The global burner management system market has registered revenue of $5,010.0 million in 2018 and is projected to surpass $7,742.4 million by 2026, at a CAGR of 5.6%. A burner management system also known as BMS is an industrial safety system primarily used to ensure safe start-up, operation, and shut-down of process burners.
In the preceding years, the burner management system market has experienced noteworthy growth due to the substantial demand across all industrial sectors. In 2020, the market is projected to observe a slight dip due to a pandemic situation of Covid-19. However, the market will ultimately restore due to the high efficiency and demand for safety measures. In addition, the burner management system is preferably used in industries such as power generation, oil & gas, chemical, and many other sectors.
|Recovery By||Realtime BPS||*Estimate market Size, 2020,
|**Real Time market Size, 2020,
|5.9%||5.6%||Q1/Q2 2023||35||USD 5,600.4 Million||USD 4,049.1 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The growing emphasis on the safety measures of boilers and overall industrial plants is prominently expected to drive the demand for the burner management system market during the period of forecast. The enormous growth of the global burner management system market is primarily attributed to the improvisation in boiler control and safety during the most hazardous operating phases, increasing emphasis on prevention of boiler explosions, enhanced functionality, and user-friendliness; these key factors are expected to boost the growth of the global market for the burner management system, during the projected period.
In addition, government regulation and legislation supporting the installation of the safety system across the industries, are also propelling the growth of the burner management system market during the period of forecast. Furthermore, it reduces the hardware and installation cost along with the number of operating personal which may help to increase the efficiency of the operational process of industry sectors. Also, newly innovated BMS with integrated operating surface, gas, fire detection system, advanced peer control and power supply system, and improved accessibility can create an extensive opportunity for the growth of the burner management system in the global market
Events of the past months have made it clear that the COVID-19 outbreak and its spread across the borders of countries is dramatically changing the situation. All governmental bodies across the world implemented lockdowns in order to reduce the hazardous impact as well as the communal spread of this disease. Lockdown has led to a dramatic downsizing in industrial and business operations. This has hindered the manufacturing sector and further led to the obstruction in the supply chain. This shall consequently lead to a restrain in the demand for the burner management system in the global market.
Contrary to this, though there is a lockdown implemented in the numerous developed as well as developing countries, majority of the market players are following various strategies such as technological and product innovation to strengthen their footprint into the global market. For instance, on 31 January 2020, Cimarron Energy inc. has released ARControl Dual, the most innovative burner management system (BMS) in the global market. This comprises of unique base product model along with multiple innovative aspects. execution of such business strategies indicates remarkable re-establishment of the market even after this COVID-19 pandemic crisis.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
Moreover, as per the report published by Research Dive, the global market for the burner management system is expected to continue its substantial growth in the upcoming future years, post the COVID-19 pandemic crisis. The market will witness profitability by Q1/Q2 2023. Growing emphasis on research and developments, extensively rising number of strategic collaborations and reinstatement of multiple global industries are expected to represent considerable burner management system market growth after the end of pandemic stress. For instance, Trident has collaborated with Siemens to design a control system and burner management system for 50 MW plant of Marquette Board of light and power.
Furthermore, extensively rising product and technological innovations for sustainable growth are also expected to boost the burner management system market growth during the period of forecast. For instance, Honeywell, an American publicly traded, multinational, conglomerate company has designed the HC900 system which is cost-effective and it has the ability to delivering a Safety solution for burner management systems that is fully compliant with the IEC 61511and IEC 61508 standards. By utilizing these strategies, the manufacturers of the burner management systems across multiple countries are preparing for the post-pandemic impact.
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- Long-Term and Short-Term impact of Covid-19 on the market
- Cascading impact of Covid-19 on Burner Management System Market , due to the impact on its extended ecosysytem
- Understanding the market behavior Pre- and Post-Covid-19 pandemic
- Startegy suggestions to overcome the nagative impact or turn the positive impact into the opportunity