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Global combustion equipment market: $118.2 billion industry by 2018
Combustion Controls, Equipment & Systems Market: 2013-2018 - a new market research report on 2014-04-17 03:22:02
The global combustion equipment market is suggested to have reached a value of around $87.87 billion by the end of 2012, and is forecast to reach a total of $118.19 billion by 2018. This suggests a CAGR growth rate of around 5% between 2013 and 2018.
Continuous industrial expansion and the ever increasing demand for electricity have created the need for greater number of power generation facilities across the world. This demand is more prominent in emerging economies that are currently undergoing industrial expansion on a very large scale. The large power generation industry of the APAC region is expected to drive the global market for combustion controls, equipment & systems. China and India, in their respective ongoing five-year plans, have planned to invest heavily on growing their power generation capacities.
They are already one of the largest markets of boilers in the world. In the U.S., the shale revolution has had a wide impact on the energy market; and has lead to the construction of several gas turbines based combined cycle power plants for co-generation. This global boom in the availability of shale gas has started threatening the renewable and nuclear energy markets as well.
The growing resistance against nuclear power has also contributed, significantly, towards the growth of this market, as countries such as Germany and Switzerland have decided to gradually phase out their nuclear power plants. The concerns raised towards the VOC and HAP emissions, and the revised emission norms, have been driving the emission control system market for quite some time, now. China is expected to be a major market for these systems, during the forecast period.
Combustion process is a complex sequence of chemical reactions taking place between a fuel and an oxidant resulting in the formation of heat. The energy thus produced is used for a number of purposes such as power generation, aircraft and rocket propulsion, and for carrying out various processes in industries. This report primarily deals with all the different types of equipment, controls and systems being used in the combustion process, and their market trends over the next five years.
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