Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market

Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market - Growth, Trends, and Forecast (2020-2025)

The Market is Segmented by Application (Turbine Controls and Compressor Controls), End-user Industry (Power, Oil and Gas, Chemicals, Metals and Mining, and Other End-user Industries), Service Type (New Turbomachinery Control System, and Retrofit Turbomachinery Control System and Ancillary System), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

ABOUT THIS REPORT
- Market Snapshot
- Market Overview
- Scope of the Report
- Key Market Trends
- Competitive Landscape
- Major Players
TABLE OF CONTENTS

Market Snapshot

Study Period:

2018-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

4 %

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Market Overview

The turbomachinery control system, retrofitting, and ancillary system market is expected to register a CAGR of 4.09% during the forecast period, 2020-2025. 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 oil and gas industry has widespread applications for turbomachinery equipment, including turbines and compressors, and turbomachinery control systems. The abundance of natural gas, coupled with its increasing applications across various end-use industries, is expected to spur the growth of the global natural gas consumption rate.
With an average life span of 12-15 years, the turbomachinery control system is bound to have a retrofit, which is expected to create a constant market for retrofitting services.
Asia-Pacific dominates the market both in terms of market share and growth, attributing to the burgeoning 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:

Application
		Turbine Controls
		Steam Turbine Controls
		Gas Turbine Controls
		Compressor Controls

End-user Industry
		Power
		Oil and Gas
		Chemical
		Metals and Mining
		Other End-user Industries

Service Type
		New Turbomachinery Control System
		Retrofit Turbomachinery Control System and Ancillary Services

Geography
		North America
		Europe
		Asia-Pacific
		South America
		Middle-East and Africa

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Key Market Trends

Increasing Demand from Oil and Gas Sector

The oil and gas sector is expected to maintain its dominance in the market studied, over the forecast period. With increasing favor for gas globally, the turbomachinery market is bound to increase with an increase in gas production.
However, with the renewable energy industry being in its infancy, the development of this field is expected to have some impact on the turbomachinery control system market.
In the United States, from 2014, there has been a constant decline in energy production from coal, which is being replaced by natural gas. In 2018 approximately 35.1% of the US electricity was produced from natural gas compared to 27.5% in 2014, coal being dropped from 38.6% in 2014 to 27.4% in 2018, indicating growth for the turbomachinery control system market.
A similar shift in trend from conventional fuel-based power generation to gas-based power generation can be seen globally, resulting in an increased demand for turbines and compressors, which is likely to drive the demand for turbomachinery control systems during the forecast period.
The fall in crude oil prices has affected the global upstream industry many times. However, these drops have opened a way for downstream industries to take advantage of cheaper feedstock.
Therefore, with a number of factors included, it can be said that the demand for turbomachinery control systems, retrofitting, and ancillary services is expected to grow significantly during the forecast period.

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Asia-Pacific to Dominate the Market

Asia-Pacific has the fastest growth rate, owing to the developing economies, like India and China, and developed economies, like Japan and Australia.
With the recent huge development in City Gas Distribution in India and an investment of USD 16.7 billion by 2030, the country is becoming a huge market for turbomachinery control systems.
India is also investing in its refining and petrochemical industry. India’s refining capacity was 22495.43 TMT in March 2019, up by 6.51% from March 2018. Recently, Saudi Aramco announced that it is investing for a 20% stake in Reliance’s oil to chemical (O2C) division, at an enterprise value of USD 75 billion.
Over the past few years, China’s coal plant fleet expansion has slowed down, paving the way for gas-based energy production in the country. China’s energy demand is continuously increasing. Both factors indicate a demand growth of turbines and compressors, leading to a growth of the turbomachinery control system market.
The refining capacity of China has seen a continuous growth in the past, and it is forecast to continue in the coming years. In March 2019, Wood was awarded a new contract from Sinochem Quanzhou Petrochemical for its 1 MTA ethylene and refinery expansion project in China. This growth in refining capacities and slowdown in energy production from coal are expected to boost the turbomachinery control system market, as refineries and gas-based power production plants are a significant consumer of this market.
Therefore, the growth in the chemical industry and increased usage of natural gas for industrial and power generation are expected to be the major driving factors for the market in the region, which is on a growing trend and is expected to do so during the forecast period.

