Market Size of Asia-Pacific Turbomachinery Control Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Turbomachinery Control Systems Market Analysis
The Asia-Pacific turbomachinery control systems market is expected to witness a CAGR of more than 3% during the forecast period, 2022-2027. Due to the COVID-19 pandemic, the market studied witnessed a significant impact, owing to the subdued activities in the end-user industries. However, the market studied showed signs of recovering since early 2021, which was likely due to the economic rebound in the majority of the countries. Turbomachinery control systems play an essential role in improving the efficiency of the systems and industrial automation. Factors such as shifting from conventional fuel-based power generation to gas-based power generation are expected to increase the need for turbines and compressors, thus driving the demand for turbomachinery control systems in the Asia-Pacific region. On the other hand, integrating the turbomachinery equipment into a single control system is complex and requires high investment. Moreover, several countries are shifting aggressively towards cleaner energy to reduce carbon emission levels from conventional fossil fuels. Such a trend is likely to reduce the deployment of turbomachinery control systems, thus, restraining the growth of the market during the forecast period.
- The power generation industry is expected to hold the highest demand for turbomachinery control systems, followed by the oil & gas industry and other end-user industries.
- Increasing technology advancements and innovations enabling day-to-day operations are expected to offer lucrative opportunities to the market players in the future.
- With rapid industrialization, investments, and expansion, China is likely to be the largest market for turbomachinery control systems in the Asia-Pacific region during the forecast period.
APAC Turbomachinery Control Systems Industry Segmentation
The Asia-Pacific turbomachinery control systems market report includes:
| Application | |
| Turbine Controls | |
| Compressor Controls |
| End-user Industry | |
| Power | |
| Oil and Gas | |
| Chemical | |
| Metals and Mining | |
| Other End-user Industries |
| Geography | |
| China | |
| India | |
| Malaysia | |
| Australia | |
| Rest of Asia-Pacific |
Asia-Pacific Turbomachinery Control Systems Market Size Summary
The Asia-Pacific turbomachinery control systems market is poised for growth, driven by the increasing demand for efficient industrial automation and the shift towards gas-based power generation. The market experienced a downturn due to the COVID-19 pandemic, but has shown signs of recovery with the economic rebound in the region. The transition from conventional fuel-based power generation to gas-based systems is expected to boost the demand for turbines and compressors, thereby enhancing the need for turbomachinery control systems. However, the complexity and high investment required for integrating these systems into a single control framework pose challenges. Additionally, the regional shift towards cleaner energy sources to reduce carbon emissions may restrain market growth. The power generation industry is anticipated to be the largest consumer of these systems, followed by the oil and gas sector, with technological advancements offering new opportunities for market players.
China is expected to emerge as the largest market for turbomachinery control systems in the Asia-Pacific region, fueled by rapid industrialization and increasing energy demand. The country's leadership in the steel, chemical, power, and cement industries, along with significant developments in the petrochemical and refining sectors, is set to drive market expansion. Upcoming refinery projects and the transformation of the refining industry are likely to create substantial demand for turbomachinery control systems. Despite a slowdown in coal plant expansion, China continues to develop new coal-fired projects, further contributing to market growth. The market is moderately fragmented, with key players such as ABB Ltd, Emerson Electric Co., General Electric Company, Siemens Energy AG, and Yokogawa Electric Corporation actively participating in the region's development.
Asia-Pacific Turbomachinery Control Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Market Size and Demand Forecast in USD billion, till 2027
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1.2 Recent Trends and Developments
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1.3 Government Policies and Regulations
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1.4 Market Dynamics
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1.4.1 Drivers
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1.4.2 Restraints
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1.5 Supply Chain Analysis
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1.6 Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitutes Products and Services
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Turbine Controls
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2.1.2 Compressor Controls
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2.2 End-user Industry
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2.2.1 Power
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2.2.2 Oil and Gas
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2.2.3 Chemical
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2.2.4 Metals and Mining
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2.2.5 Other End-user Industries
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2.3 Geography
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2.3.1 China
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2.3.2 India
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2.3.3 Malaysia
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2.3.4 Australia
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2.3.5 Rest of Asia-Pacific
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Asia-Pacific Turbomachinery Control Systems Market Size FAQs
What is the current Asia-Pacific Turbomachinery Control Systems Market size?
The Asia-Pacific Turbomachinery Control Systems Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Turbomachinery Control Systems Market?
ABB Ltd., Emerson Electric Co., Yokogawa Electric Corporation, General Electric Company and Siemens Energy AG are the major companies operating in the Asia-Pacific Turbomachinery Control Systems Market.
