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Industrial Combustion Control Components And Systems Market - Forecast(2024 - 2030)
Industrial
Combustion Control Components and Systems Market Overview
Industrial
Combustion Control Components and Systems Market Size is forecast to reach $24.1
billion by 2026, at a CAGR of 5.5% during 2021-2026. Industrial combustion control components consist of several
advanced burners, thermal oxidizers, boilers and other components in thermal plants as they are primarily used in industries to reduce cost of combustion in industries such as
Oil and gas, Energy and Utilities and others. Industrial expansion has directly
impacted the market growth positively along with the continuous industrial
expansion in both developing and developed regions. In the developing countries
such as India, China and others are investing heavily in growing their power generation
capacities in their ongoing five-year plans. The growing resistance
against nuclear power in European countries such as Germany and Italy along
with the growing applications of valves, actuators, and other components covering nitrogen oxide, sulfur oxides and others in process industries, metallurgy, cement industry, refining
& petrochemicals, energy & power, and aerospace & marine have
driven the growth of the market.
Report Coverage
The report: “Industrial Combustion Control Components
and Systems Market Industry Outlook– Forecast (2021-2026)”, by IndustryARC
covers an in-depth analysis of the following segments of the Industrial
Combustion Control Components and Systems Market
Key Takeaways
- Surge in Industrialization along with the growth of Oil and Gas industries owing to the rising energy demands along with increasing natural gas production and plans to improve oil production have driven the growth of the market.
- Valves have witnessed a significant growth in the market owing to growth which is widely being used in most major industries like oil & gas, aerospace & Marine and so on for fuel transfer, cross feed, firewall shutoff, parking break, landing gear, selector, thrust reverser, bleed air, pressure regulating applications and so on.
- North America is witnessing a major growth in the market owing to the stringent government regulations and growing industrialization.
Global Industrial Combustion Control Components and Systems Market, By Region, 2020 (%)
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Industrial Combustion Control Components and Systems Market Segment Analysis - By Components
The Valves segment is growing at a significant market CAGR of 6.3% in
the forecast period as it is used widely in the Oil and Gas projects. According
to Oil & Gas IQ, in 2019 the oil and gas industry will grow at a remarkable
rate, owing to the increased upstream production. It is also estimated that Oil
also accounts for a significant percentage of energy consumption regionally
from 32% for Europe and Asia, 40% for North America, 41% for Africa, 44% for
South and 53% for the Middle East. Presence of a vast Energy sector in the countries such as
UAE, Kuwait and other middle east where Crude Oil is a major one
makes it a prosperous economy contributing approx. 40% to the annual GDP as per
OPEC in 2019. It has 101.5 billion barrels of proven Oil reserves which is
making Oil and Gas a leading and most important sector of the country's economy.
All these factors are analyzed to boost the growth of the market in the
forecast period 2020-2026.
Industrial
Combustion Control Components and Systems Market Segment Analysis - By Industry
Vertical
Oil and
Gas sector is expected to witness a low CAGR of 2.2% during the forecast period as there is slowdown in growth in the Oil and Gas sector in the
recent years; however this is set to improve during the forecast period, especially
in the Middle East. According to OPEC, Kuwait Petroleum Corporation (KPC)
increased crude oil production capacity to 4 mb/d in 2020, where the additional
production capacity came from technically challenging sour and heavy fields.
Kuwait has accordingly awarded enhanced technical service agreements with
international firms for the development of heavy oil boosting the use of alternators.
In addition, The Clean Fuels Project (CFP), started in 2019, transformed
Kuwait’s two refineries into a single integrated merchant-refining complex. As
part of this integration project, Mina al-Ahmadi refinery shed 120,000 b/d and
the Mina al-Abdulla refinery added 184,000 b/d resulting in a net gain of
64,000 b/d with a total of 800,000 b/d refining capacity at the new integrated
complex in 2019. All these boosted the growth of the Industrial Combustion
Control Components Market.
