The boiler control market value is expected to reach a global figure worth USD 2.42 billion during the ongoing forecast period of 2021-2028. During this period, the market is expected to attain a global market CAGR of 6.01% and grow substantially. During the historic forecast period that ended in 2019, the global market was valued at a final market revenue figure of USD 1.80 billion.
COVID 19 Analysis
The arrival of the pandemic since the last quarter of 2019 and 2020 has been a major game-changer in the functioning of the global markets especially in the forecast period that followed. The pandemic has introduced new trends and difficulties and the global markets and prominent market players need quite a considerable amount of time to cope up with changes and implement similar changes in their manufacturing and production ways followed by the players being on the lookout to produce and introduced based on the changing market patterns and lifestyle preferences. The market has been coming across a rough patch as the dire need is to return to normalcy.
The market players and global governments are understanding similar things and hence, are lifting the restrictions imposed. Further, they are even increasing their amount of investment in research and development to help them expand their product portfolio and develop new products to introduce on the international market scale.
The most prominent major key players in the boiler control market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the boiler control market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market all across the globe.
There has been a rise in the demand for automation to optimize the performance of boilers followed by the increased demand for boiler control in the power generation sector will drive the market towards growth in the forecast period. Boiler controls have an essential role to play in preventing any accidental damage to the equipment used. The rising investment in the internet of things (IoT) and real-time information will help the market expand at an excellent rate in the forecast period.
However, one of the possible market restraints is the high up-gradation cost that is associated with the aging power plants followed by lack of standardization of protocols and the changes introduced by the arrival of the pandemic might restrain the market from growing in the international market.
The boiler control market size is likely to undergo expansion at a considerable and massive rate during the forecast period is because the global trends support a growing need for control systems that promise energy efficiency in power plants and further, are accompanied by the increased global share of renewable energy sources in fields related to power generation. The trends and technological advancements are the maxima in global participating regions like Europe and the Asia Pacific. Also, the market segmentation has promising results for possessing the ability to grow at a fast rate amid the ongoing forecast period of 2021-2028.
The boiler control market has been divided all across the globe based on the type, components, control type, end-users, and region.
Based on the Type
The market has been divided all across the globe based on the type into water-tube boiler type and fore-tube boiler type.
Based on the Component
The market has been divided all across the globe based on the hardware and software which further includes SCADA control system, PLC, valves, pumps, sensors, controller, and actuator.
Based on the Control Type
The market has been divided all across the globe based on the control type into on/off control and modulating control.
Based on the End-Users
The market has been divided all across the globe based on the end-users into the commercial sector and industrial sector.
Based on the Region
The market has been divided worldwide based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
The boiler control market has been divided all across the globe based on the regions into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-emerging region, the largest market share in the global market is held by the Asia-Pacific region owing to the presence of countries like South Korea, Japan, China, and India which are regarded as hubs of boiler control market and hence drives the market demand in this region. Moreover, increasing urbanization is another factor that creates more market demand.
The second-largest market share in the global market is held by the North American region owing to the presence of countries like the US, Canada, and Mexico that drive the market demand in this region. Increasing investment in various construction and power generation programs creates more market demand. The presence of various major key players also drives the market demand in this region.
The third-largest market share in the global market is held by the European region owing to the presence of a well-established technologically advanced infrastructure that requires more power generation and hence creates more growth opportunities in this region. Moreover, increasing investment coupled with increased expenditure in various power generation projects drives the market demand in this region.
The Latin American region and the Middle East and African region show the least market share due to the presence of low infrastructure in both these regions. Low per capita income is another contributing factor that restricts the market growth in these regions.
This global boiler control market research report consists of the following components mentioned below:
This market research report contains factors that drive the growth of the boiler control market in the global market and the factors that restrict its growth in the global market. The technical analysis in the global market during the forecasted period is mentioned. The impact of the COVID 19 on the global market is mentioned. The future growth during the review period is estimated and mentioned.
|CAGR||8.25% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Control Type, Component, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Siemens AG (Germany), Rockwell Automation (US), ABB Ltd (Switzerland), Schneider Electric SE (France), Legrand (France), Eaton (Ireland), Acuity (US), Sprecher Schuh (US), Hager (Germany), and Federal Electric (US)|
|Key Market Opportunities||Growing demand for energy efficiency and adoption of IoT in lighting control system|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The boiler control market can thrive at 6.01% CAGR across the study span.
Across the review period, the boiler control market can attain sizable revenue.
Siemens (Germany), Spirax Sarco (UK), Schneider (France), and Cleaver-Brooks (US) are some key players of the boiler control market.
The high rate of boiler control installations across industries can impel the boiler control market expansion.
The hike in the installation number of control systems for boilers can boost the APAC boiler control market expansion.