PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304626
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304626
Industrial Burner Market size was valued at USD 5,701.3 Million in 2022, expanding at a CAGR of 6.5% from 2023 to 2030.
Industrial Burner market is expected to witness substantial growth over the forecast period. The industrial burner market is anticipated to expand as a result of the rising demand for industrial burners in a range of applications, such as heat exchangers such hot water boilers, steam boilers, or air heaters and some process applications. The usage of industrial burners on heavy-duty boilers, which are able to overcome high combustion chamber resistances, is another factor driving the demand. The increased demand for good, dependable, more efficient, and low-emission industrial heating devices by equipment buyers and machinery manufacturers is another factor contributing to the growth of the industrial burner market. The development of the industrial burner market has been adversely affected by the COVID-19 pandemic outbreak. The manufacturers were forced to manage their business with fewer employees present on site and to give operators and engineers more remote capabilities due to the rigorous constraints during the pandemic. The concept of being able to oversee their manufacturing operations remotely began to catch on among manufacturers.
North America holds a significant share of the global market. Over the course of the forecast, Asia Pacific is anticipated to dominate the global market. Over the course of the forecast period, factors such the region's rapid industrialization, population growth, rising energy demand, and cost advantages from the region's cheap cost of labour are projected to speed up the industry's expansion. In addition, as a result of improved technological advancements, rising electricity consumption and an increase in the number of manufacturers in the area are all helping to fuel the market's expanding demand. Furthermore, it is anticipated that North America would hold a sizable portion of the global market. Due to ongoing investments in the mining, LNG, chemical, and other industries as well as the growth of domestic manufacturing, the market for industrial burners is expanding more quickly.
The Industrial Burner market is fragmented into the type, and applications segments. Based on the fuel type, the oil based segment is anticipated to dominate the market. By application, the petrochemical segment is projected to grow at the highest CAGR during the forecast period.
The Industrial Burner market is highly competitive in nature with the presence of local & international players. Major manufacturers are engaged in strategic collaborations, and new product launches to remain competent in the market. For example, in 2020, Fives launched the Pillard NOVAFLAM Evolution, an industrial burner available as a mono-channel or bi-channel burner for rotary kilns, offering unparalleled performance for cement industry.
The scope of this report covers the market by its major segments, which include as follows: