Industrial burner Market - Deployment of BMSs ( Burner Management Systems) to Boost Market’s Growth
Thanks to the extensive usage of burner management systems (BMSs), the growth of the global industrial burner market has been escalated substantially. Since these systems provide efficient protection against the explosion of boilers, their demand in various industries has immensely increased, influencing the sales of industrial burners. The efficiency and superior performance of these burners is also increasing their adoption, reflecting positively on this market.
Over the forthcoming years, the worldwide market for industrial burners is likely to gain significantly from the remarkable rise in the demand for industrial boilers, thanks to the swift industrialization in emerging regions and the widespread application of these boilers in a number of industries, such as chemicals, food processing, power generation, and oil and gas. However, the difficult retrofitting of industrial burners may restrict the growth of this market to some extent in the near future, as it requires skilled manpower and increases the overall operating cost.
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In terms of revenue, the global industrial burner market was worth US$19.6 bn in 2015. Expanding at a CAGR of 3.0% between 2016 and 2024, the market is anticipated to reach US$25.6 bn by the end of 2024.
Demand for Industrial Burner to Remain High in Petrochemicals Industry
The power generation, petrochemicals, chemicals and specialty chemicals, mining and mineral, metal, glass, pharmaceutical, automotive, ceramics, food processing, and the printing and publishing industries are the main end users of industrial burners across the world. Among these, the petrochemicals segment has surfaced as the leading consumer of these burners. In 2015, the segment contributed US$3.74 bn to the overall revenue generated in the market for industrial burners, globally.
With a strong rise in the uptake of petrochemicals in developing regions, specifically in Asia Pacific, the demand for industrial burners is estimated to go higher in the petrochemical industry over the next few years, retaining its position as the key consumer. Apart from this, on the grounds of increasing investments and a progressing food industry, the food processing and the power generation sectors are also expected to report a significant growth in the adoption of industrial burners over the years to come.
North America to Remain Dominant
Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa are the prime regional markets for industrial burners. With an overall contribution of US$6.3 bn, North America led the global market for industrial burners in 2015. Analysts estimate this regional market to maintain its lead over the forthcoming years, thanks to the abundance of natural resources, advanced infrastructure, and the high productivity in this region. The U.S. and Canada are expected to drive the North America market for industrial burners over the coming years. As compared to other North American countries, the demand for industrial burners is likely to be considerably high in the U.S. in the near future as the economy is a prominent producer of oil and gas in the whole world.
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Amongst other, Asia Pacific is expected to emerge as the most promising regional market for industrial burners in the years to come. With a large pool of international players establishing their manufacturing units in India and China, prompted by the cost benefits these economies provide concerning raw materials and laborers, is predicted to boost the Asia Pacific industrial burner market over the next few years. Along with this, the upswing in the government initiatives intended to curb carbon footprints in developing Asian countries is also anticipated to adding to the growth of this regional market in the future.
Some of the prominent participants in the global market for industrial burners are Alzeta Corp., ANDRITZ, Baltur S.p.A, Bloom Engineering, Forbes Marshall, Foster Wheeler AG, Honeywell International Inc., Limpsfield Combustion Engineering Ltd, Mitsubishi Hitachi Power Systems Ltd, Oilon, Osaka Gas Co. Ltd, QED Combustion, Selas Heat Technology Co., and Wesman Group.
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