Turbomachinery Control Systems, Retrofitting, & Ancillary Services Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.94 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Turbomachinery Control Systems, Retrofitting, & Ancillary Services Market Analysis
The turbomachinery control system, retrofitting, and ancillary system market is expected to grow with a CAGR of around 2.94% during the forecast period. The COVID-19 pandemic affected the market's growth due to the financial losses incurred by the power companies because of low power demand, which led to less upcoming projects for power generation. However, the situation has rebounded since 2021, particularly for the turbine control systems, which were heavily deployed in new power plants.
The growing adoption of automation technologies in the industrial sector and the new power generation projects are expected to create a huge demand for turbomachinery control systems, retrofitting, and ancillary services during the forecast period. However, the constantly increasing preference for renewable energy sources resulted in a reduction in the investment and demand for turbomachinery control systems in recent years.
The advancements in turbomachinery control systems technology, with a special focus on gas expansion turbines used in LNG plants, are expected to create several opportunities for the market in the future. Asia-Pacific is expected to dominate the market studied due to factors such as the growing economies of India and China, the presence of a large chemical industry, low labor wages, and a growing manufacturing sector.
Turbomachinery Control Systems, Retrofitting, & Ancillary Services Market Trends
This section covers the major market trends shaping the Turbomachinery Control Systems, Retrofitting, & Ancillary Services Market according to our research experts:
Power Segment is Expected to Dominate the Market
In the power sector, turbomachinery control systems are used in equipment like turbines used for power generation and compressors that provide consistent pressure required for the operation of pneumatic valves and actuators in the power plant. In traditional power generation systems (steam, gas), turbomachinery control systems are integral in enhancing the turbomachinery equipment's productivity and safety.
The demand for electricity is growing rapidly due to a surge in population and industrial expansion across the world. The increasing disposable income in developing countries led to a rise in per capita power consumption, which is expected to create huge demand for expanding power infrastructure in the near future.
The electricity demand is expected to increase in the future, fueled by the electrification of the transportation sector and growing industrial activities. Several countries have adopted targets of phasing out the sale of passenger cars running on fossil fuels. Among the first to set targets is Norway, transitioning to an entirely zero-emission fleet of new cars, with 2025 as a target. Denmark, Ireland, the Netherlands, and Sweden have set 2030 to phase out internal combustion engine vehicles. The United Kingdom set 2040 as the deadline to have an entirely zero-emission fleet of new heavy vehicles. China has introduced an electric car quota for new car sales, rising from 10% in 2019 to 15% in 2025, corresponding to seven million electric cars.
Various government bodies, including those from India and countries in the Middle East, have formulated several supportive policies to increase the adoption of electric vehicles. Technological advancements, price reductions pertaining to electric vehicles, and their associated infrastructure have led to a surge in the popularity of electric cars.
The use of turbomachinery control systems gained importance as conventional power generation technologies are facing increasing challenges from alternate sources of energy in terms of the cost of power generation. Using turbomachinery control systems leads to efficiency improvement in the power generation process from conventional fuel, which is expected to boost the market's growth during the forecast period.
Therefore, due to the above-mentioned factors, the power segment is expected to dominate the market's growth during the forecast period.
Asia-Pacific is Expected to Dominate the Market
Asia-Pacific is one of the fastest-growing regions across the world due to the presence of emerging countries, like India and China, and developed countries, such as Japan and Australia. Factors driving the market's growth are increasing investments in the Asia-Pacific countries, such as India, China, and Japan. The presence of a large number of chemical manufacturing plants, power generation plants, oil and gas refining plants, and other manufacturing centers is anticipated to propel the market's growth during the forecast period.
India is investing in its refinery and petrochemical business. Although the plans for the world's largest refinery in Ratnagiri, Maharashtra, were dropped due to fierce opposition, the country's central government is looking to set up smaller refineries at different locations around the country. The country's government plans to boost the refining capacity, which stood at 4792 thousand barrels per day in 2021.
Countries like China are still developing the fuel-based power generation sector. In the first quarter of 2022, the provincial governments of many states in China approved new plans to add 8.3 GW of coal-based power generation plants. The states include Hunan, Shaanxi, Gansu, Anhui, Zhejiang, and Fujian. In February 2022, AGC group planned to establish a new chlor-alkali manufacturing company in Thailand. The company will hold around 65% share in the newly formed company, and the rest will be held by PTT Global Chemical Public Company.
Therefore, due to the above-mentioned factors, Asia-Pacific is expected to dominate the turbomachinery control systems, retrofitting, and ancillary services market during the forecast period.
Turbomachinery Control Systems, Retrofitting, & Ancillary Services Industry Overview
The turbomachinery control system, retrofit, and ancillary services market is fragmented. Some of the key companies (in no particular order) are General Electric Co., Siemens Energy AG, Emerson Electric Co., ABB Ltd, and Rockwell Automation Inc., among others.
