Oxy Fuel Combustion Technology Market to hit $749.60 Million, Globally by 2028: The Insight Partners

According to our latest market study on "Oxy Fuel Combustion Technology Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Offerings (Solution, Services); End-Use Industry (Oil & Gas, Power Generation, Manufacturing, Metal & Mining, Others) the market was valued at US$ 386.52 million in 2020 and is projected to reach US$ 749.60 million by 2028; it is expected to grow at a CAGR of 9.6% from 2021 to 2028.

The rising concern for carbon dioxide emission in the atmosphere is a major factor driving the oxy fuel combustion technology market.

Anthropogenic CO2, that is CO2 produced because of human activities, comes from the combustion of fossil fuels in power plants, transportation, and industrial sources. Fossil fuels currently provide the most of the world's energy, and this situation is expected to persist for at least next few decades. Thus, to continue using fossil fuels in an effective and environmentally sustainable manner, near-zero emission technologies are being developed for demonstration and large-scale commercial deployment. The state-of-the-art application of oxy-fuel combustion technology to fossil-fuel energy conversion systems provides an opportunity to develop new designs, improving the competence of baseline combustion processes, and reducing their environmental footprints, including greenhouse gas emissions, through CO2 capture and storage.

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North America led the global oxy fuel combustion technology market with a substantial revenue share in 2020, followed by Europe and APAC. The US is in a prime position to commercialize the oxy fuel combustion technologies, which are expected to be required widely to completely decarbonize the global economy, owing to a renewed effort to formulate supportive policy and strengthen the current policy structure across the region. As a result, US leadership on CCS implementation would contribute significantly to the world, meeting its environment and sustainable-development goals. It would also help to lower the cost of carbon capture and storage (CCS), a technology that is critical for achieving climate targets and allowing technology implementation in other countries.

Impact of COVID-19 Pandemic on Oxy Fuel Combustion Technology Market

The lockdown hindered the operations of various industries, including chemical, manufacturing, hospitality, and IT. Despite the wide applications of oxy fuel combustion systems, the companies providing these systems have been facing fluctuating demands amid the pandemic, which can be attributed to the decline of economic activity as well as significant disruption and volatility in the market. Metal production, coating and spraying, waste disposal, power generation, and glass production are among the key industries with wide applications for the oxy fuel combustion technology. However, the oxy fuel combustion system providers were actively working and running the plant during this period, which allowed them to cater to the customer demands. This has helped them in maintaining their cashflows and revenues.

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Strategic Insights:

Players operating in the oxy fuel combustion technology market are mainly focused on the development of advanced and efficient products.
In 2020, Linde partnered with new contract with Indian Oil Corporation Limited (IOCL), the largest refiner in India. Praxair India Private Limited operated an air separation unit (ASU) to supply oxygen and nitrogen to its incumbent customer, IOCL.

In 2019, NGK SPARK PLUG CO., LTD. (NTK) and Mitsubishi Hitachi Power Systems, Ltd. (MHPS) declared the establishment of CECYLLS Co., Ltd. The two companies to manufacture and sell cylindrical cell stacks (Note1) as the power generating elements used in solid oxide fuel cells (SOFC).

Increasing Government Initiatives to Reduce Air Pollution

Air pollution is one of most serious health and environmental issues worldwide. Many of the leading causes of death, such as heart disease, stroke, lower respiratory infections, lung cancer, diabetes, and chronic obstructive pulmonary disease, are linked to air pollution, which includes both outdoor and indoor particulate matter and ozone. It is at the top of the list in low-income countries. It was estimated that 5 million people died because of air pollution in 2017. Low-income countries have higher indoor pollution rates due to their reliance on solid fuels for cooking, and outdoor air pollution increases as countries industrialize and move from low to middle income status. Hence, air pollution is more prevalent in both low- and middle-income countries.

Several initiatives have been taken by the local and federal government bodies across the globe over the years for minimizing the hazardous industrial air disposal. This is fueling the growth of the global oxy fuel combustion technology market.

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