Transparency Market Research Added A New "Burner Management System (BMS) Market Research Report" And Its Full Database.
Albany, NY -- (SBWIRE) -- 04/17/2017 -- The top 10 players in the global burner management systems (BMS) market contributed around 45% in 2015, indicating at the highly fragmented nature of this market. ABB Ltd., Siemens AG, Alstom, and Honeywell International are among the leading companies that have established a strong foothold in the global burner management systems market. Transparency Market Research has noted that the presence of a large number of local and global BMS manufacturers has compelled vendors to offer a wide range of systems at affordable prices. New product development is one of the major strategies adopted by key players to remain competitive in the market.
The global market for BMS was estimated to be valued at US$4.58 bn in 2015 and is projected to be worth US$7.39 bn by 2024, expanding at a CAGR of 5.5% therein. Based on volume, the market is forecast to register a 5.6% CAGR from 2016 to 2024.
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North America Clear Leader in BMS Market in Terms of Volume and Value
By fuel type, the market for burner management systems was dominated by the oil segment in terms of value. However, the electricity segment is anticipated to register high growth in the coming years, according to TMR. "Electric burners do not produce exhaust fumes and have a comparatively higher efficiency than that of other burner types," the author of the study notes. "In order to maintain a clean and safe environment and eliminate the need for fuel storage, burner management systems running on electricity are expected to play a vital role in the near future."
Based on component, the burner management system market was led by the hardware segment, which accounted for a share of 54.5% in 2016. Registering a 5.9% CAGR from 2016 to 2024, hardware is also projected to emerge as the most rapidly growing segment during the course of the forecast period.
Boilers formed the key application segment of the overall burner management system market in 2016 and are also projected to expand at a rapid pace during the forecast period. Chemicals were the leading end-use sector in 2016, while the oil and gas as well as power sectors will exhibit strong growth through 2024.
Geographically, North America is the clear leader in terms of both volume and value. In 2015, the region accounted for a revenue share of just under 36% in the global burner management systems market. Asia Pacific is anticipated to register the highest growth in terms of revenue and volume, presenting a 6.1% CAGR by value from 2016 to 2024.
Rapid Rise in Industrialization Plays Key Role in Market Development
"Industrial development plays an important role in the economic growth of countries such as China, Korea, Taiwan, India, and Indonesia," the lead analyst states. "These developing countries report a high demand for energy and thus witness an increased installation of power plants." This leads to a rise in the implementation of heating systems in industries and production plants, further increasing the adoption of burner management systems for safety and control purposes.
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On the flip side, the reluctance in shifting from manual safety controls to burner management systems restricts widespread adoption. There are several operating companies that still rely on the intervention of manual operators or plant emergency shutdown (ESD) as a standard process for safety control. "However, the general consensus regarding safety and control of heating systems used in industries is slowly changing and this will benefit the global burner management systems market," the analyst reports.
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