The rapid rise in the pace of industrialization in emerging countries such as China, India, Taiwan, and Korea is creating a staggering demand for energy. As a result, there is an uptick in the installation of power plants and a subsequent increase in the implementation of heating systems in industries and production facilities. This is further translating into the greater adoption of burner management systems (BMS) for control and safety purposes.
Moreover, the increasing stringency of government regulations, along with rising litigations for accidents, are promoting the installation of BMS. However, the reluctance of various operating companies in shifting from manual safety controls to burner management systems is limiting the global BMS market from realizing its utmost potential.
According to a report by Transparency Market Research (TMR), the global burner management systems (BMS) market had a valuation of US$4.58 bn in 2015 and is poised to reach US$7.39 bn by the end of 2024. Owing to all the aforementioned factors, the market is projected to progress at a CAGR of 5.6% between 2016 and 2024.
Pressing Need for Safer and Cleaner Surroundings to Trigger Demand for Electricity-based BMS
On the basis of fuel, the global BMS market is classified into oil, electricity, and gas. Oil-based burners dominated the market in 2015, representing 41.1% of the overall market value. Electricity-based burners are estimated to register noteworthy growth over the review period owing to the soaring need for safer and cleaner environment in industries.
Based on component, the market is divided into hardware and software. Hardware held the lion’s share in 2015, commanding for more than 54.0% of the overall market value. Owing to their significant functionalities and importance in meeting the design criteria for industry-critical operations, the segment is expected to expand at a CAGR of 5.9% during the forecast period.
Strong Presence of BMS Manufacturers behind North America’s Leadership
The key regional market methodically examined are North America, Asia Pacific, Europe, and Rest of the World. North America was the dominant segment in 2015, accounting for over one-third of the overall market value. A large number of key manufacturers are headquartered in the region, which is leading to the early introduction and acceptance of advanced burner management systems. Asia Pacific is anticipated to rise at a CAGR of 6.1% during the same period. The growth of this region can be primarily attributed to the growing population and rapid industrialization in countries such as India, Japan, and China.
Browse the full Global Burner Management System (BMS) Market report http://www.mrrse.com/burner-management-system-market
Key Players Focus towards Product Innovation to Stay Ahead
As per the findings of the report, the top ten players in the global BMS market accounted for nearly 45% of the overall market in 2015. This indicates a highly fragmented nature of the market. The presence of a large number of international and local players in the marketplace is compelling companies to offer a diverse range of products at affordable prices. Key players are aiming at expanding their market shares and staying ahead of their peers through product innovation. Some of the leading players in the global BMS market are Siemens AG, ABB Ltd., Honeywell International, and Alstom.