The global boiler control 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%. The boiler control 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.
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.
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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.
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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Some of the major players in the Boiler Control Market such as Siemens (Germany), ABB (Switzerland), Cleaver Brooks (US), Yokogawa (Japan), Schneider (France), and Emerson (US).