According to a new market research report "Boiler Control Market by Boiler Type (Water tube boiler and Fire tube boiler), Control Type (Modulating control and On/Off control), Component (Hardware and Software), End-User (Industrial and Commercial), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the 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.
Early buyers will receive 10% customization on this report
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.
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.
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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: firstname.lastname@example.org