A decline in oil and gas prices has created an optimistic picture for the industrial combustion control components and systems market. Commodity prices have become stable, creating sustainable market opportunities across regions and translating into positive growth in applications of industrial combustion control components and systems. Improvements in geopolitical conditions, a surging spending on infrastructure, stabilization of economic growth and increasing urbanization across the world combined with an increase in affluent population, particularly in developing countries are some of the key factors contributing to the growth of this market all over the world. Growing market presence in developing and target countries such as South Africa, Chile, Brazil, Australia, Peru and China, to cater to the growing demand are likely to create lucrative growth opportunities in the coming years.
These are some of the pertinent findings of the new report released by Persistence Market Research which is titled as ‘Industrial Combustion Control Components & Systems Market: Global Industry Analysis 2013–2017 and Forecast 2018–2026’. Apart from the qualitative assessments given in this research report regarding the market dynamics operating in the global industrial combustion control components and system market, the report also features various quantitative aspects regarding the various segments and regions in which this market is segmented.
As per the numbers given in this research report, the global industrial combustion control components and systems market is estimated to be valued at US$ 17,139.9 Mn in 2018 and is forecasted to reach a valuation of US$ 27,604.3 Mn in 2026 end, reflecting a CAGR of 6.1% during the period of assessment 2018-2026.
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Global Industrial Combustion Control Components and Systems Market: Dynamics
Optimization of an existing system with latest instruments or technologies is economical and thus, retrofitting is much more economical than replacing a whole system. Retrofitting of industrial combustion control components in industrial combustion control systems enhances the performance and increases the productivity of these systems. Moreover, it also increases reliability as guaranteed components are easily available. This also leads to reduced maintenance cost. Furthermore, Environmental Protection Agency (EPA) regulations for emission targets are revised frequently and to meet these targets, retrofitting is a preferred option. Therefore, growing demand for retrofitting is expected to drive the market of Industrial combustion control components.
However, a high initial cost of industrial combustion control components and systems is a major factor restraining the growth of the market. The problem lies with the fact that expensive modifications must be made by industries to add combustion control components in existing systems and thus, industrial combustion control components and systems could prove to be a financial burden for low revenue organizations and low income manufacturers.
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Global Industrial Combustion Control Components and Systems Market: Segmentation and Forecast
The global industrial combustion control components and systems market is segmented on the basis of product, end-use, application and region.
- In terms of value, the component segment was valued at US$ 86.9 Mn at 2017 end. This segment is estimated to grow with a CAGR of 4.8% and reach a value of US$ 131.7 Mn by the end of 2026.
- The boilers segment was valued at US$ 5,134.7 Mn by 2017 end.
- The energy and power segment is estimated to account for 26.5 percent of the market value share by 2018 end.
- North America market is estimated to exhibit a CAGR of 4.8% and reach a value of US$ 4,707.5 Mn by the end of 2026.
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