Burner Management Systems Market Revenue, Size, Share, Trends, Forecat 2024

  • Posted by Pragati P
  • September 30, 2016 12:28 PM BST
  • 197 views
Burner Management Systems (BMS) Market is projected to be worth US$7.39 bn by 2024; Competitive Analysis, Trends, Forecast up to 2024

Safety is a key concern within every industry that conducts heater/burner-based operations. Any malfunctioning in the heaters in these industries could lead to major loss of life, property, and finance. It could also reduce the availability and accessibility of these industries. This acts as one of the major factors driving the global burner management systems (BMS) market.

Rising government legislations and regulations, along with increasing litigations for accidents, have made the installation of BMS in existing as well as new heaters a must. This has resulted in the increased demand for burner management systems across the globe. Rapid industrial growth has also had a significant impact on the development of this market.

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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Rapid Rise in Industrialization Plays Key Role in Market Development

“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.

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.

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North America Clear Leader in BMS Market in Terms of Volume and Value

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.”

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.

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