May 21, 2024
Industrial Burner Market

The Global Industrial Burner Market Is Propelled By Increasing Demand For Oil And Gas Extraction

Industrial burners are combustion devices used in various industrial processes for applications such as space heating, dryers, furnaces, boilers and oil & gas extraction. They offer advantages like high combustion efficiency, energy savings and lower emissions. With rapid industrialization and growing need for oil and gas worldwide, the demand for industrial burners has increased substantially.

The global Industrial Burner Market is estimated to be valued at US$ 13007.62 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand for oil and gas extraction is one of the major factors driving the growth of the industrial burner market. There is a rising need for fossil fuels like oil and natural gas to meet the growing energy requirements globally. This has propelled oil and gas companies to increase offshore and onshore production activities. Industrial burners play a vital role in oil and gas extraction processes like thermal enhanced oil recovery. Thus, the expansion of oil and gas industry and increasing production levels will augment the adoption of industrial burners during the forecast period.

SWOT Analysis

Strength: The Global Industrial Burner Market Size has significant growth opportunities in sectors such as oil & gas, chemical and petrochemical. Growing energy demand globally is expected to drive the market during the forecast period.

Weakness: Stringent government regulations regarding carbon emissions may hamper the growth of the industrial burner market. Also, availability of alternative technologies such as industrial heat pumps pose a threat.

Opportunity: Developing nations in Asia Pacific are expected to provide new growth avenues due to increasing industrialization. Also, adoption of IoT in burners can provide opportunities for product differentiation.

Threats: Volatility in raw material prices can adversely impact the costs of burner manufacturers. Changing trade policies and economic uncertainty may negatively influence the demand.

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 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.

North America dominates the global industrial burner market currently due to strong presence of oil & gas industry in US and Canada. Asia Pacific is expected to exhibit fastest growth owing to growing energy needs of China and India. Countries like China, Japan and India are major contributors to the regional market growth.

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 industrial burner market is fragmented with presence of many global and regional players. Key players focus on new product launches, partnerships and acquisitions to gain competitive advantage.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it