US Power Plant Control System Market Outlook
The North American turbine control systems market is significantly influenced by several key factors, including the shale boom in the US, the burgeoning aviation industry, and the expanding seaborne trade within the region. The implementation of stringent environmental regulations has led operators to shift towards gas turbines for more efficient energy production. Moreover, the shale boom has substantially reduced natural gas prices, contributing significantly to the growth of turbine control systems in the region. In the United States, several driving forces underpin the expansion of the turbine control systems market. Notably, the low prices of natural gas, the escalating production of shale gas, and an increasing focus on low carbon emissions are pivotal factors.
The BP Statistical Review of World Energy 2018 reported that the US, after China, ranks as the second-largest consumer of electricity, producing approximately 4,281 TWh of electricity in 2017. A notable percentage, 31.97%, was generated from natural gas. Forecasts suggest a further uptick in natural gas reliance, spurred by the declining prices of this energy source. Further emphasizing this shift, the mounting emphasis on reduced emissions and sustainable development has propelled the use of gas turbines for electricity production derived from natural gas. EIA data highlights the presence of 1,820 natural gas-powered electric power plants in the US as of December 2017. The operation of gas turbines within these plants necessitates consistent maintenance, leading power plant proprietors to engage in long-term contracts with service providers. An exemplar of such arrangements can be seen in General Electric's signing of a 25-year agreement in January 2018.
This agreement, established with a consortium comprising Macquarie Group Limited from Australia and Techint Group from Mexico, facilitates comprehensive maintenance and services for gas turbines and associated equipment within their power plant. Such contractual commitments directly drive the demand for gas turbine control systems in the US market. The confluence of these factors underscores the anticipated growth of the turbine control systems market in the US during the forecast period. The pivotal role of gas turbines in energy production, coupled with the increased focus on sustainable energy sources and reduced emissions, is poised to further escalate the demand for turbine control systems, aligning with the evolving energy landscape in North America.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
