Turbine Control System Market to Reach $29.2 Billion, Globally, by 2032 at 4.7% CAGR: Allied Market Research

The global turbine control system market is experiencing growth due to several factors such as growing demand from the steam turbine industry where steam turbines are used in various industrial applications beyond power generation. Industries such as petrochemicals, paper and pulp, sugar, and more use steam turbines for processes like driving compressors, pumps, and other machinery. Control systems help maintain the desired operating conditions. 

WILMINGTON, Del.  , Nov. 7, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Turbine Control System Market by Component (Sensors, Human-Machine Interface (HMI), Controller, and Software), Function Type (Speed, Temperature, Pressure, and Others), and End-Use Industry (Steam, Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global turbine control system market was valued at $18.7 billion in 2022 and is projected to reach $29.2 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032. 

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Prime determinants of growth 

The global turbine control system market is experiencing growth due to several factors such as an increase in energy demand across various sectors where turbine control systems serve as the central operational components within power plants, spanning across various energy sources, including fossil fuels, renewables, and nuclear power. However, the high initial cost of turbine control system hinders the market growth to some extent. Moreover, the development of smart grids offers remunerative opportunities for the expansion of the turbine control system market. 

Report coverage & details: 

The software segment is expected to grow faster throughout the forecast period. 

Based on component, the sensors segment held the highest market share in 2022, accounting for almost one-third of the global turbine control system market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to sensors play a crucial role in turbine control systems. Turbines are used in various industries, including power generation, aviation, and manufacturing. Sensors help monitor and control the operation of turbines to ensure efficiency, safety, and optimal performance. However, the software segment is projected to attain the highest CAGR of 4.7% from 2023 to 2032, as turbine control systems use software to implement control algorithms that manage various parameters such as speed, temperature, and pressure. 

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The temperature segment is expected to lead the trail by 2032 

Based on function type, the temperature segment held the highest market share in 2022, This is attributed to the fact that temperature sensors are used to detect if the turbine’s components, such as the blades and casing, are overheating. This helps prevent damage to the turbine and ensures safe operation. However, the pressure segment is the fastest-growing segment and is projected to attain the highest CAGR of 5.3% from 2023 to 2032. Pressure sensors are used to measure the fuel pressure, ensuring a consistent and controlled supply of fuel to the combustion chamber. 

The steam segment dominated the market by 2032 

Based on the end-use industry, the steam segment held the highest market share in 2022. Steam is introduced into the turbine through a steam inlet. The pressure and temperature of the steam entering the turbine are monitored to ensure safe and efficient operation. However, the gas segment is anticipated to be the fastest-growing segment and is projected to attain the highest CAGR of 5.1% from 2023 to 2032. Pressure sensors are used to measure the pressure of the gas in different parts of the turbine. Variations in pressure can indicate issues or changes in operating conditions. 

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Asia-Pacific to maintain its dominance by 2032. 

Based on region, Asia-Pacific collectively held the highest market share and fastest growing region in terms of revenue in the market, accounting for more than one-third of the global turbine control system market revenue with a CAGR of 4.7% and is expected to remain dominant in terms of revenue throughout the forecast timeframe. The segment is driven by factors such as China being a major player in the Asia-Pacific region for turbine control systems. The country has a significant number of power plants, both fossil-fuel and renewable energy-based, which require advanced control systems to manage their turbines efficiently. 

Leading Market Players: – 

ABB EMERSON ELECTRIC CO. GENERAL ELECTRIC COMPANY MITSUBISHI HEAVY INDUSTRIES LTD. ROCKWELL AUTOMATION INC. HITACHI PETROTECH WOODWARD, INC. HONEYWELL INTERNATIONAL INC. HEINZMANN GMBH AND CO. KG 

The report provides a detailed analysis of these key players in the global turbine control system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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