Burner Management System (BMS) Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 11/20/2018 -- Based on a research report, the global industrial burner market exhibits a significantly fragmented competitive landscape, observes Transparency Market Research. This scenario exists mainly due to highly diversified participants in the market, spread all over the glove. The competitive landscape is further identified to possess a highly intensive characteristic. With more players getting added to the vast competitive landscape of this market, the professional rivalry between key players is expected to rise tremendously in the next few years. Such an evolution is expected to occur through strategies such as mergers with smaller companies, product development, and innovations. Key players operating in the global Industrial burner market include, Limpsfield Combustion Engineering Ltd, Selas Heat Technology Company, ANDRITZ, Bloom Engineering, Forbes Marshall, Foster Wheeler AG, Honeywell International Inc. (Maxon), Baltur S.p.A, Wesman Group, Mitsubishi Hitachi Power Systems, Ltd, Bloom Engineering, Oilon, Osaka Gas Co., Alzeta Corporation Ltd, and QED Combustion among others.
The global industrial burner market is poised to expand at a CAGR of 3.0% during the forecast period from 2016 – 2024. The market had registered a previous valuation of US$19.6 bn in 2015, which is expected to increase up to US$25.6 bn by the end of 2024.
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Petrochemicals Comes out on Top of the Segment Leaderboard
The global industrial burner market exhibits its leading segment in the form of petrochemicals under the end user's criteria. Petrochemicals demand a high usage of industrial burner systems, thus stoking the associated market. Region-wise, the global industrial burner market shows maximum spread in North America, which makes it hold the winning regional segment title. Concrete establishment of several key players in this region, along with subsequent high demand for the burners has also made North America a leading geographical segment.
Rapid Industrialization Boosts Burner Device Sales
Heat sources in the form of burner devices are highly convenient as well as efficient to use in several work sectors. Such convenience is a prominent driver for the global industrial burner market, due to which the devices are used on a large-scale basis. The burners are extensively used while extracting natural resources, as a part of the infrastructure used. Regions such as North America are kings in the sector of natural resource extraction processes, thus positively contributing towards a better market growth. This market is projected to witness a stellar growth in the grounds of high demand registered by burner management systems.
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This system provides a lot of protection against boiler explosions, which is highly needed in several industrial processes. From an overall perspective, favorable governmental initiatives, extensive product innovations for developing improved devices, and rapid industrialization are prime growth drivers of the global industrial burner market.
In spite of these driving factors, the global industrial burner market is affected by a few hindrances too. Limited availability of skilled labor is one such restraint that significantly cause negative effects on the market. However, a steady awareness about the use of these devices is spreading in various regions, which is expected to reduce the unskilled scenario plaguing the market.