As per the latest report by Market Research Future (MRFR), the global l market is slated to attain a substantial valuation at a 6.01% CAGR over the assessment period.
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.
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).
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.
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.
Segmental Analysis
The global boiler control market 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.
Access Full Report at: https://www.marketresearchfuture.com/reports/boiler-control-market-6988
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