Global Boiler Control Market was valued US$ 1.79 Bn in 2018 and is expected to reach US$ 2.96 Bn by 2026, at a CAGR of 6.49% during a forecast period.
Global Boiler Control Market
Increasing demand for boiler control in power generation sector because of the increased power generation capacities, is a major factor expected to drive growth of the global boiler control market over the forecast period. In addition, rising preference of boiler control due to its efficiency and reduced production costs, is another factor anticipated to fuel growth of the market in the forecast years. Moreover, increasing adoption of industrial IoT for real-time decision-making is a factor expected to create a productive opportunity for growth of the global boiler control market over the forecast period. However, high upgrading cost of aging power plants and lack of standardization of protocols are among the factors which may hamper demand for boiler control and restrain growth of the global boiler control market over the forecast period.
On the basis of control type, the modulating control segment is estimated to account for significant share in terms of value and volume in the global boiler control market during the forecast period. On the basis of component, the hardware segment is anticipated to register highest growth in terms of revenue in the market during the forecast period. In 2018, The Boiler Control Market, by type, water tube segment is held the largest market share. 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.
Major industry participants are focusing towards design innovations and expansion of product line as part of strategy to meet the regulatory standards and boost the market presence. Furthermore, boiler manufacturers are undertaking mergers and acquisitions activities to expand their global footprint.
Geographically, the boiler control market in the Asia Pacific held the largest share in 2017, accounting for close to 38% share and projected to witness fastest growth and is expected to dominate the market throughout the period 2018-2026. Growing renewable energy sources coupled with increasing demand for power generation in countries such as India, China, Japan, and Australia which in turn increase demand for boiler control, and is expected to fuel growth of the global boiler control market over the forecast period in this region. The North America boiler control market is expected to register for major income growth in the global boiler control market in the forecast years. The Europe boiler control market is estimated to account for moderate growth in terms of revenue in the global boiler control market over the forecast period.
In this report, the Boiler Control Market has been analyzed with respect to rising urbanization and rising investments in power generation, and growing focus on optimizing energy usage are expected to drive Boiler Control Market. The modulating control segment is estimated to grow at the fastest rate, during the forecast period because of improved boiler operation, optimized fuel consumption, and higher efficiency with improved safety conditions. The modulating type of boiler control system is expected to increase during the forecast period because of high demand for energy saving control systems and reduction of risks in boiler explosion.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Boiler Control Market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Boiler Control Market.
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