Portland, OR, July 03, 2023 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Burner Management System Market by Platform (Programmable Logic Controller, Distributed Control System), by Fuel (Gas, Oil, Others), by End-use (Oil and gas, Power, Pharmaceutical, Chemical, Others), by Component (Software, Hardware), by Application (Multiple Burner, Single Burner): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global burner management system market generated $5.6 billion in 2022, and is anticipated to generate $9.9 billion by 2032, witnessing a CAGR of 6.2% from 2023 to 2032.
Prime Determinants of Growth
Over the years, there has been an increase in the demand for burner management systems from various end-use industries which is predicted to be one of the important factors driving the growth of the global burner management system market in the forecast timeframe. However, the complexities associated with integrating burner management systems with other control systems may hamper the burner management system market growth in the coming period. On the contrary, technological advancements and developments in burner management systems are expected to offer growth opportunities for expansion of the burner management system market in the 2023-2032 forecast period.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $5.6 billion |
| Market Size in 2032 | $9.9 billion |
| CAGR | 6.2% |
| No. of Pages in Report | 367 |
| Segments covered | Platform, Fuel, End-Use, Component, Application, and Region |
| Drivers | Increasing demand for burner management systems from various industries Increased government legislation and regulations mandating installation of burner management systems |
| Opportunities | Technological advancements in design and development of burner management systems The rising trend to use burner management systems in industries such as industries like oil & gas, electricity generation, and manufacturing |
| Restraints | Complexities associated with integrating burner management systems with other control systems |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global burner management system market. As manufacturing industries were heavily affected due to the lockdowns, the demand for burner management systems fell, which caused a decline in the growth rate of the market.
- Also, due to travel restrictions and lockdowns, there was a delay in the installation of burner management systems in various industries which further brought down the growth rate of the market.
- The burner management system market is, however, projected to show steady growth in the future due to increasing demand for burner management systems from various end-use industries.
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Platform: Programmable Logic Controller Sub-segment Projected to be Highly Dominant During the Forecast Period
The programmable logic controller sub-segment accounted for the highest burner management system market share in 2022 and is expected to grow at a CAGR of 6.7% during the forecast period. The high level of flexibility and customization options offered by programmable logic controllers allow burner management system manufacturers to design and implement tailored solutions for different types of burners and industrial applications. As a result, programmable logic controllers are a preferred choice for many manufacturers which are predicted to boost the sub-segment’s growth by 2032.
Fuel: Gas Sub-segment to Flourish Immensely by 2032
The gas sub-segment generated the highest market share in 2022 and is predicted to grow at a CAGR of 6.9% by 2032. Increasing awareness and regulations aimed at reducing emissions have led to a growth in demand for gas as an energy source. This growth in demand for gas as a fuel is predicted to boost the sub-segment’s growth by 2032.
End-Use: Oil & Gas Sub-segment to Witness Huge Growth by 2032
The oil & gas sub-segment generated the highest market share in 2022 and is predicted to grow at a stunning CAGR by 2032. The growing dependence of the oil & gas industry on burner management systems for various applications such as refining, petrochemical processing, and power generation has led to an increase in its demand. This surge in demand from the oil and gas industry is predicted to boost the sub-segment’s growth by 2032.
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Component: Hardware Sub-segment Projected to Gather Significant Market Revenue by 2032
The hardware sub-segment accounted for the highest burner management system market share in 2022 and is expected to grow at a CAGR of 7.7% during the forecast period. The crucial role played by hardware components in achieving compliance with the safety requirements of burner management systems has increased their utility. Thus, the increased capabilities of hardware components are predicted to boost the sub-segment’s growth by 2032.
Application: Single Burner Sub-segment Projected to be the Most Lucrative in the Forecast Period
The single burner sub-segment accounted for the highest burner management system market share in 2022 and is expected to grow at a high CAGR during the forecast period. Single burner management system offers a cost-effective solution for small-scale industrial applications that require burner control and safety measures. As a result, single burners are highly in demand from budget-conscious customers which is predicted to boost the sub-segment’s growth by 2032.
Region: North America Market to be the Most Dominant by 2032
The North America region accounted for the highest share in the global burner management system market in 2022. Increasing governmental legislation mandating the installation of burner management systems in different industries is expected to be the main growth drivers of the market in the North America region by 2032.
Leading Players in the Burner Management System Market:
- ABB
- Schneider Electric SE.
- ACL Manufacturing Inc.
- Cimarron Energy, Inc.
- Tundra Process Solutions
- Combustex Corp.
- Emerson Electric Co.
- Pilz GmbH & Co. KG
- Rockwell Automation
- Honeywell International Ino.
The report provides a detailed analysis of the key players of the global burner management system market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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