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Industrial Burner Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033
Industrial Burner Market
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According to The Business Research Company's, The industrial burner market size has grown strongly in recent years. It will grow from $5.97 billion in 2023 to $6.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to industrial expansion, energy sector demand, stringent emission regulations, shift towards energy-efficient solutions, expansion in petrochemical and refining industries.
The industrial burner market size is expected to see strong growth in the next few years. It will grow to $8.38 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to safety and reliability considerations, global environmental concerns, demand from food processing and manufacturing. Major trends in the forecast period include market demand for retrofitting and upgradation, focus on energy efficiency, adoption of low-emission burners, shift towards alternative fuels, industry 4.0 and automation integration.
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Market Drivers and Trends:
The increasing demand for oil is expected to propel the growth of industrial burner market going forward. Oil is a thick, smooth liquid that is used as a fuel and to lubricate the moving elements of machinery. Rising oil demand spurs activity in oil refining, processing, and extraction, leading to greater use of industrial burners in crucial processes. Industries such as petrochemicals, refineries, and the energy sector heavily rely on industrial burners for applications like heating, distillation, and power generation. For instance, in June 2023, according to International Energy Agency, a France-based autonomous intergovernmental organization, global oil demand is projected to reach 105.7 million barrels per day (mb/d) by 2028, showing a cumulative increase of 6% from 2022. Therefore, the increasing demand for oil is driving the growth of the industrial burner market.
Technological advancement is a key trend gaining popularity in the industrial burner market. Major companies in the industrial burner market are advancing in their new technologies and research and developments industrial burner market. For instance, in October 2021, E&M Combustion, a Spanish -based provider of new combustion technologies and manufacturer of the industrial burner, introduced - a prototype hydrogen burner, designed for use in district heating systems, for heating large regions and buildings, and can run solely on hydrogen or a combination of hydrogen and natural gas. E&M Combustion is testing this final option, which uses a gas and hydrogen mixture, and it is quite practical. It is made up of a hydrogen mixture with 15% to 20% natural gas, which gives the enriched mixture a higher calorific value and allows for more reliable and effective combustion. Due to hydrogen's unique properties of being invisible to human sight, using hydrogen alone as fuel presents a significant difficulty in improving flame detection.
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Major Key Players of the Market:
Max Weishaupt GmbH, Honeywell International Inc., Andritz AG, Baltur S.p.A, Oilon Group OY, Selas Heat Technology Company LLC, Alzeta Corporation, Oxilon Pvt. Ltd., Limpsfield Combustion Engineering Limited, John Zink Company LLC, Forbes Marshall Private Limited, Faber Burner Company, Miura America Co. LTD., WESMAN GROUP, Webster Combustion Technology LLC, AGF Burner Inc., Bloom Engineering Company, Inc., Riello S.p.A, Hamworthy Combustion Engineering Ltd., Kromschroder, North American Manufacturing, QED Combustion Inc., Selkirk Canada Corporation, Superior Combustion Industries, Thermal Solutions Products LLC, Nationwide Boiler Inc., Aereon Inc., Babcock & Wilcox, CEC Combustion Safety LLC, Coen Company Inc.
Industrial Burner Market 2024 Key Insights:
• The industrial burner market size is expected to see strong growth in the next few years. It will grow to $8.38 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Rise In Power Generation To Drive Market Growth
• Technological Advancements Transforming The Industrial Burner Market
• Asia-Pacific was the largest region in the industrial burner market in 2023 and is expected to be the fastest-growing region in the forecast period
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