Industrial
Combustion Control Components and Systems Market Segment Analysis - By Geography
The Market in North America region held a significant market share of 35.6% in 2020. North American energy markets (oil, natural gas) are integrated and interdependent with energy infrastructure and trade crossing the borders of the U.S., Canada and Mexico. The trade in crude oil, natural gas, refined products such as gasoline and petrochemicals, and electricity between the U.S., Canada and Mexico is multi-directional. According to BP, the North American primary energy consumption will increase by just 6% between 2014 and 2035, with growth averaging 0.3% per annum. Due to the abundance of oil and natural gas, oil exports and energy products have accounted for a good share of country’s GDP. The rising growth of oil and gas sector can propel the market growth for Industrial Combustion Control Components and Systems due to the requirement of valves, sensors, actuators and the growing stringent regulations related to the combustion control.
Industrial
Combustion Control Components and Systems Market Drivers
Growth of Oil and Gas
industries:
Increasing industrialization has resulted in the
surge of oil and gas applications where there is a requirement for oil and gas
cloud infrastructure. According to Oil
& Gas IQ, in 2019 the oil and gas industry will grow at a remarkable rate,
owing to the increased upstream production. It is also estimated that Oil also
accounts for a significant percentage of energy consumption regionally from 32%
for Europe and Asia, 40% for North America, 41% for Africa, 44% for South and
53% for the Middle East. According to Oil and Gas Journal in 2020, Angola holds
8.2 billion barrels of proved crude oil reserves and new investment for the
development of hydrocarbon resources has been attracted by the government by
making changes to the sector’s legal and regulatory framework, such as
restructuring Sonangol and partially privatizing the company through a stock
offering. All these factors are analyzed to boost the growth of the market in
the forecast period.
Growth of the Energy and Utilities:
Due to the technological advancement and surge in power demand there is
growth of the energy and power sector which in turn has propelled the demand
for the Industrial
Combustion Control Components and Systems. In
countries such as Nigeria, with the
surge in population and growth of population the current power generation is
moderate and steady owing to which most of the households are living without
electricity. The power sector generated 12,500 MW of electricity in 2020 to
power the nation's economy but despite this 20 million households are left
without electricity in the country owing to the lack of robust power
infrastructure along with the lack of power plants. Due to this, there is a
surge in demand for industrial combustion control components and system leading
to the government spending on electric projects, in 2019, the government
allocated $6.13 billion investment of its Federal Government Budget for power
and electricity projects.
Industrial
Combustion Control Components and Systems Market Challenges:
Stringent
safety regulation related to less use of valves:
Growing stringent regulatory
and security requirements in the aerospace industry is analyzed to hamper the
market growth rate. The huge growth in requirement of security of the environment
to hamper the use of valves. The requirement of increasing economies in
different countries by developing industrial and infrastructure activities
results in the lesser deployment of valves. Thus, the increasing growth of
stringent implementation of safety regulations in various industries including
aerospace and others is anticipated to hamper the use of valves.
Industrial
Combustion Control Components and Systems Market Landscape
Product launches, acquisitions, Partnerships
and R&D activities are key strategies adopted by players in the Industrial Combustion Control Components and Systems
Market. Industrial Combustion Control Components and Systems Market top 10
companies include
- Honeywell International, Inc.,
- ABB Group,
- ACL Manufacturing,
- NOREC Automation,
- Rockwell Automation, Inc.,
- Siemens AG,
- Emerson Electric,
- Mitsubishi Heavy Industries Ltd.,
- Sigma Thermal
- Yokogawa Electric Corporation
Acquisitions/Product Launches
- In 2021, Cummins, Inc. began testing a hydrogen fueled internal combustion engine for gaseous fuel applications and converting diesel or natural gas over to hydrogen fuel.
- In 2020, Air Products, signed a new contract for its oxy-fuel combustion solution to Techpack solutions in South Korea for enhanced sustainability and competitiveness.
Relevant Report Title:
Retail Oil and Gas Equipment Market:
Report Code: EPR 0062
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