New York, USA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- A latest report on the global burner management system market published by Research Dive sheds light on the impact of the COVID-19 pandemic on the present and future lookout of the market. This report is a valuable study for stakeholders, investors, market participants, and new players looking for comprehensive insights into the impact of COVID-19 on the market growth.
Key Highlights of the Report
The COVID-19 pandemic has had a negative impact on the growth of the global market for burner management system in 2020. As per the report, the global burner management system market garnered $1,069.7 million in 2018 and is expected to hit $7,742.4 million, rising at a CAGR of 5.6% from 2019 to 2026. However, before the pandemic, the market was expected to rise with 5.9% CAGR in the estimated period.
Factors Impacting the Market Growth during the COVID-19 Crisis
The global burner management system market has witnessed deterioration in growth due to the implementation of lockdown and closure of major end-user industries of burner management systems such as chemical, power generation, and oil & gas industries worldwide during the pandemic period. Moreover, stoppage in manufacturing activities of burner management systems, due to disrupted supply chains, is hindering the market growth to a great extent amidst the pandemic.
Current Face of the Market Due to COVID-19
Before the outbreak of the pandemic, the market was estimated to garner $5,600.4 million in 2020. In the present situation, the market size has declined and reached up to $4,049.1 million in 2020.
The key players in the burner management system market are making strategic investments in novel business development strategies for recovering the industry from the incurred losses. Moreover, rising awareness about the importance of burner management systems in several industries is likely to unlock profitable opportunities for the global market after the relaxation of the pandemic. The market is expected to recuperate from the incurred losses by the first or second quarter of 2023.
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Future Lookout of the Burner Management System Market
According to the report, the global burner management system market is expected to observe significant growth after the end of the COVID-19 pandemic, owing to the rising investments in R&D activities, partnerships, and new developments in the market. Some of the leading players, such as
- Siemens
- NestecInc.com
- Pilz GmbH & Co. KG
- ABB
- Alstom
- Doosan
- Babcock, Inc.
- Honeywell International Inc
- Born Inc.
- Titan Logix Corp.
- Babcock & Wilcox Enterprises
and others, are expected to come up with pioneering developments and pave way for rewarding opportunities for the market growth in the upcoming years. – Request an On-Demand Customization of Burner Management System Market & Avail of Amazing Discount
For instance, in January 2020, Cimarron Energy, Inc., a foremost producer of engineered production, process, and environmental equipment, launched the ARControl™ Dual, one of the most advanced Burner Management System (BMS) in the market so far.
More about Burner Management System Market:
- Key Considerations to Look for When Designing a Burner Management System
- Global Burner Management System Market Is Expected To Surpass $7,742.4 Million By 2026 Despite The Covid-19 Global Health Emergency
