Market Size of Turbomachinery Control Systems, Retrofitting, and Ancillary Services Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 2.94 % |
Fastest Growing Market | Europe |
Largest Market | Asia Pacific |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Turbomachinery Control Systems, Retrofitting, & Ancillary Services Market Analysis
The turbomachinery control system, retrofitting, and ancillary system market is expected to grow with a CAGR of around 2.94% during the forecast period. The COVID-19 pandemic affected the market's growth due to the financial losses incurred by the power companies because of low power demand, which led to less upcoming projects for power generation. However, the situation has rebounded since 2021, particularly for the turbine control systems, which were heavily deployed in new power plants.
The growing adoption of automation technologies in the industrial sector and the new power generation projects are expected to create a huge demand for turbomachinery control systems, retrofitting, and ancillary services during the forecast period. However, the constantly increasing preference for renewable energy sources resulted in a reduction in the investment and demand for turbomachinery control systems in recent years.
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 expected to dominate the market studied due to factors such as the growing economies of India and China, the presence of a large chemical industry, low labor wages, and a growing manufacturing sector.
Turbomachinery Control Systems, Retrofitting, and Ancillary Services Report Snapshots
- Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market Size
- Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market Share
- Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market Trends
- Turbomachinery Control Systems, Retrofitting, and Ancillary Services Companies