Global Industrial Burners Market to Reach USD 7,855 Million by 2028
Published | 11 July 2022
The growth of the industrial burners market can be primarily attributed to the rising demand for electricity and power generation that deploy industrial burners in boilers on a large-scale. Furthermore, the rapid advancement of industrialization has propelled the demand for industrial burners from various sectors throughout the world…
A recent study by the strategic consulting and market research firm BlueWeave Consulting revealed that the Global Industrial Burners Market was worth USD 5,112.05 million in 2021 and is projected to reach up to USD 7,855.86 million by the year 2028, growing at a CAGR of 6.7% over the analysis period of 2022-2028. The growth of the industrial burners market can be primarily attributed to the rising demand for electricity and power generation that deploy industrial burners in boilers on a large-scale. Furthermore, the rapid advancement of industrialization has propelled the demand for industrial burners from various sectors throughout the world.
Increasing Power Generation Worldwide Fueling Demand for Industrial Burners
The IEA projects that through 2040, the world's electricity demand would increase at a rate of 2.1 percent annually, which is twice as fast as the need for primary energy. As a result, the percentage of electricity in final energy consumption would rise from 19% in 2022 to 24% in 2040. An increase in income, increased industrial production, and a quickly growing services sector are what are driving the demand for energy. The US Energy Information Administration (EIA) predicts that between 2018 and 2050, the world's energy consumption would rise by almost 50%. Most of this development is concentrated in areas that have had rapid economic growth, particularly in Asia and the Pacific. As a result, the demand for industrial burners, a crucial component of industrial boilers, will rise as boilers are used more frequently in power generation facilities.
Power and Utility Segment Accounted for The Largest Market share in the Global Industrial Burners Market
Based on industry, the global industrial burner market is segmented into chemical and petrochemicals, power and utilities, food & beverages, metals & mining, textile, rubber, and others. The power and utility segment is dominated the global industrial burners market with the largest market share in 2021. Industrial burners are utilized in boilers in steam power plants, coal-fired power plants, gas turbine-based power plants, as well as diesel-fired power plants to generate electricity. The increasing demand for power is activating the need for supplementary power generation. This is likely to create bright prospects for the industrial burners especially in the power and utility segment over the forecast period 2022-2028.
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Impact Of COVID-19 On The Global Industrial Burners Market
The overall slowdown in economic activity is being experienced globally owing to the COVID-19 pandemic, and the global industrial burners market is not free from such impediments. The COVID-19 pandemic has disrupted and may continue to disrupt, the market operations resulting in material adverse effects on the key player’s business, financial condition as well as liquidity. The COVID-19 pandemic-induced restrictions including imposition by government authorities of mandatory closures, social distancing protocols, augmented employee absenteeism owing to quarantine requirements or illness, and voluntary facility closures have adversely affected the global industrial burners market. Also, the pandemic caused a consistent global logistics and shipping crisis, along with shortages in the availability and increasing costs of container shipping and cargoes which further impacted the production and supply of industrial burners. Nevertheless, with the improving market circumstances in the post covid era, the growth of the industrial burners market is likely to recover during the forecast period.
Asia Is Expected To Grow with The Highest CAGR In The Global Industrial Burners Market.
Asia is expected to exhibit the highest CAGR over the forecast period 2022-2028. The transformations in the industrial geography and in the pattern of trade in the region since the mid-1990s have been far-reaching. Nothing on an equivalent scale occurred during the previous two decades of the 20th century. Moreover, the surging foreign direct investment coupled with the building of technological capabilities in Asian countries such as India and China, constitutes a major subsection of the factors responsible for the character of not only of the industrial geography of the past but also of the industrial geography that is yet to come. This is expected to propel the demand for industrial burners from the ever-progressing industrial landscape of Asia.
Competitive Landscape
The key players operating in the global industrial burners market are Ecoflam, Bruciatori S.p.A., RIELLO S.P.A, Max Weishaupt GmbH, C.I.B. Unigas S.p.A., Oilon Group Oy, Selas Heat Technology Company, SAACKE GmbH, Wayne Combustion Systems, EBICO, SOOKOOK CORPORA, Fivesgroup and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research, and development activities, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers, and collaborations.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global industrial burners market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global Industrial Burners market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the market's growth drivers, challenges, and competitive dynamics.
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