Selbyville, Delaware,, March 06, 2024 (GLOBE NEWSWIRE) --
The turbine control system market is expected to reach USD 34.1 billion by 2032, as reported in a research study by Global Market Insights Inc.
The surging demand for energy worldwide coupled with the growing emphasis on renewable energy sources like wind and hydroelectric power is driving the adoption of turbine control systems to enhance operational efficiency and maximize power generation. Significant developments, such as the integration of IoT, AI, and predictive analytics into turbine control systems are improving monitoring, maintenance, and performance optimization capabilities.
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According to the U.S. Energy Information Administration, the wind energy production capacity in the U.S. is anticipated to remain stable, standing at 156 GW by the end of 2024, compared to 149 GW recorded in December 2023. This increasing power generation from wind energy will fuel the demand for turbine control systems in the coming years. The expansion of power generation capacities in emerging economies and the modernization of aging infrastructure in developed regions are attracting investments in the industry. The influx of stringent regulations aimed at reducing emissions and improve energy efficiency will also encourage the market penetration.
The turbine control system market from the pressure control function segment is anticipated to hold commendable share of the turbine control system industry by 2032, owing to the increasing focus on optimizing turbine performance and efficiency. The rollout of stringent regulatory requirements regarding emissions and operational safety is prompting the adoption of advanced pressure control systems. The integration of innovative technologies like real-time monitoring and predictive maintenance capabilities will also enhance the reliability and effectiveness of pressure control functions.
Turbine control system market from the controller component segment will rise at substantial rate between 2024 and 2032, due to advancements in control technologies for offering enhanced performance and efficiency. The increasing adoption of digitalization and automation in turbine operations is driving the demand for sophisticated controller solutions. The growing focus on grid stability and renewable energy integration is further necessitating robust and reliable controller components. The rising emphasis on predictive maintenance and remote monitoring capabilities is also increasing the acceptance of controllers.
Europe turbine control system market revenue is estimated to grow at noticeable pace from 2024 to 2032. This can be credited to the regional commitment towards renewable energy sources like wind and hydroelectric power. Stringent environmental regulations are promoting clean energy production and attracting investments in advanced control technologies. Furthermore, the modernization of aging infrastructure and the integration of digitalization and automation into power generation facilities will boost the regional market expansion.
Some of the prominent companies operating in the turbine control system market include ABB, Siemens Energy, General Electric, WOODWARD, Honeywell International, Emerson Electric Co., Rockwell Automation, Schneider Electric, Yokogawa Electric Corporation, Mitsubishi Electric Corporation, Voith GmbH & Co. KGaA, Vestas, Hitachi, Danfoss, ANDRITZ, Sulzer, AEG Power Solutions, SKF, EATON, B&R, Ingeteam, Bachmann. These industry contenders are placing efforts on new product developments and strategic partnerships to reinforce their presence.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Turbine control system industry 360° synopsis, 2019 - 2032
Chapter 3 Turbine Control System Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.2 Industry pitfalls & challenges
3.5 Growth potential analysis
3.6 Porter's Analysis
3.6.1 Bargaining power of suppliers
3.6.2 Bargaining power of buyers
3.6.3 Threat of new entrants
3.6.4 Threat of substitutes
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
