Industrial Burners Is Estimated To Witness High Growth Owing To Growing Oil & Gas Industry
Industrial burners are widely used in several industries for thermal treatment of flue gases and combustion of fuel. They are primarily used to provide heat for various industrial processes such as space heating, humidification, and process heating. Industrial burners are well recognized for their ability to burn cleaner and more efficiently, providing substantial cost and emission benefits.
The global Industrial Burner Market is estimated to be valued at Us$ 11291.33 Mn in 2024 and is expected to exhibit a CAGR Of 5.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growing oil & gas industry presents significant opportunities for industrial burner market. With rapid industrialization and growing population globally, demand for oil and gas has increased substantially over the years. Oil and gas industry uses various industrial processes that require heat for operations. Industrial burners are extensively utilized in oil and gas industry for heating furnaces, boilers and other heat exchangers. Moreover, stringent regulations regarding emission control particularly in North America and Europe is propelling adoption of more advanced and emission compliant burners. This is expected to boost adoption of innovative burner technologies in oil & gas industry, driving the industrial burner market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The industrial burner market requires significant investments in R&D and manufacturing capabilities to produce quality and efficient products. This poses a moderate threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of diverse product offerings from various manufacturers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials used in industrial burners are commodity chemicals widely available.
Threat of new substitutes: Threat from substitutes is low as industrial burners have widespread applications and no close substitutes exist.
Competitive rivalry: The industrial burner market is fragmented with the presence of several global and regional players. Competition is high based on product performance, pricing, and quality.
SWOT Analysis
Strengths: Industrial burners offer cost-effective and reliable heating solutions. Leading players have strong distribution networks and brand recognition.
Weaknesses: Significant investments are required for R&D and manufacturing. Fluctuations in raw material prices impact profits.
Opportunities: Growing demand from industries like oil & gas, chemicals, food & beverages, etc. offers scope for expanding geographic footprints.
Threats: Stringent regulations regarding emissions could increase compliance costs. Economic slowdowns lower demand.
Key Takeaways
The Global Industrial Burner Market Demand is expected to witness high growth over the forecast period supported by increasing energy demand worldwide. The global Industrial Burner Market is estimated to be valued at US$ 11291.33 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
The market in North America dominates currently owing to strong presence of manufacturing sector in U.S and Canada. However, Asia Pacific is likely to be the fastest growing market. Asia Pacific region is expected to offer most lucrative growth opportunities. Expanding manufacturing industry in China, India along with rapid industrialization will drive the demand for industrial burners for applications in various process industries. countries like China, India, Japan, and South korea are anticipated to be the major contributors to the regional growth.
Key players:
Key players operating in the industrial burner market are Baker Hughes Inc., Drill Master Inc, Ulterra Drilling Technologies, National Oilwell Varco Inc., Halliburton Inc., Schlumberger, Atlas Copco AB and Scientific Drilling International Inc. The market remains competitive with these players introducing innovative product offerings to gain higher shares.
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