Albany, New York, February 23, 2017: Market Research Reports Search Engine (MRRSE) has announced that its repository now features a report, titled “Burner Management System (BMS) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024.” According to the report published by Transparency Market Research (TMR), the market is poised to exhibit a CAGR of 5.5% from 2016 to 2024, reaching a valuation of US$7.39 bn by 2024 from US$4.58 bn in 2015.
North America Leads Owing to Strong Presence of BMS Manufacturers
North America was the dominant regional market in 2015, representing more than one-third of the overall market value. The domicile of a large number of BMS manufacturers is providing an edge to this region over other regions. Asia Pacific is estimated to exhibit a CAGR of 6.1% over the forecast horizon. The rapidly growing population and rising industrialization in countries such as India, Japan, and China are leading to the higher demand for energy and therefore, the greater uptake of BMS.
On the basis of fuel, oil-based burners dominated the market in 2015, commanding over 41.0% of the overall market value. Electricity-based burners are anticipated to register tremendous growth over the review period owing to the pressing need for safer and cleaner environment in industries.
Stringent Government Regulations to Back Market Growth
The rapid industrialization in emerging countries such as China, India, Taiwan, and Korea is creating a high demand for energy. As a result, there is an increase in the installation of power plants and a subsequent rise in the implementation of heating systems in industries and manufacturing plants. Hence, this is translating into the greater adoption of burner management systems for control and safety purposes. Moreover, the growing stringency of government regulations, along with rising litigations for accidents, are mandating the installation of BMS.
High Reluctance in Shifting from Manual Safety Controls to BMS Hampers Growth Prospects
There is a reluctance, especially among small and medium-scale plants, in shifting from manual safety controls to burner management systems, which is limiting their widespread implementation. There are several operating organizations that still depend on manual operators for handling plants or plant emergency shutdown (ESD) system as a standard practice for safety regulation. However, the general measures pertaining to the safety and control of heating systems used in industries are slowly evolving and this will result in a brighter future for the global BMS market.
The global BMS market is highly fragmented in nature, with the top ten players accounting for nearly 45% of the overall market in 2015. The presence of a large number of international and local players in the marketplace is compelling companies to offer an affordable and diverse range of products. The majority of the players are focusing towards business development through product innovation. Some of the leading players in the global BMS market are Siemens AG, ABB Ltd., Honeywell International, and Alstom.
Browse Full Global Burner Management System (BMS) Market Report with TOC:http://www.mrrse.com/burner-management-system-market
Market Research Reports Search Engine (MRRSE) is an industry-leading database of market intelligence reports. MRRSE is driven by a stellar team of research experts and advisors trained to offer objective advice. Our sophisticated search algorithm returns results based on the report title, geographical region, publisher, or other keywords.
MRRSE partners exclusively with leading global publishers to provide clients single-point access to top-of-the-line market research. MRRSE’s repository is updated every day to keep its clients ahead of the next new trend in market research, be it competitive intelligence, product or service trends or strategic consulting.
90, State Street
Albany, NY – 12207