Boiler Control Market is Projected to Reach USD 2.42 billion, at a 6.01% CAGR by 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Boiler Control Market Growth Boost by Rising Use of Energy-Efficient Equipment and Technologies
New York, US, March 31, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Boiler Control Market Research Report, by Type, End-Use, Region, Component, and Control Type - Forecast Till 2030”, the global market for Boiler Control is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 6.01%. The reports further anticipate the market to acquire a valuation of around USD 2.42 billion by the end of 2030.
Boiler Control Market Overview:
Boiler functions are like closed vessels that convert fluid, primarily water, into steam. The global boiler control market has displayed tremendous development in the last few years. The main aspect causing a rise in the market's growth is the rise in the demand for automation to optimize the performance of boilers.
Competitive Analysis
The listing of the prominent leaders across the global market for boiler control includes players such as:
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the boiler control market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the boiler control market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Boiler Control Market Report Scope:
Report Metrics
Details
Market Size 2030
2030: Significant value
CAGR during 2022-2030
8.25% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Control Type, Component, End-User
Key Market Opportunities
Growing demand for energy efficiency and adoption of IoT in lighting control system
Key Market Drivers
Rewarding the use of energy-efficient equipment
Governments around the world have developed attractive incentives
Browse In-depth Market Research Report (111 Pages) on Boiler Control Market:
The global boiler control market has displayed tremendous development in the last few years. The main aspect causing a rise in the market's growth is the rise in the demand for automation to optimize the performance of boilers. Furthermore, the factors such as real-time information, increased demand for boiler control in the power generation sector, prevention of any accidental damage to the equipment used, and rising investment in the internet of things (IoT) are also anticipated to boost-up the development of the market over the coming years.
Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the high up-gradation cost linked with the aging power plants. Furthermore, the changes introduced by the arrival of the pandemic and the lack of standardization of protocols are also likely to limit the performance over the coming years.
Boiler Control Market Segment Analysis
Among all the types, the water-tube boiler type segment is predicted to ensure the leading position across the global market for boiler control over the coming years.
Among all the components, the sensors segment is predicted to secure a prominent position across the global market for boiler control over the assessment era.
Among all the control types, the on/off control segment is predicted to ensure the leading position across the global market for boiler control over the coming years.
Among all the end-users, the industrial sector is projected to secure a prominent position across the global market for boiler control over the assessment era.
Boiler Control Market Regional Analysis
The global market for boiler control is analyzed across five main geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR analysis reports suggesting that the Asia-Pacific region is anticipated to hold the top globally for boiler control over the review era. The region is known to the fastest developing nations, such as India, China, Japan, and South Korea, which is believed to be the prime parameter supporting regional market development. These nations are called hubs of boiler control market and drive the market demand in this region. Furthermore, the rapid urbanization across the region is also predicted to catalyze market performance over the coming years.
The North American regional market for boiler control is projected to secure the second position globally over the review era. The presence of the nations such as the US, Mexico, and Canada is considered the main aspect backing the development of the regional market. Furthermore, the growing investment in several construction and power generation programs is also projected to positively influence the regional market's progress over the coming years. Moreover, the presence of several prominent key players also catalyzes the performance of the regional market over the assessment period.
The European regional market for boiler control is predicted to showcase substantial development over the review era. The region is known for a well-established, technologically advanced infrastructure needing more power generation, which is considered the prime aspect causing a rise in the regional market's growth. Furthermore, the growing investment, along with the enhanced expenditure in several power generation projects, is also anticipated to catalyze the performance of the regional market over the coming years.
The Latin American and Middle East and African regions are likely to display considerable development over the coming years, given mainly to inadequate infrastructure in both regions. On the other hand, the low per capita income will likely restrict the regional market's growth over the coming years.
Residential Boiler Market Research Report Information by Type, By Technology, By Fuel Type, And by Region - Forecast Till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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