Turbomachinery Control Systems, Retrofitting, & Ancillary Services Market Leaders
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ABB Ltd
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Siemens Energy AG
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Rockwell Automation Inc.
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Emerson Electric Co.
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General Electric Company
*Disclaimer: Major Players sorted in no particular order
Turbomachinery Control Systems, Retrofitting, & Ancillary Services Market News
In November 2021, developer Vattenfall and turbine manufacturer Siemens Gamesa revealed details about their newly proposed offshore wind farm off the coast of Norfolk, United Kingdom. The project will use the largest turbines used in the country. Such projects are expected to drive the demand for turbomachinery control systems.
Turbomachinery Control Systems, Retrofitting, & Ancillary Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Market Size and Demand Forecast for Turbines and Compressors in USD billion, until 2027
4.4 Recent Trends and Developments
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Industry Attractiveness - Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Application
5.1.1 Turbine Controls
5.1.1.1 Steam Turbine Controls
5.1.1.2 Gas Turbine Controls
5.1.2 Compressor Controls
5.2 By End-user Industry
5.2.1 Power
5.2.2 Oil and Gas
5.2.3 Chemical
5.2.4 Metals and Mining
5.2.5 Other End-user Industries
5.3 By Service Type
5.3.1 New Turbomachinery Control System
5.3.2 Retrofit Turbomachinery Control System and Ancillary Services
5.4 By Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 South America
5.4.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Turbomachinery Automation Vendors
6.3.1.1 ABB Ltd
6.3.1.2 Emerson Electric Co.
6.3.1.3 General Electric Company
6.3.1.4 Honeywell International Inc.
6.3.1.5 Rockwell Automation Inc.
6.3.1.6 Schneider Electric SE
6.3.1.7 Siemens Energy AG
6.3.1.8 Yokogawa Electric Corporation
6.3.1.9 STORK, A Fluor Company
6.3.1.10 Turbine Technology Services Corporation
6.3.1.11 Energy Controls Technology Inc.
6.3.1.12 PetroTech Oil & Gas Inc.
6.3.1.13 HollySys Automation Technologies Ltd
6.3.1.14 Control-care BV
6.3.2 Automation System Original Equipment Manufacturers
6.3.2.1 Voith GmbH & Co. KGaA
6.3.2.2 Woodward Inc.
6.3.2.3 MAN Diesel & Turbo SE
6.3.2.4 Mitsubishi Electric Corporation Ltd
6.3.2.5 Compressor Controls Corporation
6.3.2.6 Solar Turbines Incorporated
6.3.2.7 Ingersoll Rand Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Turbomachinery Control Systems, Retrofitting, & Ancillary Services Industry Segmentation
Turbomachinery control systems are integrated control systems for turbines and compressors. They are used in power generation, oil and gas, and process facilities. The retrofitting services refer to the replacement or upgradation of the existing turbomachinery in the plant, while the ancillary services refer to the services that ensure a reliable power supply from the power generation point to the consumers, like voltage regulation, frequency regulation, etc.
The turbomachinery control systems, retrofitting, and ancillary services market is segmented by application, end-user industry, and service type. The report also covers the market size and forecasts across major countries. For each segment, the market sizing and forecasts have been done based on revenue (in USD billion).
| By Application | ||||
| ||||
| Compressor Controls |
| By End-user Industry | |
| Power | |
| Oil and Gas | |
| Chemical | |
| Metals and Mining | |
| Other End-user Industries |
| By Service Type | |
| New Turbomachinery Control System | |
| Retrofit Turbomachinery Control System and Ancillary Services |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East and Africa |
Turbomachinery Control Systems, Retrofitting, & Ancillary Services Market Research FAQs
What is the current Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market size?
The Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market is projected to register a CAGR of 2.94% during the forecast period (2024-2029)
Who are the key players in Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market?
ABB Ltd, Siemens Energy AG, Rockwell Automation Inc., Emerson Electric Co. and General Electric Company are the major companies operating in the Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market.
Which is the fastest growing region in Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market?
In 2024, the Asia Pacific accounts for the largest market share in Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market.
What years does this Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market cover?
The report covers the Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Turbomachinery Control Systems, Retrofitting, and Ancillary Services Industry Report
Statistics for the 2024 Turbomachinery Control Systems, Retrofitting, and Ancillary Services market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Turbomachinery Control Systems, Retrofitting, and Ancillary Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Turbomachinery Control Systems, Retrofitting, and Ancillary Services Report Snapshots
- Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market Size
- Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market Share
- Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market Trends
- Turbomachinery Control Systems, Retrofitting, and Ancillary Services Companies
