The boiler control market is expected to grow at a CAGR of more than 6.52% over the period of 2020 - 2025. Factors such as rising demand for automation to optimize the performance of the boiler and increasing demand for boiler control in the power generation sector owing to the increased power generation capacities are some of the major drivers for the market. However, the high upgrading cost of aging power plants and lack of standardization of protocols and the negative impact of the COVID-19 outbreak are some of the factors which are expected to restrain the growth of the boiler control market over the forecast period.
- The industrial segment is expected to be the fastest-growing segment for the boiler control market, during the forecast period.
- The boiler control is essential in optimizing the performance of the power plant and in preventing any accidental damage to equipment. Furthermore, the investment in the internet of things (IoT) and real-time information may offer lucrative market opportunities for the growth of the boiler control market in the near future.
- Asia-Pacific is expected to witness significant demand over the forecast period due to its rapid developments in the boiler control market in the past few years.
Key Market Trends
Industrial segment to Dominate the Market
- 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 of developing economies such as the Middle-East and the Asia Pacific regions.
- An increasing focus on the replacement of aging power plants with new high efficient control systems along with 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.
- Further, companies such as Siemens, Emerson, and ABB have implemented artificial intelligence (AI) in their software packages that help 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 and these factors are likely to further drive the boiler control market.
- The water-tube boilers have 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 industrial sector.
- Therefore, based on the above-mentioned factors, industrial sector is expected to witness significant growth for boiler control market in global market over the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to be 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 the boiler control market in this region.
- The region consists of many developing countries that are witnessing high growth in their industrial sectors. The region has become a global manufacturing hub with the presence of diverse manufacturing and processing industries.
- Moreover, China, India, and Australia are the leading countries in the region, which are likely to contribute to the growth of the boiler control market in the Asia-Pacific region because of significant investments being made in power generation and process industries.
- Increasing investments in aging power plants and growing focus on energy efficiency equipment in the industrial sector are further likely to boost the demand for boiler control systems.
- Therefore, based on the above-mentioned factors, Asia-Pacific is expected to witness significant demand for boiler control market over the forecast period.
The boiler control market is moderately fragmented. Some of the key players in this market include Cleaver-Brooks Inc, Emerson Electric Co, Bosch Ltd, Yokogawa Electric Corporation, and Weil-McLain (Shandong) Cast-Iron-Boiler Co., Ltd.
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