Portland, OR -- (SBWire) -- 02/26/2018 --The global market for industrial emission control systems is estimated to witness significant growth over the forecast period. This market is driven by the change in regulatory environment globally. Industries worldwide need to comply with various international, federal, state, and local government legislations, failing which they would have to potentially face large fines or suspensions in operations. Governments have set out strong regulations for power plants and other emission sources to cut down their carbon and other harmful pollutant footprints. The enforcement of these regulations is expected to provide significant boost to the market.
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The major emission sources for industrial air pollution are coal and thermal power plants. These plants emit a wide range of harmful air contaminants such as particulate matter, nitrogen oxides, sulfur oxides, mercury, and other contaminants, which can potentially cause lung failure and other diseases. To control these emissions, adoption of emission control equipment becomes a priority for industries. The power generation segment contributes to around 45.4% of the global market for industrial emission control systems. This segment utilizes advanced emission control technologies such as selective catalytic reactors (SCR), electrostatic precipitators, fabric filters, and other equipment to regulate the emissions from the industry.
Asia-Pacific is estimated to be the fastest growing regional market for industrial emission control systems, owing to growth in the Chinese and Indian markets. This is expected to be attributable to growth in power generation sector and government initiatives in infrastructure and urban development, which drive the cement industry.
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Key findings of the Industrial Emission Control Systems Market :
- In 2015, ESPs led the overall market revenue, and are projected to grow at a CAGR of 8.2% during the forecast period.
- The thermal oxidizers segment is expected to grow at a significant CAGR of 9.2% owing to their ability to destroy odors and toxic VOCs and operate at high efficiencies.
- Cement industry segment is projected to grow at a CAGR of 8.3%.
- China is the major shareholder, accounting for around three-fourths of the Asia-Pacific industrial emission control systems market.
The key players in the industrial emission control systems focus on expanding their business operations in fast-growing emerging countries and adopt acquisition as their key growth strategy. The major players profiled in this report include General Electric Company, Mitsubishi Hitachi Power Systems Ltd., Fujian Longking Co., Ltd, Johnson Matthey PLC, Ducon Technologies Inc., Babcock & Wilcox Co., AMEC Foster Wheeler PLC, CECO Environmental Corp, Hamon Corporation, Thermax Ltd, and BASF SE.
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Industrial Emission Control Systems Market Analysis by Type, Application, Region & Segment Forecasts, 2014 - 2022
Information regarding key drivers, restraints, and opportunities with a detailed impact analysis is explained.