Market Size of North America Turbomachinery Control Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.00 % |
| 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?
North America Turbomachinery Control Systems Market Analysis
The North American turbomachinery control systems market is expected to witness a CAGR of more than 5% during the forecast period, 2022-2027. The COVID-19 pandemic led to various projects being delayed due to the economic slowdown and financial losses incurred to the companies in 2020. The oil and gas projects have been majorly affected due to the high financial burden on the operator amid the fluctuating oil prices resulting from the lower demand. Factors such as shifting from conventional fuel-based power generation to gas-based power generation and increasing shift in focus toward natural gas are expected to drive the demand for turbomachinery control systems in North America during the forecast period. However, the increasing prominence of renewable energy sources is expected to restrain the growth of the market during the forecast period.
- The power industry is expected to dominate the turbomachinery control systems market, owing to increasing power generation and consumption in the North American region.
- 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 coming years.
- The United States is likely to be the largest market for turbomachinery control systems in the North American region during the forecast period.
North America Turbomachinery Control Systems Industry Segmentation
The North American turbomachinery control systems market report includes:
| Application | |
| Turbine Controls | |
| Compressor Controls |
| End-use Industry | |
| Power | |
| Oil and Gas | |
| Chemical | |
| Metals and Mining | |
| Other End-use Industries |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Turbomachinery Control Systems Market Size Summary
The North American turbomachinery control systems market is poised for significant growth, driven by the transition from conventional fuel-based power generation to gas-based systems and an increasing focus on natural gas. Despite challenges posed by the COVID-19 pandemic, which delayed projects and impacted the oil and gas sector due to fluctuating prices, the market is expected to benefit from advancements in technology, particularly in gas expansion turbines used in LNG plants. The power industry is anticipated to be the dominant sector, fueled by rising electricity demand due to population growth and industrial expansion. The modernization of power infrastructure, incorporating electronic intelligence for enhanced control and monitoring, further underscores the importance of turbomachinery control systems in improving efficiency and safety in power generation.
The United States is expected to lead the North American market, driven by the conversion of coal-fired plants to gas-based systems and the retrofitting of aging infrastructure to enhance efficiency. The country's commitment to funding and commercializing innovative technologies in the power and chemical industries attracts numerous technology firms. The transition from coal to natural gas in the energy mix is anticipated to increase the deployment of gas turbines, thereby boosting the demand for turbomachinery control systems. Additionally, the growing production of natural gas in the United States is likely to further influence market demand. Key players in this moderately fragmented market include ABB Ltd, Emerson Electric Co., Siemens Energy AG, Honeywell International Inc., and Rockwell Automation Inc.
North America Turbomachinery Control Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 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-use 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-use Industries
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Rest of North America
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North America Turbomachinery Control Systems Market Size FAQs
What is the current North America Turbomachinery Control Systems Market size?
The North America Turbomachinery Control Systems Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in North America Turbomachinery Control Systems Market?
Rockwell Automation Inc., ABB Ltd., Honeywell International Inc., Siemens Energy AG and Emerson Electric Co. are the major companies operating in the North America Turbomachinery Control Systems Market.
