Global Turbomachinery Control Systems, Retrofitting & Ancillary Services Market - Growth, Trends, and Forecast (2018 - 2023)
The abundance of natural gas, coupled with their increasing applications across various end-use industries, is expected to spur the growth of global natural gas consumption rate. The increasing use of natural gas is expected to drive the demand for turbomachinery, which, in turn, is likely to escalate the need for turbomachinery control systems market, globally. However, the increasing growth in the renewable power-based generation encourages the turbomachinery users to opt alternate energy production methods, which, in the long-run, reduces the deployment of turbomachinery, thereby, restraining the growth of the turbomachinery control systems market.
Increasing Consumption of Natural Gas Across Various Industries - Driving the Market
To curb emissions, countries, such as China and the United Kingdom, have started to shift away from coal toward natural gas. With the advent of efficient gas turbines and inherent environmental benefits associated with natural gas (natural gas emissions are at most one-third of coal or petrol), current power generation accounts for more than half of the demand growth in natural gas. Moreover, global natural gas consumption is likely to reach 485 Bcf/d by 2040, growing from 340 Bcf/d in 2015, particularly in regions, like Asia and the Middle East. Natural gas consumption of China and the United States is expected to be among the highest in the world. Therefore, these countries are expected to create a huge demand for turbomachinery control systems during the forecast period.
Asia-Pacific – Region with the Highest Market Share
Asia-Pacific is one of the fastest growing regions in the world, owing to the presence of emerging countries like India and China and emerged countries like Japan and Australia. Asia-Pacific has a big market share and the highest growth rate in the turbomachinery control systems market. Factors spurring this market are burgeoning economies of India and China, the presence of a large number of chemicals industries, and low labor wages resulting in a growing manufacturing sector.
Growth in Renewable Sector - A Market Restraining Factor
Countries across the globe have witnessed rapid growth in the renewable energy sector, owing to strong policy support and sharp cost reductions. Moreover, governments of various nations are increasingly shifting toward cleaner energy sources to reduce emission levels from conventional fuels. 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, in the long-run, is likely to reduce the deployment of turbomachinery, thereby, restraining the growth of the turbomachinery control systems market during the forecast period.
Key Developments in the Market
September 2017: ABB had announced the acquisition of GE Industrial Solutions, GE’s global electrification solutions business. ABB will acquire GE Industrial Solutions for USD 2.6 billion; the transaction will be operationally accretive in the first year. GE Industrial Solutions will be integrated into Electrification Products (EP) division of ABB, resulting in a unique global portfolio and very comprehensive offering for North American and global customers.
The major players include - ABB Group, Emerson Electric Co., and MAN Diesel & Turbo SE, amongst others.
Reasons to Purchase The Report
Current and future global turbomachinery control systems, retrofitting & ancillary services market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s Five Forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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