Burner Management System Market: Understanding the Key Product Segments and their Future
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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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.
“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.
This review is based on the findings of a TMR report titled “Burner Management System (BMS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
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