The Global Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The turbomachinery control system, retrofitting and ancillary system market is expected to grow at a CAGR of 4.09% during the forecast period of 2020 – 2025. Factors such as increasing shift in focus towards natural gas and adoption of automation technologies in industrial sector are expected to create a huge demand for turbomachinery control systems. However, constantly increasing preference for renewable energy sources, have somewhat resulted to a reduction in investment and demand in turbomachinery control systems in recent years.
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market: General Electric Co., Siemens AG, Emerson Electric Co., Mitsubishi Heavy Industries, Ltd., ABB Ltd., Honeywell International Inc., Rockwell Automation, Inc., Schneider Electric SE, Yokogawa Electric Corporation, among others.
Key Market Trends
Increasing Demand from Oil and Gas Sector
– The oil and gas sector is expected to maintain its dominance in the market studied over the forecast period. With increasing favor for gas globally, turbomachinery market is bound to increase with increase in gas production.
– However, with the renewable energy industry being in it’s infancy, development of this field is expected to have some impact on the turbomachinery control system market.
– In the US starting from 2014 there have been a constant decline in energy production from coal, which is being replaced by natural gas. In 2018 approx. 35.1% of the US electricity was produced from natural gas compared to 27.5% in 2014, coal being dropped from 38.6% in 2014 to 27.4% in 2018, this indicates towards a growth for turbomachinery control system market.
– A similar trend of shift from conventional fuel-based power generation to gas-based power generation can be seen globally, resulting in an increased demand of turbines and compressors, which is likely to drive the demand for turbomachinery control systems in forecasted period.
– The fall in crude oil prices have affected the global upstream industry many times, but these drops have opened a way for downstream industries to take advantage of cheaper feedstock.
– Therefore, with a number of factors included it can be said that the demand for turbomachinery control systems, retrofitting and ancillary services market is expected to grow significantly during the forecast period.
Asia Pacific to Dominate the Market
– Asia Pacific have the fastest growth rate owing to the developing economies or India and China and developed economies like Japan and Australia.
– With recent huge development in City Gas Distribution in India and an investment of USD 16.7 billion by 2030, the country is becoming a huge market for turbomachinery control systems.
– India is also investing in its refining and petrochemicals industry. India’s refining capacity was 22495.43 TMT in March 2019, up by 6.51% from March 2018. Recently Saudi Aramco announced that it is investing in reliance for a 20% stake in Reliance’s oil to chemical(O2C) division at an enterprise value of USD 75 billion for the O2C division.
– Over the past few years China’s coal plant fleet expansion have slowed down, paving way for gas-based energy production in the country, also China’s energy demand is continuously increasing. Both stated factors indicate towards demand growth of turbines and compressors, leading to increase in Turbomachinery Control System Market.
– The refining capacity of China have seen a continuous growth in the past and is forecasted to do so in coming years, in March 2019, the Wood company was awarded a new contract from Sinochem Quanzhou Petrochemical for its 1MTA ethylene and refinery expansion project in China. This growth in refining capacities and slowdown in energy production from coal is expected to increase the Turbomachinery Control System market as Refineries and gas-based power production plants are a significant consumer of this market.
– Therefore the growth in chemical industry, and increased usage of natural gas for industrial and power generation, are expected to be the major driving factors for the market in the region, which is on a growing trend and is expected to do so in the forecasted period.
Influence Of The Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market Report:
-Comprehensive assessment of all opportunities and risk in the Turbomachinery Control Systems, Retrofitting, and Ancillary Services market.
– Turbomachinery Control Systems, Retrofitting, and Ancillary Services market recent innovations and major events.
-A detailed study of business strategies for growth of the Turbomachinery Control Systems, Retrofitting, and Ancillary Services market-leading players.
-Conclusive study about the growth plot of Turbomachinery Control Systems, Retrofitting, and Ancillary Services market for forthcoming years.
-In-depth understanding of Turbomachinery Control Systems, Retrofitting, and Ancillary Services market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Turbomachinery Control Systems, Retrofitting, and Ancillary Services market.
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What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on The Global and regional scale.
Analytical Tools: The Global Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
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