Market Trends of Turbomachinery Control Systems, Retrofitting, and Ancillary Services Industry
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, 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
