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Industrial Emission Control Systems Market - Global Industry Analysis, Size, Share, Growth 2024 | Research Report
The world industrial emission control systems market is prophesied to expand rapidly on account of a high global demand for power and mounting industrialization coupled by predominant enforcement of stringent regulations by environmental regulatory and government bodies. Regulations pertaining to the emission of harmful gases such as sulfur dioxide and nitrogen oxide and particulate matters are expected to make it obligatory on the part of several industries to conform to local and international emission standards. The world industrial emission control systems market could also gain impetus from increasing global trade and aggressive industrialization in emerging economies.
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By 2023, the world industrial emission control systems market is prognosticated to showcase a significant improvement in revenue valuation by raking in a US$22.09 bn. In 2016, a valuation of US$13.44 bn was earned by the world industrial emission control systems market. During the forecast period 2015–2023, the world industrial emission control systems market could register a 7.3% CAGR.
Rapid Establishment of Power Plants Raises Environmental Concerns
Amongst the top four and other emission sources, power plants are predicted to reserve a commanding share of US$9.7 bn in the international industrial emission control systems market by the final forecast year. Alarming environmental concerns have raised eyebrows due to an influential rise in power demand and industrialization, especially in developing countries. As the domestic manufacturing industry of emerging regions has begun to develop, stringent regulatory structures have taken shape to address the need for reducing industrial emission.
The marine industry is also anticipated to make its substantial contribution to the international industrial emission control systems market because of the surge in global trade. A convincing inflow of investments could be triggered due to the maturation of the international industrial emission control systems market in response to the evolving characteristic of government regulations.
The chemical process industry and power plants are envisaged to register an impressive combined share during the course of the forecast period. Favorable growth of industries in developing countries and maturing industrial hubs worldwide could improve the chances of the establishment of a rocketing count of power plants on a global platform. Moreover, the introduction of new coal-fired power plants is foretold to bolster the demand in the international industrial emission control systems market. A leading measure of power generation via thermal coal-fired power plants could be witnessed in China and India, the two major manufacturing hubs of the world.
Asia Pacific Takes Driver’s Seat with Advent of Coal-fired Power Plants
Asia Pacific is projected to take the charge in the worldwide industrial emission control systems market on the back of a boosted installation count, swift industrialization, and regulations laid down by different government organizations. The development of coal-fired power plants has particularly gained prominence in the region due to the shortage of developed renewable energy infrastructure. Furthermore, power plants in Asia Pacific are experiencing tremendous pressure from growing population. All of these factors are forecasted to escalate the share of Asia Pacific to 39.58% in the worldwide industrial emission control systems market.
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Followed by North America, Asia Pacific could maintain the demand in the worldwide industrial emission control systems market while riding on emerging countries creating tight emission regulations and all-embracing emission standards. Participants are foreseen to sustain their profitability in the worldwide industrial emission control systems market with the involvement of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in the formulation of strict regulatory criteria. Countries such as Indonesia and Thailand besides China and India could magnify the demand in Asia Pacific with their rising need for electricity.
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