New York, USA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- According to the recently published report by Research Dive, the global burner management market is anticipated to garner a revenue of $7,742.4 million by 2026, rising from $5,010.0 in 2018 at a steady CAGR of 5.6% from 2019-2026.
The in-depth report contains a brief overview of the current scenario of the market, including other aspects such as growth and restraining factors, dynamics of the market, challenges, and opportunities during the forecast period. The report also provides an estimate of the market figures, which makes it easier and simplifies the process for the new participants to understand the real-time scenario of the market.
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Market Dynamics
The upgrades in the features of the burner management system which include refined control of boilers as well as safety measures which assist in preventing risks such as boiler explosions is anticipated to add to the growth of the market.
Also, the pandemic led to most government bodies implementing lockdowns as well as travel bans as a safety measure. This affected multiple industries immensely, including the burner management market as the supply chain was facing a major backlog. This led to the market being restrained in the analysis period.
But, multiple firms and industries have been taking initiatives in the form of technological upgrades or innovating products to regain their stronghold in the market. This strategy was applied by Cimarron Energy, Inc, a leading manufacturer of oil and gas equipment when they launched the ARControl Dual, a highly advanced burner management system. These factors are predicted to assist in reestablishing the growth of the market in the post-pandemic era.
Factors Affecting the CAGR Figures Pre and Post the Pandemic
The report provides an update of the CAGR that was observed by the market during the pandemic. It states that the global burner management market noticed the CAGR decreasing to 5.6% in the post-pandemic analysis, while in the pre-COVID timeframe it stood at 5.9%.
Factors Causing Change in Market Size Pre and Post Covid-19
The report also noted a drastic decline in the revenue owing to the widespread effects of the pandemic. The analysis mentioned the revenue before the spread of the coronavirus was estimated to be over $5,600.4 million in 2020, but as a result of the coronavirus, the revenue is anticipated to plunge to $4,049.1 million. The implementation of stringent regulation by governments along with safety instructions from healthcare professionals that demanded social distancing led to a drop in the growth of the market. The market is anticipated to regain its position by the 1st or 2nd quarter of 2023.
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Key Players of the Global Burner Management Market
The report also provides a list of key players whose various initiatives have been contributing to the growth of the global burner management market. These include-
- NestecInc.com
- ABB
- Alstom
- Doosan
- Honeywell International, Inc
- Titan Logix Corp
- Pilz GmbH & Co.KG
- Siemens
- Babcock
- Born Inc
- Wilcox Enterprises
For instance, in July 2020, Pilz GmbH & Co, KG released a base unit termed as the PNOZ m B1 Burner which comes from the smaller controllers known as the PNOZmulti 2. This product has the capacity to not just monitor the burner, but the furnace as well, which helps in ensuring safety of the individual using it.
Post- COVID 19 Predictions
The report provides an estimation that the global burner management market is expected to experience a steady increase in the post- COVID period. Many industry experts are trying to work on mergers & acquisitions, and various other measures to help the industry recover in the upcoming years. Also the strategic collaborations such as the one initiated by Trident and Siemens to develop a 50 mW plant for the Marquette Board of Light and Power is set to assist in the growth of the market.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments
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