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Global Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market (2021 to 2026) - Growth, Trends, COVID-19 Impact and Forecasts - ResearchAndMarkets.com

December 20, 2021 GMT

DUBLIN--(BUSINESS WIRE)--Dec 20, 2021--

The “Turbomachinery Control Systems, Retrofitting, and Ancillary Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)” report has been added to ResearchAndMarkets.com’s offering.

The turbomachinery control system, retrofitting, and ancillary system market is expected to register a CAGR of 4.09% during the forecast period, 2020-2025.

Companies Mentioned

  • ABB Ltd
  • China Automation Group Limited
  • Compressor Controls Corporation
  • Emerson Electric Co.
  • Energy Controls Technology Inc.
  • General Electric Company
  • HollySys Automation Technologies Ltd
  • Honeywell International Inc.
  • Ingersoll Rand Inc.
  • MAN SE
  • Mitsubishi Electric Corporation Ltd
  • PetroTech Oil & Gas Inc.
  • Rockwell Automation Inc.
  • Schneider Electric SE
  • Siemens AG
  • Solar Turbines Incorporated
  • STORK, A Fluor Company
  • Turbine Technology Services Corporation
  • Voith GmbH & Co. KGaA
  • Woodward Inc.
  • Yokogawa Electric Corporation

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Key Market Trends

Increasing Demand from Oil and Gas Sector

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  • The oil and gas sector is expected to maintain its dominance in the market studied, over the forecast period. With increasing favor for gas globally, the turbomachinery market is bound to increase with an increase in gas production.
  • However, with the renewable energy industry being in its infancy, the development of this field is expected to have some impact on the turbomachinery control system market.
  • In the United States, from 2014, there has been a constant decline in energy production from coal, which is being replaced by natural gas. In 2018 approximately 35.1% of the US electricity was produced from natural gas compared to 27.5% in 2014, coal being dropped from 38.6% in 2014 to 27.4% in 2018, indicating growth for the turbomachinery control system market.
  • A similar shift in trend from conventional fuel-based power generation to gas-based power generation can be seen globally, resulting in an increased demand for turbines and compressors, which is likely to drive the demand for turbomachinery control systems during the forecast period.
  • The fall in crude oil prices has affected the global upstream industry many times. However, these drops have opened a way for downstream industries to take advantage of cheaper feedstock.
  • Therefore, with a number of factors included, it can be said that the demand for turbomachinery control systems, retrofitting, and ancillary services is expected to grow significantly during the forecast period.

Asia-Pacific to Dominate the Market

  • Asia-Pacific has the fastest growth rate, owing to the developing economies, like India and China, and developed economies, like Japan and Australia.
  • With the recent huge development in City Gas Distribution in India and an investment of USD 16.7 billion by 2030, the country is becoming a huge market for turbomachinery control systems.
  • India is also investing in its refining and petrochemical industry. India’s refining capacity was 22495.43 TMT in March 2019, up by 6.51% from March 2018. Recently, Saudi Aramco announced that it is investing for a 20% stake in Reliance’s oil to chemical (O2C) division, at an enterprise value of USD 75 billion.
  • Over the past few years, China’s coal plant fleet expansion has slowed down, paving the way for gas-based energy production in the country. China’s energy demand is continuously increasing. Both factors indicate a demand growth of turbines and compressors, leading to a growth of the turbomachinery control system market.
  • The refining capacity of China has seen a continuous growth in the past, and it is forecast to continue in the coming years. In March 2019, Wood was awarded a new contract from Sinochem Quanzhou Petrochemical for its 1 MTA ethylene and refinery expansion project in China. This growth in refining capacities and slowdown in energy production from coal are expected to boost the turbomachinery control system market, as refineries and gas-based power production plants are a significant consumer of this market.
  • Therefore, the growth in the chemical industry and increased usage of natural gas for industrial and power generation are expected to be the major driving factors for the market in the region, which is on a growing trend and is expected to do so during the forecast period.

Key Topics Covered:

1 INTRODUCTION

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast for Turbomachinery Control Systems, Retrofitting, and Ancillary Services in USD billion, until 2025

4.3 Market Size and Demand Forecast for Turbines and Compressors in USD billion, until 2025

4.4 Recent Trends and Developments

4.5 Market Dynamics

4.5.1 Drivers

4.5.2 Restraints

4.6 Supply Chain Analysis

4.7 Industry Attractiveness - Porter’s Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Application

5.2 End-user Industry

5.3 Service Type

5.4 Geography

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/4fsrqp

View source version on businesswire.com:https://www.businesswire.com/news/home/20211220005482/en/

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KEYWORD:

INDUSTRY KEYWORD: ENGINEERING ENERGY MANUFACTURING OIL/GAS

SOURCE: Research and Markets

Copyright Business Wire 2021.

PUB: 12/20/2021 08:20 AM/DISC: 12/20/2021 08:21 AM

http://www.businesswire.com/news/home/20211220005482/en