Global Market for Burner Management System Projected to be Valued at US$7.39 bn by 2024

Albany, New York, December 8, 2016: A new research report added recently to the expanding catalog of Market Research Hub(MRH) titled, ”Burner Management System Market- Global Market Analysis, Share, Size, Growth, Trends & Forecast 2016-2024”. The study provides a holistic perspective on market growth during the forecast period in terms of revenue and volume estimates across different geographies including North America, Europe, Asia Pacific (APAC), South America, Middle East and Africa (MEA). According to the report, in 2015 global market for BMS was estimated to be valued at US$4.58bn and is projected to be worth US$7.39bn by 2024, growing at a CAGR of 5.5%. Based on volume, the market is forecast to register a CAGR of 5.6% from 2016 to 2024.

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Initially, the report describes market overview of burner management systems with its definition and scope. Safety is a key concern within every industry that conducts heater or burner-based operations. Any malfunctioning in the heaters in industries could lead to major loss of life, property and finance. To avoid these concerns, a burner management system (BMS) is a safety solution for power generation facilities that enables the safe start-up, operation & shut down of the multiple-burner sections of a boiler. The main function of BMS is to protect any kind of industrial boilers from explosion. It also reduces the critical troubleshooting time with the help of pinpoint diagnostic messaging. With the use of BMS, it will improve plant performance, reduce the ownership costs and ensures regulatory compliance in an industry. These advantages act as the major factors boosting the global burner management systems (BMS) market.

The report further segments the market on the basis of component, fuel type, application and end-use. By component, it includes hardware and software. On the basis of fuel type, the market is segmented into:
• Oil
• Gas
• Electricity
On the basis of BMS application, the market is segmented into:
• Boilers
• Furnace
• Kilns and Ovens

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The BMS end-use segments contain- oil and gas, power, chemicals, mining, metal and mineral, refining, water, specialty chemicals, pharmaceutical, food & beverages, glass, ceramics, building, automotive, printing & publishing and others.

According to the geographical analysis, North America dominates the overall BMS market globally, owing to industrialization growth in this region. This increasing industrialization rate would flow the implementation of BMS in boiler operations in the industries in North America.

Some of the major players profiled in the report include ABB Ltd., ALSTOM, Titan Logix Corp., Honeywell International Inc., BORN, Inc., Pilz GmbH & Co. KG, Siemens AG, Babcock & Wilcox Co., Doosan Babcock and NESTEC Inc.

Browse Full Report with TOC: https://goo.gl/NSzhHV

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This release was published on openPR.