by Industrial burners are extensively used as combustion devices in several industrial processes such as heating applications, drying processes, and others to provide heat for processes like incineration, melting operations, and heating furnaces. Industrial burners enable cost-effective and efficient combustion of fuels such as gas, oil, and others. They offer advantages such as compact designs for confined spaces along with customizable features for various heating requirements. With the rising demand for industrial automation and focus on reducing operational costs, industrial burners have become vital for numerous heating applications across industries.
The global Industrial Burner Market is estimated to be valued at US$ 13007.62 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing adoption of renewable and clean energy sources is one of the key trends being witnessed in the global industrial burner market. Manufacturers are focusing on developing burners with capabilities to effectively utilize renewable and cleaner fuels such as biogas, hydrogen, and others. For instance, companies are coming up with modified burners with advanced gas train and control systems to efficiently burn fuels such as biogas from landfills and agricultural waste. This enables end-use industries to lower carbon footprint of their operations. Furthermore, rapid expansion of chemical and petrochemical sectors along with increasing consumption of oil and gas is augmenting the demand for efficient industrial burners.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Global Industrial Burner Market Size is moderate as the market requires high capital investments for production and technological capabilities.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players operating in the market providing variety of products to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the availability of substitute raw materials and suppliers in the market.
Threat of new substitutes: The threat of substitutes is low as industrial burners have applications across various end-use industries.
Competitive rivalry: The competitive rivalry is high owing to the presence of numerous global and regional players competing on the basis of product quality, pricing, innovation, and customer service.
Key Takeaways
The global industrial burner market is expected to witness high growth. The global Industrial Burner Market is estimated to be valued at US$ 13007.62 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2031.
Regional analysis comprised: North America is the fastest growing region in the industrial burner market chiefly attributable to constant expansion of oil & gas sector and increasing energy demand from various end-use industries in the US and Canada.
Key players comprised: 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 players are focusing on new product development and partnerships to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
