Optimistic Picture for industrial combustion control after decline in Oil & gas prices

By OEM Update Editorial December 16, 2019 3:33 pm

As per a report on Industrial Combustion Control Components and Systems Market by Persistence Market Research, 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, stabilisation of economic growth and increasing urbanisation 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 is likely to create lucrative growth opportunities in the coming years. According to the study, the global industrial combustion control components and systems market is estimated to be valued at $17,139.9 million in 2018 and is expected to reach a valuation of $27,604.3 million in 2026 end, reflecting a CAGR of 6.1 percent during the assessment period from 2018–2026.

Global industrial combustion control components and systems market: dynamics

Optimisation 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 organisations and low income manufacturers.

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• 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 $86.9 million at 2017 end. This segment is estimated to grow with a CAGR of 4.8 percent and reach a value of $131.7 million by the end of 2026.
• The boilers segment was valued at $5,134.7 million 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 percent and reach a value of $4,707.5 million by the end of 2026.