The turbine control systems increase the efficiency of turbine equipment, thus enhancing its productivity. The wealth of natural gas, coupled with its rising applications across various end-user industries, particularly power generation, is anticipated to boost the growth of the global natural gas usage. The increasing use of natural gas is foreseen to drive the demand for turbine-based power plants, which, in turn, is liable to increase the demand for the turbine control system market globally. Nevertheless, the increasing growth in solar power-based generation support the power plant generated electricity users to opt for alternative energy production methods, which, in the long run, will cut down the deployment of the turbine control system, hence hampering the growth of the market.
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- Fossil fuels are continue to account for a substantial proportion of the energy mix in much of the Asia-Pacific region. Asia-Pacific is one of the rapidly-growing regions in the globe because of the increasing population, urbanization and industrialization. Therefore, the requirement for guaranteed power supply is high. For addressing these necessities, many nations are investing in various power generation plants and for increasing their efficiency and effectiveness.
- The turbine control system market revenue is anticipated to grow in the upcoming years, as many nations are taking steps forward to implement turbine control systems projects. A huge number of investments in various regions and strategies of government will help grow the market value during the forecast period.
- Global gas consumption will probably reach 4.3 trillion cubic meters during the next decade, as compared to 3.9 TCM in 2018, especially in Asia and the Middle East. China’s natural gas consumption is anticipated to surpass all other nations, excluding the U.S. China is expected to be utilize more than 40% of the world-wide gas demand during the next few years, boosted by the requirement for power supply and the government’s target to upgrade air quality. Thus, these nations are anticipated to drive high necessity for turbine control systems.
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COVID-19 Impact analysis
- The world economy has seen a drastic phase during the surge of the COVID-19 pandemic. The economic growth rate of the various markets took a fall and will take several further years to be steady again. The lockdown restrictions halted the industrial processes. Businesses and institutions have faced hefty financial losses. The market growth is also affected by the pandemic as the energy consumption during lockdown was comparatively lower than usual.
- As the turbine control system industry is totally dependent on the high energy consumption rate, it faced hindrances. Many projects were delayed and also, some totally cancelled for an uncertain time period, which restricted the growth of the turbine control system market.
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