Boiler Control Market value to reach $2.42 Billion by 2023
Posted: May 09, 2021
The global Boiler Control Market is projected to reach USD 2.42 billion by 2023 from an estimated USD 1.80 billion in 2018, at a CAGR of 6.09%, from 2018 to 2023. This market growth is primarily driven by the growth in the rising demand from the power generation industry, emphasis on energy-efficient control system, and growing electrification of energy.
The boiler control market is set to witness significant growth due to the 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.
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Increasing need for minimizing carbon footprint and improving boiler efficiency through the implementation of artificial intelligence, increasing investments in renewable power generation plants, integration of burner management system for optimization of the boiler process, and need for replacing aging power plants in the developing regions of Asia Pacific and the Middle East & Africa are the driving factors of the boilers control market.
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 is expected to be the largest for boiler control
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.
Some of the leading players in the Boiler Control Market are Siemens (Germany), ABB (Switzerland), Cleaver-Brooks (US), Schneider (France), Yokogawa (Japan), and Emerson (US).
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