Industrial Emission Control Systems Market Revenue Will Reach $25.2 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Industrial Emission Control Systems Market By Equipment type (Electrostatic Precipitator, Scrubbers, Fabric Filters, Cyclones, Thermal Oxidizers, Catalytic Reactor), by Emission source (Power Generation, Cement, Pulp and Paper, Chemical Industry, Mining and Metal Processing, Manufacturing ), Industry trends, Estimation & Forecast, 2016 – 2024,”
The Global Industrial Emission Control Systems Market was valued at $13.8 billion in 2016, and is projected to reach $25.2 billion by 2024, growing at a CAGR of 7.9% from 2017 to 2024. In 2016, power generation segment held the largest share of the global Industrial Emission Control market. Among the major regions, North American Industrial Emission Control market was the highest revenue generating market valued at around $4 billion in 2016.
“Increasing global environmental awareness has led governments to enforce stringent regulations over industrial emission. Moreover, increasing respiratory and other serious diseases have boosted the market for industrial emission control system across the world. The adoption of renewable energy and increased investment in clean energy may restrict the market growth. The introduction of new Air Toxic Standards will help the global industrial emission control market further.”
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Electrostatic Precipitator is basically air filtration device which removes pollutants by force of electrostatic charge minimally impeding the flow of gases through the unit. Good purifying power and complete automated control boost the growth of Electrostatic Precipitator within industrial emission control system market. It dominates the market with around 35% of the market share and is growing CAGR of 8.1%.
Power Generation source segment is expected to grow at CAGR of 7.9% for the forecasted period.
Power plants generate the highest amount of pollutants and are adversely affecting the global environment. Growing demand of electricity and various new applications of electrical power such as electric vehicles has boosted the growth of power plants across the globe and thus increased pollutants. Owing to the growth of thermal power plants the power generation emission control systems have grown in the past few years and expected to grow further at CAGR of 7.9% for the forecasted period.
Asia-Pacific is expected to be the largest market for industrial emission control systems by 2024.
The new developing economies and enhanced global trade are boosting the growth of thermal power plants within Asia-Pacific market. Owing to growing thermal power plants the industrial emission control market is expected to grow at CAGR of 8.7% and will hold around 3/7th of total industrial emission control market. Currently, North America is the largest revenue generating segment. However, focus on renewable energy will hamper the market growth of industrial emission control systems in North America.
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Equipment type segment within Asia-Pacific is expected to reach around $12 billion by 2024. Electrical Precipitator is expected to gain the highest market share by end of forecasted period of 2017-2024.
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Industrial Emission Control Market Key Findings
• The global industrial emission control market is expected to reach $25.2 billion by 2024.
• The Asia-Pacific will be the highest growing region for the industrial emission control market.
• The Electrical Precipitator is expected to hold the largest market share and predicted to be growing at CAGR of 8.1%
The global emission control market is consolidated and owns a presence of limited vendors. The vendors compete on the basis of product quality and pricing. The key vendors dominated the market using techniques and strategies such as new product innovation and technological enhancement. For instance, Lafarge S.A. launched new Air Filter at Voskresensk cement plant in June 2016.
Some Major players of the global industrial emission control systems market are Amec Foster Wheeler plc, Babcock & Wilcox Enterprises, Inc., BASF SE, Ducon Technologies Inc., Dustex LLC, Fujian Longking Co., Ltd., GEA AG, General Electric Company (GE), Johnson Matthey Plc, and Thermax Limited.