Steady Growth in Power Generation and Petrochemical Sectors to Drive the Industrial Burners Market

The industrial burners market is set to demonstrate promising growth rate during the forecast period from 2018 to 2026, growing from US$ 18.40 Bn in 2017. Industrial burners are among the most crucial components of any industrial application having thermal process-based production line. With increasing complexity of industrial applications, the market has evolved with large number of burner variants offering higher efficiency, low maintenance, higher energy levels and enhanced operation. Due to heavy dependence of quality of final products on burner performance, industrial burners have emerged among the most promising segments of the overall industrial processing & automation equipment industry. The market growth is highly driven by the consistent growth observed by industrial verticals such as power generation, petrochemicals, chemical processing, glass & ceramics, food & beverages and pharmaceuticals. The market growth is also complemented by the continual product advancements by market players, directed towards serving wide array of applications. Nevertheless, need for skilled labor to operate these burners poses a major challenge for industrial burners market growth.

Power Generation Segment Leads the Market; Food & Beverages to Demonstrate High Market Growth

The overall industrial burners market worldwide is led by power generation segment, accounting for over 25% of the total market value. Other prominent industry verticals for industrial burners including petrochemicals, chemical processing, glass & ceramics, metals & minerals and pharmaceuticals. Power generation forms one of the most lucrative vertical segment primarily due to consistently emerging new projects across the world. Subsequently, the segment would continue leading the market throughout the forecast period. In the following years, food & beverages segment is expected to demonstrate strong growth in the market.

Presence of Large Number of Power Generation Plants to Ensure Leading Position of Asia Pacific throughout the Forecast Period

In 2017, Asia Pacific led the global industrial burners market, accounting for over 1/3rd of the total market value. Asia Pacific is home to huge power generation sector, with India and China accounting for nearly 30% of the total electricity produced worldwide. Due to factors such as rising population and growing industrial sector, new power generation projects are expected to continue exhibiting robust growth in the region. As a result, Asia Pacific would retain its dominant position in the market growing with the highest growth rate.

Continual Product Innovation for Expanding Application Area

Industrial burner forms among the most crucial components used across numerous industry verticals. With an aim of serving large number of industry verticals, market players have developed wide array of industrial burners over the period. One of the most important strategies adopted by the market is product enhancement for higher reliability, reduced maintenance, high efficiency and energy levels. Additionally, companies emphasize on expanding their network to serve their customers better, in terms of sales and service. Organizing training sessions for burner operation and safety is another important step followed by the market players. Some of the major players operating in the market include Maxon Corporation (Honeywell International, Inc.), Weishaupt Group, Selas Heat Technology Company, Andritz AG, ALZETA Corporation, Forbes Marshall, Mitsubishi Hitachi Power Systems, Ltd., Wesman Group, Oilon Oy, Limpsfield Combustion Engineering Ltd., Bloom Engineering Company, Inc., Osaka Gas Co., Ltd., QED Combustion, Inc. and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Industrial Burners market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Industrial Burners market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Industrial Burners market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Industrial Burners market?
• Which is the largest regional market for Industrial Burners market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Industrial Burners market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Industrial Burners market worldwide?