Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market to Grow with a CAGR of 3.09% through 2028
Growing demand
for ancillary services and technological advancements are likely to drive the market
in the forecast period.
According to
TechSci Research report, “Turbomachinery Control Systems, Retrofitting, and
Ancillary Services Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Turbomachinery
Control Systems, Retrofitting, and Ancillary Services Market stood at USD 2.57 billion
in 2022 and is anticipated to grow with a CAGR of 3.09% in the forecast period.
One of the
primary drivers propelling the Turbomachinery Control Systems, Retrofitting,
and Ancillary Services market is the growing emphasis on energy efficiency
across various industries. As concerns about climate change, resource
conservation, and sustainability continue to gain momentum globally, industrial
sectors are under increasing pressure to reduce energy consumption and minimize
environmental impacts. Turbomachinery, including turbines and compressors, is
often at the heart of various industrial processes, consuming significant
amounts of energy. To address this challenge, industries are turning to
advanced control systems that optimize turbomachinery performance, ensuring
that it operates at peak efficiency. These systems enable precise monitoring,
automation, and data analytics, allowing operators to fine-tune equipment for
maximum energy efficiency. Furthermore, retrofitting older turbomachinery with
modern control systems is a cost-effective strategy for enhancing energy
efficiency. This trend drives demand for retrofitting and ancillary services,
making the Turbomachinery Control Systems market a key enabler of energy
conservation and sustainability initiatives.
Another
significant driver of the Turbomachinery Control Systems, Retrofitting, and
Ancillary Services market is the aging infrastructure prevalent in various
industrial sectors. Many industrial facilities worldwide rely on turbomachinery
equipment that has been in service for decades. Over time, these machines may
become outdated and less efficient, posing operational challenges and increased
maintenance costs. To address the performance and reliability issues associated
with aging turbomachinery, industries are increasingly turning to retrofitting
solutions. Retrofitting involves upgrading existing equipment with modern
control systems, sensors, and safety features. These enhancements not only
extend the operational lifespan of the machinery but also improve efficiency
and reduce maintenance requirements. The need to maintain aging turbomachinery
while ensuring compliance with evolving safety and environmental regulations
further fuels the demand for ancillary services. These services encompass
maintenance, spare parts provisioning, technical support, and training,
ensuring the continued reliability and safety of industrial processes. As
industries seek to optimize their operations and mitigate the risks associated
with aging equipment, the Turbomachinery Control Systems market plays a pivotal
role in providing cost-effective solutions for modernizing and maintaining
essential infrastructure.
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"Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market.”
The Global Turbomachinery
Control Systems, Retrofitting, and Ancillary Services Market is segmented into application,
end-user industry, service type and region.
Based on the End-user
Industry, The oil & gas segment had the largest market share in 2022 &
expected to maintain it in the forecast period. The oil and gas sector heavily
relies on turbomachinery, including compressors, turbines, and pumps, for
various critical processes such as extraction, transportation, refining, and
distribution. These turbomachines require precise control systems to ensure
safe and efficient operation. Many oil and gas facilities worldwide operate
with aging turbomachinery equipment that requires modernization. Retrofitting
these systems with advanced control technology is a cost-effective way to
extend their operational lifespan and improve efficiency while complying with
stringent industry standards. Oil and gas operations are often complex and
demand precise control and monitoring to ensure safety, reliability, and
optimal performance. Turbomachinery control systems play a crucial role in
managing these operations, including gas compression, gas liquefaction, and
power generation. The oil and gas industry is under pressure to reduce energy
consumption and greenhouse gas emissions. Advanced turbomachinery control
systems contribute significantly to improving energy efficiency and minimizing
environmental impacts, making them a top choice for the sector. The oil and gas
industry is subject to rigorous safety regulations due to the potentially
hazardous nature of its operations.
Based on application,
The Compressor Controls segment had the largest market share in 2022 and is
projected to experience rapid growth during the forecast period. Compressors
are versatile and find application in a wide array of industries, including oil
and gas, petrochemicals, chemicals, manufacturing, and even HVAC (heating,
ventilation, and air conditioning). This broad industrial presence ensures a
consistent demand for compressor control systems, making them a staple in the
Turbomachinery Control Systems market. Compressors are fundamental to
energy-related processes, especially in the oil and gas sector. They are used
for gas compression, which is crucial for transporting natural gas through
pipelines, gas storage, and liquefied natural gas (LNG) production. The energy
sector's substantial investments and continuous operations drive the demand for
robust compressor controls. Efficiency is a paramount concern in today's
industrial landscape. Compressor control systems play a pivotal role in
optimizing energy efficiency by regulating and fine-tuning the compression
process. With the growing emphasis on reducing energy consumption and
minimizing environmental impact, industries seek advanced compressor controls
to achieve these goals. The petrochemical and chemical industries rely heavily
on compressors for a variety of applications, including gas separation,
petrochemical refining, and chemical processing. These sectors prioritize the
safety, reliability, and efficiency of their operations, necessitating sophisticated
control systems.
Major companies
operating in the Global Turbomachinery Control Systems, Retrofitting, and
Ancillary Services Market are:
- ABB
Ltd
- Siemens
Energy AG
- Rockwell
Automation Inc.
- Emerson
Electric Co.
- General
Electric Company
- Schneider
Electric SE
- Honeywell
International Inc.
- Metso
Outotec Oyj
- Proserv
plc
- Flowserve
Corporation
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“The Global Turbomachinery
Control Systems, Retrofitting, and Ancillary Services market is expected to
rise in the upcoming years and register a significant CAGR during the forecast
period. The growth of the
market is driven by the increasing demand for energy efficiency and emission
reduction in the power generation, oil and gas, and chemical industries.
Turbomachinery control systems play a vital role in improving the efficiency
and performance of turbomachinery equipment. They also help to reduce
emissions, which is becoming increasingly important due to government
regulations. Additionally, The retrofitting of turbomachinery equipment is also
a major driver of the market. Retrofitting can help to improve the efficiency
and performance of existing equipment, which can save businesses money on
energy costs. Additionally, retrofitting can help to reduce emissions, which
can make businesses more compliant with government regulations. Therefore,
the market of Turbomachinery Control Systems, Retrofitting, and Ancillary
Services is expected to boost in the upcoming years.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Platform
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented By Application (Turbine Controls and
Compressor Controls), By End-user Industry (Power, Oil and Gas, Chemicals,
Metals and Mining, Others), By Service Type (New Turbo-machinery Control
System, Retrofit Turbo-machinery Control System and Ancillary System), By Region, By Competition”,
has evaluated the future growth potential of Global Turbomachinery Control
Systems, Retrofitting, and Ancillary Services Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision-makers
make sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Global Turbomachinery Control Systems, Retrofitting, and Ancillary Services
Market.
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