Burner Management System is expected to be worth US$7.39 billion by 2024, growing at a CAGR of 5.5%

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With consumers always looking for a variety of burner products and services, the large number of local and global manufacturers in the Global Burner Management Systems (BMS) Market exist with a plethora of products to meet their demands, notes Transparency Market Research in a recent report. Our extensive research suggests that product development is poised to introduce new products to consumers, which is also a key strategy used by leading players in the global BMS market to record better sales.

From a market share perspective, the competitive landscape is quite fragmented with the top ten players accounting for around 45.0% of the total market share in 2015. Siemens AG, Honeywell International and Alstom are some of the major players global burner management systems (BMS market). These companies have managed to outlast most other companies in this industry and have a solid operating base.

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Based on our research, the global BMS market registered a valuation of US$4.58 billion in 2015. We calculated that the market would grow at a CAGR of 5.5%, which would allow it to reach revenue of US$7.39 billion by the end of the year. forecast period in 2024.

The electricity segment as a futuristic lucrative avenue

So, which product segment in the burner management system market occupies an influential position? According to our studies, the oil segment has remained in a leading position in recent years.

Geographically, Global Burner Management Systems (BMS) are spread across North America, Asia-Pacific, Europe, Middle East and Africa, and South America. Among all these regions, North America recorded a market share exceeding more than one-third of the total market, both on the basis of revenue and volume. Another factor that comes into play to make this region a dominant region is the establishment of well-known BMS manufacturing companies.

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Emerging Economies Driving BMS Market Rise

We all know how nations around the world are using rapid industrialization to foster economic growth. This is the most important factor contributing to the growth of the global Burner Management Systems (BMS) market. Several companies are moving into countries like China, India, Korea, Taiwan, and Indonesia, among other emerging economies, to tap into their high-growth markets. The investments made by these companies in the aforementioned companies have a positive impact on their markets.

However, there are some restraints in the global Burner Management Systems (BMS) market, which have significantly affected its growth. One of the main barriers is the reluctance to switch to safety manual control management systems. However, the general awareness of the need to move to better automated systems is gradually increasing. This is further expected to reduce the negative effects of restraints in the global Burner Management Systems market.

A notable trend in the BMS market has been the enormous focus on achieving safe burner operations. On the contrary, any burner/heater and similar devices must sometimes be handled with extreme safety. In order to ensure that this happens, gigantic attention is paid to improving the safety features of the burner, thus contributing positively to the market.

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