Albany, NY -- (SBWIRE) -- 01/04/2018 -- The global industrial burner market has been envisaged in a report by Transparency Market Research (TMR) to witness the presence of an expansive pool of industry participants. The competitive landscape could be of a highly intensive nature and demonstrate a significantly fragmented characteristic. The rivalry between key players of the industry has been prognosticated to increase considerably in the coming years because of a greater acquisition of smaller companies, development of existing products, and increasing innovations in the market.
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As per TMR, the global industrial burner market could expand at a CAGR of 3.0% during the forecast tenure 2016-2024. By the completion of 2024, the market has been anticipated to be worth a US$25.6 bn. In 2015, the market had accumulated revenue of a US$19.6 bn. On the basis of end-user segmentation, the market could see the dominance of petrochemicals with regard to consumption. This segment collected revenue of a US$3.74 bn in 2015. In the same year, North America collected a US$6.3 bn to take the lead in the market.
Government Regulations in Favor of Reduced Carbon Footprint Bode Well
Developed regions such as North America have been prophesied to contribute to the overall growth of the world industrial burner market because of the availability of a plentitude of natural resources, greater productivity, and sophisticated infrastructure. In the foreseeable future, North America could be dominated by Canada and the U.S. where the latter is an important producer of oil and gas across the globe. Compared to other countries in North America, the U.S. has been predicted to exhibit a larger demand for industrial burner.
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On the other hand, the low cost of labor and raw materials in emerging regions such as Asia Pacific could help the world industrial burner market to showcase a faster growth in the near future. Furthermore, the rising implementation of several government policies for reducing carbon footprint and noticeable expansion of mining and petrochemicals industries have been foreseen to augment the demand for industrial burner in Asia Pacific.
Difficulty in Retrofitting Pushes Possibility of Disappointed Demand in Future
Despite the staggering progress of the international industrial burner market, there could be certain challenges to be faced with. These have been envisioned to include the complexity associated with the retrofitting of industrial burners.
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Nonetheless, the international industrial burner market could make a comeback while riding on the widespread installation of burner management systems (BMS) in sundry industries. The sales of industrial burner have significantly increased in the past few years owing to benefits such as effective protection against the explosion of boilers. Moreover, the growing industrial applications of boilers, increasing industrialization in emerging nations, and rise in the demand for industrial boilers have been envisaged to up market growth in the coming years.