North America to Dominate the Global Industrial Combustion Control Components and Systems Market During 2018-2026
Date : Jul 23, 2018 Author : PMR Editorial Staff Category : Automation
Surging Demand from Industries like Oil & Gas and Energy & Power to Fuel the Industrial Combustion Control Components and Systems Market
A decrease in oil and gas costs has made a hopeful environment for the market for industrial combustion control components and systems. Product costs have turned out to be steady, making sustainable market prospects all over the regions and transforming into positive development in uses of industrial combustion control components and systems.
With reference to the latest market report published by Persistence Market Research, the global market for industrial combustion control components and systems market is projected to be estimated at US$ 17,139.9 Million during 2018 and is estimated to account for an evaluation of US$ 27,604.3 Million by the end of 2026, recording a 6.1% CAGR all trough the assessment period 2018-2026.
The report further states that the global market is inclusive of various products such as components, actuators, valves, control motors, sensors, flow meters, combustion enclosures and others. Of these, the components category is projected to expand with a 4.8% CAGR and touch a valuation of US$ 131.7 Million towards 2026 end. In terms of the systems, the global market includes emission control systems and emission monitoring systems. The industrial combustion control components and systems has widely found its end use in various sectors such as chemical, oil & gas, mining & metal, process industries, energy & power and others. In which, the energy and power category is likely to gain 26.5 percent of the overall market value share through 2018 end. The chemical category is projected to exhibit a 4.5% CAGR to touch a valuation of US$ 2,638.9 Million through 2026 end. The mining and metal is likely to touch US$ 3,549.6 Million by 2026, reflecting a 6.0% CAGR during. The process industry is likely to reflect a 5.4% CAGR and touch a valuation of US$ 4,663.3 Million by 2026. In terms of the application, the global market includes boilers, dryers, incinerator, gas turbines and thermal oxidizers. Among which the boilers category was estimated at US$ 5,134.7 Million during 2017 end. Region-wise, the North America regional is likely to reflect a 4.8% CAGR and attain an estimation of US$ 4,707.5 Million through 2026.
Because of the unfavorable impacts of climate change, the government all over the world are compelled to order rigid regulations on the emissions of nitrogen oxide, sulphur oxides along with particulates. These kind of fresh regulations will moreover add to the expansion of the market for industrial combustion control components and systems.
The absence of technological awareness and resources could ruin customer change from basic industrial combustion control components to the condition of craftsmanship modern systems. Additionally, control systems necessitate regular up keep, for example, substitution of parts. This possibly will be troublesome for the expansion of the overall market since the buyers would not want to overhaul their components frequently.