Key Market Trends
Power Segment Expected to Dominate the Market
- In the power sector, turbomachinery control systems are used in equipment like turbines used for power generation and compressors that are used to provide consistent pressure required for the operation of pneumatic valves and actuators in the power plant. In traditional power generation systems (steam, gas), turbomachinery control systems play an integral part in enhancing the turbomachinery equipment's productivity and safety.
- Globally, the demand for electricity is growing at a rapid rate on account of surge in population and industrial expansion. Apart from that, the increasing disposable income in the developing countries has led to a rise in per capita power consumption that is likely to create huge demand for expansion of power infrastructure in the near future.
- The electricity demand is expected to increase in the future fueled by the electrification of the transportation sector and growing industrial activities. Several countries have adopted targets of phasing out the sale of passenger cars running on fossil fuels. Among the first to set targets is Norway, transitioning to an entirely zero-emission fleet of new cars with 2025 defined as target. Additionally, Denmark, Ireland, the Netherlands, and Sweden have set 2030 to phase out internal combustion engine vehicles; United Kingdom have set 2040 as the deadline to have an entirely zero-emission fleet of new heavy vehicles. China has introduced an electric car quota for new car sales, stepping up from 10% in 2019 to 15% in 2025, corresponding to around seven million electric cars.
- Similarly, various governments bodies, including those from India and countries in the Middle East, have formulated several supportive policies to increase the adoption of electric vehicles. Furthermore, technological advancements, price reductions pertaining to electric vehicles, and their associated infrastructure lead to a surge in the popularity of electric cars.
- The use of turbomachinery control systems has gained importance from the fact that conventional power generation technologies are facing increasing challenges from alternate sources of energy in terms of cost of power generation. The use of turbomachinery control systems leads to efficiency improvement in the power generation process from conventional fuel, which is likely to be a big boost for the market during the forecast period.
- Therefore, owing to the above points, power segment is expected to dominate the market during the forecast period.
To understand key trends, Download Sample Report
Asia-Pacific Expected to Dominate the Market
- Asia-Pacific is one of the fastest-growing regions globally due to the presence of emerging countries, like India, China, and developed countries, such as Japan and Australia.
- Asia-Pacific has a significant market share and the highest growth rate in the turbomachinery control systems market. Factors spurring this market are increasing investments in the Asia-Pacific countries, such as India, China, and Japan. Furthermore, the presence of a large number of chemical industries and low labor wages are expected to drive the manufacturing sector in the region.
- On the other hand, developing industrial automation and lack of proper technological awareness are factors constraining the market growth of turbomachinery control systems. Followed by India and Australia, China has one of the region's biggest markets for turbomachinery control systems.
- India and China have seemingly unsolvable differences and rivalries in the political and economic sphere, but one thing they have in common is an enormous coal plant pipeline.
- China’s coal plant fleet expansion has slowed down in recent years; however, the country still has more coal plants under development than any other country. With over 259,000 MW of new coal plants in various stages of development, China accounts for more than 1/3 of the global coal plant pipeline.
- Further, in June 2020, China approved a USD 20 billion mega petrochemical complex in the city of Yantai in Shandong province. The project includes a 400,000 barrel-per-day (BPD) refinery and a 3 million ton-per-year ethylene plant.
- India is also investing in its refinery and petrochemical business. Although the plans for the world’s largest refinery in Ratnagiri, Maharashtra, were dropped due to fierce opposition, the country’s central government is looking to set up smaller refineries at different locations around the country. The country’s government has set a target to grow its refining capacity to 400 mtpa by 2025 from the existing installed capacity of 249.36 mtpa through 23 refineries.
- Furthermore, the State Cabinet of Chennai, in February 2020, cleared the proposal to establish an oil refinery complex at Thoothukudi at an investment of INR 40,000 crore. West Asian Al Kharafi is implementing the project.
- Therefore, owing to the above points, Asia-Pacific is expected to dominate the turbomachinery control systems, retrofitting, and ancillary services market during the forecast period.
To understand geography trends, Download Sample Report
The turbomachinery control system, retrofit, and ancillary services market is fragmented. Some of the key companies are General Electric Co., Siemens Energy AG, Emerson Electric Co., ABB Ltd, and Rockwell Automation Inc. among others.
Siemens Energy AG
Rockwell Automation Inc.
Emerson Electric Co.
General Electric Company
- In July 2021, Westinghouse announced a contract with Harbin Turbine Company Limited Automation Control Company to supply the turbine control and protection system to Changjiang Unit 3 and 4 which used two 1000 MWe class pressurized water reactors. Changjiang Unit 3 and 4 are located in Hainan Province, China, and were approved by the Chinese government in September 2020. In addition, the first concrete pouring date of Unit 3 was in March 2021.
- In June 2021, Ontario Power Generation signed up an agreement worth USD 120 million with GE Steam Power for a refurbishment job of its 3-GW Darlington Nuclear Generating Station. The scope of the project includes turnkey installation and commissioning of steam turbine and excitation control system upgrades. The work also will include generator and auxiliary upgrades for three of Darlington’s four units.
Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Market Size and Demand Forecast for Turbines and Compressors in USD billion, until 2027
4.4 Recent Trends and Developments
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Industry Attractiveness - Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Turbine Controls
126.96.36.199 Steam Turbine Controls
188.8.131.52 Gas Turbine Controls
5.1.2 Compressor Controls
5.2 End-user Industry
5.2.2 Oil and Gas
5.2.4 Metals and Mining
5.2.5 Other End-user Industries
5.3 Service Type
5.3.1 New Turbomachinery Control System
5.3.2 Retrofit Turbomachinery Control System and Ancillary Services
5.4.1 North America
5.4.4 South America
5.4.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Turbomachinery Automation Vendors
184.108.40.206 ABB Ltd
220.127.116.11 Emerson Electric Co.
18.104.22.168 General Electric Company
22.214.171.124 Honeywell International Inc.
126.96.36.199 Rockwell Automation Inc.
188.8.131.52 Schneider Electric SE
184.108.40.206 Siemens Energy AG
220.127.116.11 Yokogawa Electric Corporation
18.104.22.168 STORK, A Fluor Company
22.214.171.124 Turbine Technology Services Corporation
126.96.36.199 Energy Controls Technology Inc.
188.8.131.52 PetroTech Oil & Gas Inc.
184.108.40.206 HollySys Automation Technologies Ltd
220.127.116.11 Control-care BV
6.3.2 Automation System Original Equipment Manufacturers
18.104.22.168 Voith GmbH & Co. KGaA
22.214.171.124 Woodward Inc.
126.96.36.199 MAN Diesel & Turbo SE
188.8.131.52 Mitsubishi Electric Corporation Ltd
184.108.40.206 Compressor Controls Corporation
220.127.116.11 Solar Turbines Incorporated
18.104.22.168 Ingersoll Rand Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the study period of this market?
The Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market market is studied from 2019 - 2027.
What is the growth rate of Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market?
The Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market is growing at a CAGR of 2.94% over the next 5 years.
What is Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market size in 2019?
The Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market is valued at 6 Billion USD in 2019.
What is Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market size in 2027?
The Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market is valued at 7 Billion USD in 2027.
Which region has highest growth rate in Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market?
ABB Ltd, Siemens Energy AG, Rockwell Automation Inc., Emerson Electric Co., General Electric Company are the major companies operating in Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market.