Future Market Insights, Inc.'s latest report unveils a promising future for the boiler control market, driven by a confluence of sustainability efforts and technological advancements. Dive Deeper and Unlock Market Potential.
NEWARK, Del., Feb. 6, 2024 /PRNewswire/ -- By 2034, the size of the worldwide boiler control market is projected to reach a valuation of around US$ 4.5 billion. In 2024, its estimated worth will be US$ 2.3 billion. The market is anticipated to expand at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2034.
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Growth is expected to be fueled by the increasing use of renewable energy sources for power generation in Asia Pacific and Europe. Growth will probably be pushed concurrently by the rising demand for energy-efficient boiler monitoring systems in contemporary power plants.
The need for automation is predicted to rise in response to the growing requirement to maximize the overall efficiency of energy-efficient boilers. It is also anticipated that the high power generation capacity of a few power plants will increase demand for boiler control.
Boiler control is becoming more and more important to prevent damage or accidents in power plants due to strict legislation pertaining to worker safety in several regions of the world. Increasing investments in real-time monitoring and the Internet of Things (IoT) to ensure the smooth functioning of power plants are predicted to provide fresh opportunities.
Modern technologies like cloud computing, artificial intelligence, and the Internet of Things have been incorporated into boiler automation and control systems in recent years. The upgraded features have resulted in lower operating costs, less downtime, and more efficiency. The technologies have given operators advanced functionality, including real-time monitoring, predictive maintenance, and remote optimization.
Power plants are anticipated to concentrate on using waste heat recovery, solar, and biomass solutions to improve the efficiency of smart boiler control & burner management systems. Several nations have enacted sustainability criteria and promoted the usage of renewable energy sources.
Key Takeaways from Boiler Control Market Report-
- The global boiler control market is anticipated to witness a CAGR of 7.1% in the evaluation period.
- Japan is expected to reach a valuation of US$ 485.8 million in 2034.
- The United Kingdom's market is expected to showcase a CAGR of 8.1% in the assessment period.
- China's boiler control market is projected to rise at a CAGR of 7.9% in the evaluation period.
- Based on components, the hardware segment is expected to witness a CAGR of 6.8% in the forecast period.
- In terms of type, the water tube boiler segment will likely expand at a CAGR of 6.5% from 2024 to 2034.
"Growth of the market is expected to be aided by the introduction of sophisticated building management systems that have the boiler water level control feature to improve sustainability in the global construction sector," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
In order to find new products and application areas, leading firms in the global boiler control market are concentrating on research and development operations. To jointly develop cutting-edge solutions and obtain a competitive edge, they are taking part in joint ventures, collaborations, and mergers & acquisitions. A few other market participants hope to increase brand loyalty through discounts and presentations of their new goods.
Key Companies Profiled in the Boiler Control Market Report
- Burnham Commercial
- Cleaver-Brooks
- HBX Control Systems
- Honeywell International
- Micromod Automation
- Schneider Electric SE
- Siemens
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Recent Developments-
- NYK IDEMITSU Green Solutions Co., Ltd. won the Innovative Power Technology of the Year award in November 2023 with their ULTY-V plus product. By linking to the boiler control system, this special technology may automatically improve a number of operating features, such as the main steam pressure and fuel loading rate.
- Fulton debuted a new VSRT product line in June 2023 in response to the growing demand for boilers that use less energy. The only tubeless goods on the market are the two new boilers that the company has added to its lineup.
Boiler Control Market Segmentation
By Type:
- Water Tube Boiler
- Fire Tube Boiler
By Component:
- Hardware
- Software
By End-user:
- Industrial
- Commercial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Get More Insights into the Boiler Control Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global boiler control market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034.
To understand the global market potential, growth, and scope, the market is segmented based on type (water tube boiler and fire tube boiler), component (hardware and software), end-user (industrial and commercial), and region.
Request to Access the Detail Research Methodology from here!
About Future Market Insights (FMI) - Industrial Automation
The industrial automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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