Global Boiler Control Market
As per the latest report by Market Research Future (MRFR), the global boiler control market is slated to attain a substantial valuation at a 6.01% CAGR over the assessment period.
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.
Global Boiler Control Market Segmental Analysis
The global market boiler control systems have been segmented on the basis of type, component, control type, and end-user.
Types of boilers available in the market are fire-tube and water-tube boilers. Among these, the water-tube boiler holds a relatively more significant market share, owing to their applications in industries including chemical, metal and mining, power generation, and oil and gas, to produce steam on a large scale.
Based on the control type, the market has been segmented into modular and on/off. The modular segment is estimated to dominate the market share over the review period, driven by its broad adoption in large power plants coupled with low energy losses.
The end-users present in the global boiler control market are industrial and commercial. The industrial segment is assessed as the most significant and fastest-growing segment during the forecast period. This growth is attributed to the broad scope of applications of boiler control systems in the industrial sector, along with the increasing efforts being taken towards the expansion and improvement of the industrial sector in developing countries.
Regional Analysis
Based on the region, the global boiler control market is segmented into North America, the Asia Pacific, Europe, and the rest of the world. The North American market for boiler control systems is expected to register the largest market share, owing to the increasing need for power generation in the region. Moreover, the governments of the developed countries in the region, such as the US and Canada, are investing extensively towards energy efficiency, and the emphasis on renewable energy sources. The presence of established industries for energy and power, mining, among others, also contribute towards the demand for boiler control systems in the region. These factors offer favorable conditions for the growth of the North American boiler control market over the assessment period.
The Asia Pacific is one of the significant regions in the global boiler control market and is predicted to witness the highest growth over the review period. This is primarily attributed to the increasing government investments towards power generation, in developing countries with population growth such as India, China, Japan, among others. Additionally, the growing industrialization, electrification, and adoption of the Industrial Internet of Things (IIoT) are expected to impact the demand for boiler control systems and consequently fuel the market growth.
Competitive Landscape
The key players identified by MRFR in the global boiler control market include ABB (Switzerland), Burnham Commercial (US), Cleaver-Brooks (US), Emerson (US), HBX Control systems (Canada), Honeywell (US), Schneider (France), Siemens (Germany), Spirax Sarco (UK), and Yokogawa (Japan).
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