Burner Management System (BMS) Market – Rapid Pace of Industrialization All over the Globe Stokes Growth
With consumers always on the lookout for a variety of burner-based products and services, the large number of local and global manufacturers in the global burner management systems (BMS) market exist along with a plethora of products to fulfill their demands, notes Transparency Market Research in a recent report. Our extensive research suggests that product development is all set to pitch new products towards the consumers, which also is a key strategy being utilized by major players in the global BMS market to clock better sales.
From a market share perspective, the competitive landscape is fairly fragmented, with the leading ten players accounting for about 45.0% of the total market share in 2015. Siemens AG, Honeywell International and Alstom are a few top players in the global burner management systems (BMS) market. These companies have managed to outlast most of the other businesses in this industry, and have a firm base of operations.
Based on our studies, the global BMS market had registered a valuation of US$4.58 bn in 2015. We calculated that the market would rise at a CAGR of 5.5%, which would make it attain revenue collections worth US$7.39 bn by the end of the forecast period in 2024.
So, which product segment in the burner management systems market has been holding an influential position? As per our studies, the oil segment has stayed in a leading position in the past few years.
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From a geographical perspective, the global burner management systems (BMS) is spread across North America, Asia Pacific, Europe, the Middle East and Africa, and South America. Amongst all these regions, North America registered a top market share of more than one-third of the total market, on the basis of both revenue as well as volume. Another factor that comes into play to make this region a dominant one is the establishment of well-known BMS manufacturing businesses.
We all know how nations across the globe are resorting to fast industrialization to bring about economic growth. This is the single-most important factor serving to bring about growth in the global burner management systems (BMS) market. Several companies are setting up shops in countries such as China, India, Korea, Taiwan, and Indonesia, among other emerging economies, in order to tap into their high-growth markets. Investments made by these enterprises in the aforementioned companies is having a positive impact on their markets.