Market Trends of United States Turbine Control Systems Industry
This section covers the major market trends shaping the US Turbine Control Systems Market according to our research experts:
Development of New Power Plants to Drive the Market Demand
- In the United States, the development of new power plants, especially, the natural gas power plants and combined heat and power (CHP) plants, are likely to provide a huge impetus to turbine control systems market in coming years.
- In Ohio, four power projects, with a combined capacity of around 4600 MW, are under development. The project includes two gas-fired, high-efficiency combustion gas turbines with two heat recovery steam generators and two steam turbines. The plants are expected to commence commercial operations by the second quarter of 2021.
- The natural gas supply in the United States has witnessed growth in recent years, which is likely to continue in coming years, riding on vast reserves of natural gas in the country. As per EIA, the marketed natural gas production in the year 2019 reached 99.15 bcfpd
- The total supply of natural gas in the country witnessed an increase of 12 percent, during the first half of 2018 in comparison to the first half of 2017. The increase in the supply of natural gas is leading to declining in its cost which, in turn, enhances the economic viability of gas-based power generation.
- During the past decade, the electric power sector has been retiring coal-fired generation plants while adding more natural gas generating capacity. In 2019, United States EIA estimated that 12.7 GW of coal-fired capacity in the United States had retired, equivalent to 5% of the total existing coal-fired capacity at the beginning of the year. An additional 5.8 GW of United States coal capacity is scheduled to retire in 2020, contributing to a forecast 13% decline in coal-fired generation this year. In contrast, EIA estimates that the electric power sector has added or plans to add 11.4 GW of capacity at natural gas combined-cycle power plants in 2019 and 2020. This transition from coal to gas has been considered to be one of the most important factor driving the turbine control systems market, as older coal plants retire and newer gas-based power plants starts to commission.
Understand The Key Trends Shaping This Market
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