Ratification of Retrofitting Shores Surging Sales of Industrial Combustion Control Components & Systems
Date : May 08, 2018 Author : PMR Editorial Staff Category : Automation
Initiated by various regional emission control standards, the growth of the global market for industrial combustion control components and systems will be further strengthened by rapidly growing acceptance of retrofitting.
The world is facing an ever-growing energy demand and a majority of this need is identified to be concentrated within the European, Asian, and Middle Eastern regions. With the booming requirement of having an adequate number of thermal plants, the globe will witness the rising demand for industrial combustion control components and systems.
An elevating level of power consumption worldwide is pushing the global market for industrial combustion control components and systems. Substantial demand from the energy & power and oil & gas industries will continue to sustain the sales of industrial combustion control components and systems.
Role of Regional Regulatory Standards for Emission Levels
Regional governments have been playing a pivotal role in strengthening the demand for combustion control components and systems.
On the backdrop of increasingly drastic climatic changes, some of the regional governments have standardized emission-related norms, especially for nitrogen oxide, sulfur oxides, and particulate matter.
The US Government’s EPA guidelines for waste water management, UNFCC’s Paris Agreement, and China’s new emission standards for VOCs are a few of the most prominent examples expected to hold significant impact on the overall market scenario.
Current Market Insights : While the sales of components managed to garner the revenues of over US$ 85 Mn in 2017, Persistence Market Research predicts a possibility that this value would reach beyond US$ 131 Mn by the end of 2026. Boilers specifically held a share of more than US$ 5 Bn in the global market value registered in 2017. As per the research on the end-use industries, the energy & power segment will reportedly represent a substantial revenue share of over 26% by this year’s end.
Emerging Countries May Have Attractive Opportunities in Store
When it comes to regional market performance, the North American market for industrial combustion control components and systems is likely to progress at a moderate pace, attaining the revenues in excess of US$ 4 Bn by 2026 end. Stable commodity prices have translated well in lucrative opportunities for the market growth in various regions.
The next few years are most likely to observe strong growth of the industrial combustion control components and systems market in developing countries, including China, South Africa, Australia, Brazil, Chile, and Peru.
High Initial Capital Is Still a Major Constraint!
Between 2018 and 2026, the global market for industrial combustion control components and systems is believed to reach beyond US$ 27 Bn, in terms of revenues. While the overall growth scenario depicted by a recently conducted research by Persistence Market Research seems optimistic, persistent lack of technological awareness, and reluctance among consumers about maintaining and upgrading existing combustion control components and systems will collectively continue to limit consumer transition to the new age state-of-the-art industrial combustion control components and systems.
Industrial combustion control components and systems are still considered to be a sizeable financial burden for some of the low-revenue organizations worldwide, in addition to a chunk of low-income manufacturers. Though the primary factor limiting adoption remains expensive initial costs, it is further influenced by certain high-cost modifications that are mandatory to be made in existing components and systems used in the industrial combustion control.
Retrofitting Witnesses Rapid Adoption As an Economical Solution
An existing combustion control component or system can be optimized with the latest technology or instrument, which is referred to as retrofitting of the system. This is projected to be a sought after solution by manufacturers in order to gain enhanced performance and productivity of the existing system. In addition to being economical over system replacement, retrofitting tends to improve reliability of the newly formed system, eventually resulting in reduced maintenance costs. Growing demand for retrofitting will prove to be a major trend driving the market for industrial combustion control components and systems in next few years.