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Aug 16, 2019 8:00 PM ET

Boiler Control Market to exceed $2.42 Billion by 2023


Boiler Control Market to exceed $2.42 Billion by 2023

iCrowd Newswire - Aug 16, 2019

The boiler control market is estimated to reach a market size of USD 1.80 billion in 2018 and is projected to reach USD 2.42 billion, at a CAGR of 6.09%, from 2018 to 2023. 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 boiler control market.

 

The industry segment is a key segment of the boiler control market, by end-user, from 2018 to 2023. The market for this segment is driven by increasing investments in process industries such as food & beverage, manufacturing, paper & pulp, and pharmaceutical because of the rising urbanization and growing population in regions such as Asia Pacific and the Middle East. Need for upgrading the aging power plants is leading to the increased demand for efficient control systems. Boiler control system helps to save the energy losses coupled with increase in the share of clean energy sources, such as solar power, is likely to would significantly boost the demand for boiler control solutions worldwide.

 

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The water tube boiler control market segment is expected to grow at the fastest rate from 2018 to 2023. This is due to various factors, including high efficiency and more implementation of water tube boilers in the industrial sector. Moreover, water tube boilers provide high operating pressure for steam generation with modulating control function being used in large power plants. Improved efficiency through thinner tube materials that allow rapid steam raising and faster heat transfers are the major factors for higher number of boiler control systems being installed along with the water tube boilers.

 

The boiler control market has been segmented, by region, into Asia Pacific, Europe, North America, Middle East, Africa, and South America. Asia Pacific is projected to grow at the fastest rate, from 2018 to 2023, followed by North America and Europe. Countries such as China and Japan are the largest markets in Asia Pacific and have increased their investments in the power generation sector in the recent past. China accounted for the maximum share in the market in Asia Pacific in 2017 and is projected to grow at the highest CAGR from 2018 to 2023. Growing urbanization and need for reduction of carbon emission to meet air quality standards are the major factors impacting the growth of the boiler control market in this region.

 

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The boiler control market is dominated by major players that are established brand names with a wide regional presence, along with many local and regional players in emerging economies. The leading players in the boiler control industry include Siemens (Germany), ABB (Switzerland), Cleaver Brooks (US), Emerson (US), and Yokogawa (Japan).

 

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Contact Information:

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: [email protected]






Keywords:    Boiler Control Market, Boiler, Power Generation, Energy, Electric utilities

Tags:    Extended Distribution, Wire, Research Newswire, English