Turbine Control System Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The turbine control system market is expected to record a CAGR of around 2.5% during the forecast period. The COVID-19 pandemic outbreak severely affected the market due to delays in power plant construction projects. As an example, in United States, in the months of March and April 2020, 21% and 29% of projects, respectively, experienced delays due to the COVID-19 spread mitigation efforts. The demand for turbine monitoring and control systems went down as there was a delay at every stage of power plant completion, including the generating units' up-gradation stage. Two factors largely drive the global turbine control systems market; first, the reduced downtime and operational efficiency offered by the control systems, and secondly, the increase in turbine deployment, particularly in wind and hydropower generation. However, the market is hampered by the growth in gas engine installations in the power industry, which has many benefits over gas turbines.
Key HighlightsThe turbine control system market is moderately fragmented. The key players in this market include ABB Ltd, Emerson Electric Co. Ltd, General Electric Company, Rockwell Automation, and Siemens Energy AG.
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