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Competitive Landscape

The turbomachinery control system, retrofit, and ancillary services market is moderately consolidated, with some of the major companies holding more than 40% of the market as of 2018. Some of the key companies are General Electric Co., Siemens AG, Emerson Electric Co., Mitsubishi Heavy Industries Ltd, ABB Ltd, Honeywell International Inc., Rockwell Automation Inc., Schneider Electric SE, and Yokogawa Electric Corporation.

Major Players

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1. INTRODUCTION
1. 1.1 Scope of the Study
2. 1.2 Market Definition
3. 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
1. 4.1 Introduction
2. 4.2 Market Size and Demand Forecast for Turbomachinery Control Systems, Retrofitting, and Ancillary Services in USD billion, until 2025
3. 4.3 Market Size and Demand Forecast for Turbines and Compressors in USD billion, until 2025
4. 4.4 Recent Trends and Developments
5. 4.5 Market Dynamics
  1. 4.5.1 Drivers
  2. 4.5.2 Restraints
6. 4.6 Supply Chain Analysis
7. 4.7 Industry Attractiveness - Porter's Five Forces Analysis
  1. 4.7.1 Threat of New Entrants
  2. 4.7.2 Bargaining Power of Consumers
  3. 4.7.3 Bargaining Power of Suppliers
  4. 4.7.4 Threat of Substitutes Products and Services
  5. 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
1. 5.1 Application
  1. 5.1.1 Turbine Controls
  2. 5.1.2 Steam Turbine Controls
  3. 5.1.3 Gas Turbine Controls
  4. 5.1.4 Compressor Controls
2. 5.2 End-user Industry
  1. 5.2.1 Power
  2. 5.2.2 Oil and Gas
  3. 5.2.3 Chemical
  4. 5.2.4 Metals and Mining
  5. 5.2.5 Other End-user Industries
3. 5.3 Service Type
  1. 5.3.1 New Turbomachinery Control System
  2. 5.3.2 Retrofit Turbomachinery Control System and Ancillary Services
4. 5.4 Geography
  1. 5.4.1 North America
  2. 5.4.2 Europe
  3. 5.4.3 Asia-Pacific
  4. 5.4.4 South America
  5. 5.4.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
2. 6.2 Strategies Adopted by Leading Players
3. 6.3 Company Profiles
  1. 6.3.1 Turbomachinery Automation Vendors
    1. 6.3.1.1 ABB Ltd
    2. 6.3.1.2 Emerson Electric Co.
    3. 6.3.1.3 General Electric Company
    4. 6.3.1.4 Honeywell International Inc.
    5. 6.3.1.5 Rockwell Automation Inc.
    6. 6.3.1.6 Schneider Electric SE
    7. 6.3.1.7 Siemens AG
    8. 6.3.1.8 Yokogawa Electric Corporation
    9. 6.3.1.9 STORK, A Fluor Company
    10. 6.3.1.10 Turbine Technology Services Corporation
    11. 6.3.1.11 Energy Controls Technology Inc.
    12. 6.3.1.12 PetroTech Oil & Gas Inc.
    13. 6.3.1.13 HollySys Automation Technologies Ltd
    14. 6.3.1.14 China Automation Group Limited
  2. 6.3.2 Automation System Original Equipment Manufacturers
    1. 6.3.2.1 Voith GmbH & Co. KGaA
    2. 6.3.2.2 Woodward Inc.
    3. 6.3.2.3 MAN SE
    4. 6.3.2.4 Mitsubishi Electric Corporation Ltd
    5. 6.3.2.5 Compressor Controls Corporation
    6. 6.3.2.6 Solar Turbines Incorporated
    7. 6.3.2.7 Ingersoll Rand Inc.

*List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability