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
<span times="" new="" roman";mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;="" color:black;mso-themecolor:text1"="" style="box-sizing: border-box;">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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<span lang="EN-GB" calibri",sans-serif;mso-ascii-theme-font:minor-latin;="" mso-hansi-theme-font:minor-latin;mso-bidi-theme-font:minor-latin;color:black;="" mso-themecolor:text1"="" style="box-sizing: border-box;">Industrial Combustion Control Components and Systems Market Segment Analysis - By Components
<span lang="EN-GB" times="" new="" roman";mso-bidi-font-family:calibri;="" mso-bidi-theme-font:minor-latin;color:black;mso-themecolor:text1;mso-ansi-language:="" en-gb"="" style="box-sizing: border-box;">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.
<span lang="EN-IN" times="" new="" roman";mso-bidi-font-family:="" calibri;mso-bidi-theme-font:minor-latin;color:black;mso-themecolor:text1;="" mso-ansi-language:en-in;mso-fareast-language:en-in;mso-no-proof:yes"="" style="box-sizing: border-box;">
Industrial Combustion Control Components and Systems Market Drivers
<span times="" new="" roman";mso-bidi-font-family:calibri;="" mso-bidi-theme-font:minor-latin;color:black;mso-themecolor:text1;border:none="" windowtext="" 1.0pt;="" mso-border-alt:none="" 0in;padding:0in"="" style="box-sizing: border-box;">Growth of Oil and Gas industries:
<span lang="EN-GB" times="" new="" roman";mso-bidi-font-family:calibri;="" mso-bidi-theme-font:minor-latin;color:black;mso-themecolor:text1;border:none="" windowtext="" 1.0pt;="" mso-border-alt:none="" 0in;padding:0in;mso-ansi-language:en-gb;="" mso-bidi-font-weight:bold"="" style="box-sizing: border-box;">Increasing industrialization has resulted in the surge of oil and gas applications where there is a requirement for oil and gas cloud infrastructure<span lang="EN-GB" times="" new="" roman";mso-bidi-font-family:="" calibri;mso-bidi-theme-font:minor-latin;color:black;mso-themecolor:text1;="" border:none="" windowtext="" 1.0pt;mso-border-alt:none="" 0in;padding:0in;="" mso-ansi-language:en-gb;mso-bidi-font-weight:bold"="" style="box-sizing: border-box;">. <span times="" new="" roman";mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;="" color:black;mso-themecolor:text1;border:none="" windowtext="" 1.0pt;mso-border-alt:="" none="" 0in;padding:0in;mso-bidi-font-weight:bold"="" style="box-sizing: border-box;">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.<span lang="EN-GB" times="" new="" roman";mso-bidi-font-family:="" calibri;mso-bidi-theme-font:minor-latin;color:black;mso-themecolor:text1;="" border:none="" windowtext="" 1.0pt;mso-border-alt:none="" 0in;padding:0in;="" mso-ansi-language:en-gb;mso-bidi-font-weight:bold"="" style="box-sizing: border-box;">
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:<span times="" new="" roman";mso-fareast-theme-font:minor-fareast;="" mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;color:black;="" mso-themecolor:text1;background:white"="" style="box-sizing: border-box;">
<span times="" new="" roman";mso-fareast-theme-font:minor-fareast;="" mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;color:black;="" mso-themecolor:text1;background:white;mso-bidi-font-weight:bold"="" style="box-sizing: border-box;">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 <span times="" new="" roman";mso-fareast-theme-font:="" minor-fareast;mso-bidi-font-family:calibri;mso-bidi-theme-font:minor-latin;="" color:black;mso-themecolor:text1;background:white"="" style="box-sizing: border-box;">Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players <span lang="EN-GB" calibri",sans-serif;mso-ascii-theme-font:minor-latin;="" mso-hansi-theme-font:minor-latin;mso-bidi-theme-font:minor-latin;color:black;="" mso-themecolor:text1"="" style="box-sizing: border-box;">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
<span times="" new="" roman";mso-bidi-font-family:calibri;="" mso-bidi-theme-font:minor-latin;color:black;mso-themecolor:text1;mso-bidi-font-style:="" italic"="" style="box-sizing: border-box;">Acquisitions/Product Launches
- <span lang="EN-GB" calibri",sans-serif;="" mso-ascii-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-theme-font:="" minor-latin;color:black;mso-themecolor:text1;mso-font-kerning:18.0pt;="" mso-ansi-language:en-gb;mso-fareast-language:en-in;mso-bidi-font-weight:bold;="" mso-bidi-font-style:italic"="" style="box-sizing: border-box;">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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