Global Turbomachinery Control Systems Market
Digitalization across the industries has grown at a dangerously rapid pace over the past decade and is expected to grow at an unprecedented rate in the next five years. This phenomenon has eased the usage of a device as small as a mobile phone to an equipment as huge as turbomachinery. The controls sector of turbomachinery deployed in the industries has been the top gainer of the digitalization era and has solved the persistent problems within the industry, along with improving the performance standards. In such a scenario, the global turbomachinery control systems market is projected to register a CAGR of 5.17% during 2017-2022. The future of the turbomachinery control systems market is a culmination of advances in industrial automation and the integration capability that the control systems offer for maximizing the productivity and enhancing safety and reliability of turbomachinery.
Turbomachinery control systems form an important cog in the energy generation, power production, manufacturing and process industries to maximize the efficiency of turbomachinery equipment, and in turn, enhance its productivity. Like the human central nervous system that controls all the actions, a completely functional turbomachinery control system can help control multiple systems with the click of a button. Accentuated by a rise in the global environmental awareness, the policy landscape that applies to the industries has changed drastically to include stringent regulations on the emissions from various industries. In order to meet such regulations, it is quintessential for the industries to monitor the performance of their turbomachinery equipment, thus, favoring the installation of turbomachinery control systems. Along with meeting environmental regulations, it is necessary for the industries to meet the growing demand of their products. In order to produce the required amount of energy to expedite the production, installation of turbomachinery is absolutely necessary, which, in turn, drives the market for turbomachinery control systems.
The pace at which the renewables have replaced the conventional fuels for energy generation has been a blessing for energy-intensive industries. The economics of renewable source-based energy generation are soon expected to be comparable to the economics of the conventional fuel-based energy generation. This phenomenon encourages the turbomachinery users to opt for alternate energy production methods, which could in the long-run reduce the deployment of turbomachinery, in turn, restraining the growth of the turbomachinery control systems market. However, innovations in the control systems that can be made to suit the existing turbomachinery equipment is expected to open up a huge opportunity in the form of retrofitting.
Among the various regions, Asia-Pacific leads the market for turbomachinery control systems, followed by Europe and North America. In addition, while the North American and European markets are already mature, Asia-Pacific is one of the fastest-growing markets. The power generation industry has one of the highest adoption rates of turbomachinery control systems, followed by the chemical, and oil & gas industries.
The digitalization bigwigs have garnered their experience together, in order to bring out novel control systems that monitor the turbines and compressors, which are critical for energy production. The turbomachinery control systems help not only in monitoring the energy generation process but also in predicting the maintenance requirements. Companies, such as GE, Siemens, Schneider, and Honeywell, are in the forefront of the digital revolution offering turbomachinery control systems across domestic, commercial, and industrial sectors.