Boiler Control Market Share, Growth, Statistics, Competitor Landscape, Trends and Forecast to 2023
The boiler control market has been segmented based on end-users into industrial and commercial.
(firmenpresse) - Boiler Control Market Overview
As per the latest report by Market Research Future (MRFR), the Boiler Control Market is slated to attain a substantial valuation at a 6.01% CAGR over the assessment period. The growing demand for boiler control is attributed to the need for energy efficient equipment to save energy and achieve operational efficiency. Countries across the globe are focusing on investing in renewable power generation, natural gas fired power generation, and oil & gas sector to reduce carbon emission across the industries. One of the major restraints for the global boiler control market is upgrading cost of aging power plants.
Boilers are used to generate hot water and steam that is typically used in industrial processing plants and commercial complexes. These boilers require a control system to help in smooth functioning of the boiler by integrating control function of burner and maintain safety of the boiler with accurate fuel-air ratio. The boiler control system can be controlled in two ways, namely, modulating control and on/off control.
Drivers and Trends
The growth of the global boiler control market is primarily driven by the growing need for energy-efficient equipment to control water and steam pressure. Moreover, the market growth is also influenced by the increasing investments towards energy efficiency across the globe, especially in smart cities, for improving energy security, energy cost savings, and reducing the greenhouse gas footprint caused by global industrialization. These initiatives are expected to have a notable impact on the demand for boiler control systems over the review period. In addition to this, the growing demand from the power generation industry is also a driving factor for the market. The increasing global population has led to a significant rise in the need for electricity and power generation. Companies in the power generation sector are also focusing on renewable sources such as thermal, hydro nuclear, and others, which have a significant usage for boiler control systems. Thus, these factors are expected to contribute significantly towards the market growth over the review period.
Industry Segmentation
The boiler control market has been segmented based on end-users into industrial and commercial. Among these types, industrial is the fastest growing segment in the boiler control market due to the rising demand for energy efficient control system for the smooth functioning of boiler and to maintain fuel to air ratio. Leading players in boiler control market such as ABB, Siemens, Cleaver-Brooks, Emerson, and others have signed contracts & agreements to provide their control system in power plants and process industries.
Leading Players
The key players of the global boiler control market are Honeywell (US), Emerson (US), ABB (Switzerland), Siemens (Germany), Schneider (France), Spirax Sarco (UK), Cleaver-Brooks (US), Yokogawa (Japan), HBX Control systems (Canada), and Burnham Commercial (US).
Regional Outlook
Asia Pacific held the largest market share of the global boiler control market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment power generation and increased adoption of industrial internet of things. Moreover, rising urbanization and proliferation of electrification are expected to drive boiler control market in this region. China, India, and Australia are the leading countries, among others, which are likely to contribute to the growth of the boiler control market in Asia Pacific.
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Datum: 20.02.2020 - 00:56 Uhr
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News-ID 1556156
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Typ of Press Release: Financial
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Date of sending: 20/2/2020
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