A turbomachinery system regulates a turbine’s power and speed. The turbomachinery system offers improved performance and safety. The turbomachinery control system controls the speed of steam, hydro, and gas turbines. Additionally, it assists in load balancing between generators or compressors to ensure compressor security and maximize resource efficiency. The increasing demand for oil and gas, the growth of the power and chemical industries, the increasing use of turbomachinery, and the inherent advantages of turbomachinery control systems are some of the key drivers of the market. Rapid technological advances in the energy industry, combined with a shift in emphasis toward distributed power generation technologies, are driving the global market forward. However, it is challenging and costly to integrate a single control system for a set of turbomachinery parts. Besides, governments worldwide are shifting to cleaner energy sources to reduce carbon emissions from conventional fuels. The demand for turbomachinery will fall due to this trend, encouraging consumers to switch to renewable energy production. As a result, the market for turbomachinery control systems will be constrained during the forecast period.
- The key trend that Credence Research Inc. predicts to continue in the turbomachinery market is the emerging turbomachinery innovations with additive manufacturing (AM) technologies. The turbomachinery industry is largely competitive, and the market expects increased engine efficiency, energy production, and system stability while lowering maintenance costs, production efficiency, and efficiency in supply chains. Gas turbines necessitate high-performance superalloys and highly complex shapes. Traditional manufacturing techniques produce much waste and have longer lead times. They also frequently use multi-part assemblies, which are expensive to produce and lead to turbines that are more vulnerable to stresses and failures. Modern turbomachinery manufacturers are overcoming these challenges and accelerating innovation by shifting to additive manufacturing, also known as 3D printing. Additive manufacturing shortens the design cycle by enabling rapid and low-cost production of complex parts for fit, form, and configuration testing. Additive manufacturing enables greater design flexibility, enhanced system performance and efficiency, improved capacity, shorter market time, and improved supply chain efficiency.
Economic Impact Analysis
The global economy undoubtedly impacts every industry to some extent. The industrial turbomachinery industry is not an exception in this regard. The global turbomachinery market report, 2022–2028, examines the anticipated impacts of the economic downturn on the supply chains of industrial services and R&D expenditures to enhance the responsiveness of turbo machines.
The economic data for the fourth quarter of 2022 confirms that the recession has slowed demand for almost everything in the United States, including the energy sector. A recession usually slows the growth rate of turbomachinery demand in the industrial services sector for a few quarters, but this is no regular recession. Total consumption projections for the industrial services sector in the United States for 2021-2022 have been reduced. According to the most recent Energy Information Administration (EIA) estimates, energy consumption will likely fall for two consecutive years for the first time in US history. Conversely, a recession could delay or eliminate many new energy investments, such as wind turbines or other renewable energy and clean turbomachinery technology solutions.
- Ukraine-Russia War Impact
There have been global repercussions from the conflict between Russia and Ukraine. Significant effects have been seen on the supply and price of important commodity markets (oil and gas). The ongoing conflict has had a significant impact on commodity prices in energy markets all over the world. This effect is the most significant since the industrial services crisis in 2010, which directly impacted the oil and gas markets. Lower spending in the industrial services sector is expected in the upcoming year due to disruptions to the supply chains for these services and the lack of a skilled workforce in Russia and the Gulf nations. Metal price volatility and energy supply concerns continue to be a threat to the sector.
- China COVID Outburst December 2022
China’s new COVID outburst conditions directly impact the turbomachinery market. The COVID outburst in China in December 2022 reduced global demand for turbomachinery solutions providers in various applications. Most key players in the turbomachinery control solutions market are tier I and tier II manufacturers and suppliers based in China. These players’ manufacturing and supply chain facilities are spread across Europe, Asia Pacific, North America, the Middle East, and Africa. Many players have recently ceased production due to new COVID outburst conditions. The new COVID outburst negatively affects the global demand for and supply chain for these solutions.
The Asia Pacific market is projected to expand at the fastest rate in the global turbomachinery market during the forecast period due to increasing investments and advancement of gas distribution networks, increased refining & petrochemical-related companies in developing countries such as India, rising demand for and a slowdown in coal energy manufacturing in China, growth in the chemical sector, and increased awareness of natural gas use. In addition, turbomachinery control solutions are widely used in Europe. As manufacturers expand, it is anticipated that the market for turbomachinery control solutions will expand significantly in the region.
Our client, a US-based producer of industrial turbomachinery, was looking for a distribution partner in 2022 to help market and sell cryogenic pumps and compressors under their brand for the liquified gas sector. They also wished to strengthen their brand’s presence in the global turbomachinery market.
The client wanted to improve their global brand presence in the turbomachinery market by partnering with an international corporation to distribute and sell their turbomachinery product types for the liquified gas industry. The client requested an analysis of the industrial turbomachinery market’s quantitative and qualitative data using industrial services distribution methods.
The client contacted Credence Research Inc., who assisted them in establishing a partnership with an international distribution firm to expand their brand presence in the global turbomachinery market. Credence Research Inc. provided detailed company profiles for the major industrial distribution channel market players, including a vendor overview, enterprise insights, distribution channel performance metrics, and SWOT analysis. The client report also discusses the global marketing statistics used by the leading distributors. In addition, we provided the client with a customized dashboard report on the neutral market performance of potential and niche segments and regions in the liquified gas sector.
Credence Research Inc.’s in-depth analysis of the turbomachinery market assisted the client in expanding its global brand presence. Additionally, the client was helped in choosing the ideal distributor for the turbomachinery market to boost their revenues by carefully examining key insights on distribution channel trends and service categories. The client report from Credence Research Inc also includes projections based on a suitable set of advanced methodologies and reliable assumptions.