Boiler Control Market Worth $2.42 Billion by 2023
Northbrook, IL -- (SBWire) -- 08/19/2019 --The boiler control market is expected to grow from an estimated USD 1.80 billion in 2018 to USD 2.42 billion by 2023, at a CAGR of 6.09%, during the forecast period. The market is set to witness significant growth due to the rising demand from the power generation industry, increased demand for energy efficiency equipment to control steam pressure, need for boiler tuning to adjust the fuel/air ratio, and water temperature of the boiler in power plants, resulting in boiler optimization. Moreover, increasing adoption of Internet of Things for real-time information offer promising business opportunity in the boiler control market.
Water tube segment is expected to be the largest boiler control market, by boiler type, in 2018.
The water tube segment is expected to be the largest of the boiler control market, by type, in 2018. Water tube boilers are widely used in large industries such as chemical, power generation plants, mining, and oil & gas to generate steam on a large scale. Higher efficiency compared to fire tube boilers along with higher operating pressure for steam generation are the key drivers for the growth of the water tube boilers in the boiler control market.
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The industrial segment is expected to hold the largest share of the boiler control market, by application, during the forecast period."
The industrial segment of the global boiler control market is expected to grow at a fast pace, during the forecast period. This can be attributed to the rapid growth in the population in developing regions such as the Middle East and Asia Pacific along with rising urbanization across the world. An increasing focus on replacement of aging power plants with new high efficient control systems along with rising investments in solar power generation, and implementing artificial intelligence in boiler control systems in the power sector to track parameters such as temperature, flame shape, and reduction of carbon footprint are the major drivers of the industrial segment. Companies such as Siemens, Emerson, and ABB have implemented Artificial Intelligence (AI) in their software packages that helps to reduce energy costs in the power plants, provides improved heat rate, increased annual megawatt output, reduced greenhouse gases, lower generation costs, and greater availability. These factors are likely to further drive the boiler control market.
Asia Pacific: Largest boiler control market during the forecast period.
In this report, the boiler control market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, Europe, the Middle East, Africa, and South America. Asia Pacific is the largest boiler control market, by region, during the forecast period. Rising urbanization and proliferation of electrification, rising investments in power generation, and growing focus on optimizing energy usage 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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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the boiler control market such as Siemens (Germany), ABB (Switzerland), Cleaver Brooks (US), Yokogawa (Japan), Schneider (France), and Emerson (US). Other key players in boiler control market include Honeywell (US), Bosch (Germany), MicromodmAutomation (US), and Spirax Sarco (US).
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