COVID-19 Impact on Turbomachinery Control Solutions Market
- The COVID-19 outbreak is hampering the demand for turbomachinery control solutions in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for turbomachinery control solutions.
- Key players operating in the turbomachinery control solutions market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these solutions.
- The COVID-19 outbreak has directly affected the production and demand for turbomachinery control solutions. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Key Drivers of Turbomachinery Control Solutions Market
- Rise in demand for turbomachinery control solutions in the oil & gas industry is a significant factor projected to fuel the global turbomachinery control solutions market during the forecast period. Demand for turbomachinery control solutions is high in a variety of applications such power, oil & gas, mechanical retrofit, food & beverages, and life sciences industries.
- Turbomachinery control system provides higher safety and high class performance
Restraints of Turbomachinery Control Solutions Market
- Governmental rules and regulations; and enactment of law on emission of carbon are key restraints for the turbomachinery control solutions market. Turbomachinery is controlled manually. This is also likely to restrain the market during the forecast period.
Asia Pacific to Constitute Significant Share of Global Turbomachinery Control Solutions Market
- In terms of region, the global turbomachinery control solutions market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2020. Asia Pacific is the largest market for turbomachinery control solutions due to substantial investments in China, Japan, and India for continual improvements in power and oil & gas industries in the region. Asia Pacific is expected to account for the leading share of the turbomachinery control solutions market during the forecast period owing to growth in urbanization and rise in spending power of countries in the region. The turbomachinery control solutions market in the region is expected to expand at a rapid pace throughout the forecast period.
- Europe is also one of the key consumers of tire turbomachinery control solutions. The region is expected to account for significant growth in the turbomachinery control solutions market, owing to the increase in the number of manufacturers in the region.
Competitive Landscape of Global Turbomachinery Control Solutions Market
- Major players operating in the global turbomachinery control solutions are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- Rockwell Automation
- Schneider Electric
- Honeywell Technology
- Compressor Controls Corp
- Tri-Sen Systems Corporation
- Siemens AG
- Emerson US
- Man Diesel & Turbo SE
- Elliot Group
Global Turbomachinery Control Solutions Market
Global Turbomachinery Control Solutions Market, by Type
Global Turbomachinery Control Solutions Market, by Control
- Simple Governors
- Integrated Station Control
Global Turbomachinery Control Solutions Market, by End-use
- Power Industry
- Oil & Gas
- Mechanical Retrofit
- Power Generation
- Food & Beverages
- Life Sciences
Global Turbomachinery Control Solutions Market, by Application
- Steam Turbines
- Gas Turbines
Global Turbomachinery Control Solutions Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Turbomachinery Control Solutions Market: Introduction
- Turbomachinery is a machinery that transfers the energy between rotor and a fluid, including turbines and compressors. It is further classified on the basis of fluid and compressors. Turbomachinery control solutions are used for energy conversion and fluid flow.
- Turbomachinery control system provide great control on the speed of gas, hydro, and steam turbines and also offers more protection for compressors. Turbomachinery control system is used in end-user industries such as power, oil & gas, mechanical retrofit, food & beverages, and life sciences.
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