The global market for burner management systems (BMS) is projected to be worth $7.39-billion by 2024, expanding at a compound annual growth rate (CAGR) of 5.5% in that period, explains market research service provider Transparency Market Research (TMR).
TMR explains that the report on the global BMS market has been analysed both in terms of value and shipment for the period from 2014 to 2024, where 2015 is the base year, and the years from 2016 to 2024 comprise the forecast period. Data for 2014 has been included as historical information.
Based on volume, the market is forecast to register a 5.5% CAGR from 2016 to 2024. The company points out that safety is a key concern within every industry that conducts heater and burner-based operations because any malfunction in the heaters in these industries could lead to major loss of life, property and finance.
Malfunction could also reduce the availability and accessibility of these industries. This acts as one of the major factors driving the global BMS market. It explains that a growing amount of government legislation and regulation across the world, 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 BMS across the world. Rapid industrial growth has also had a significant impact on the development of this market,” TMR explains.
It points out that the oil and gas sector emerges as the leading end-use segment in the BMS market.
“On the basis of components, the BMS market is bifurcated into hardware and software. The hardware components used in BMS hold a significant share in the overall market revenue,” TMS explains.
It says that the importance of BMS hardware components to overall market revenue and the significant functionalities in meeting the design criteria for industry-critical operations also increases the strength of the BMS market.
The BMS market is further categorised into oil-, gas- and electricity-based burner technology. TMR explains that oil-based burners are leading the BMS market, owing to the wide-scale use over the years. Oil burners accounted for a 41.1% share in the BMS market in 2015.
However, TMR points out that electricity-based burners are expected to witness significant growth during the forecast period, owing to the rising need for a cleaner and safer environment in industries.
The company explains that, by application, the BMS market is further segmented into boilers, furnaces, kilns and ovens. The installation of boilers in industries is higher, compared with furnaces and kilns and ovens, which thereby increases the share of boilers in the overall market.
TMR points out that there are several end-use applications that segment the market further. Elaborating on the fact that the oil and gas sector is the leading end-use segment in the BMS market, it points out that the BMS end-use market also includes power, chemicals, mining, metal, minerals, refining, water, speciality chemicals, pharmaceuticals, glass, food and beverages, alternate fuel, ceramics, building, automotive, and printing and publishing. The oil and gas sector was the leading end-use segment in the BMS market in 2015, owing to the increasing demand for energy globally.
TMR explains, that North America, Europe, Asia Pacific, the Middle East and Africa, and South America represent the geographic segments the forecast concentrated on.
North America held the major share in 2015, accounting for over one-third of the total market based on both revenue and volume. The presence of a large number of BMS manufacturers has made North America a significant market for BMS.
The Asia Pacific region is also anticipated to witness significant growth in the BMS market through 2024. TMR explains that the region’s growth can be attributed to the significant population, as well as industrial growth across countries such as China, India and Japan.
TMR concludes that some of the major companies in the BMS market include multinational corporation ABB, multinational company Alstom, multinational conglomerate company Honeywell International, German conglomerate Siemens AG and American power generation company Babcock & Wilcox Enterprises.