Press release
Electrostatic Precipitator Market to grow 5% CAGR from 2016 to 2024
Fractovia.Org
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Electrostatic precipitators are being heavily adopted across the Power Plants, Cement, Chemicals and Petrochemicals, Metal, and Manufacturing, on account of these sectors being major sources of industrial emissions. Power plant industry which is expanding exponentially due to the rising electricity demand is a major revenue contributor for the electrostatic precipitator market, having held a revenue of USD 1 billion in 2015. These industrial units have a higher concentration of SO3 (Sulphur trioxide) which is a prominent source of air pollution.
In addition to this, the increasing infrastructural and construction development is also fostering electrostatic precipitator industry share. In response to this fact, ESP market size in the cement industry accumulated a revenue of USD 700 million in 2015 and is projected to record a CAGR of 4% over 2016-2024. Chemical & petrochemical industry is another major sector actively participating in the electrostatic precipitator market revenue battle. Heavy demand across chemical production units such as diesel, LPG, asphalt, etc. will drive this application lucratively over the years ahead.
On account of the increasing construction spending in Asia Pacific, this region is estimated to be one of the prominent ones to partake in the electrostatic precipitator market. The developments in the APAC economies validate the aforementioned fact. For instance, in November 2016, China announced to raise its power generation capacity by 19% over the span of five years. India will also be a major region contributing in APAC ESP industry growth with an estimated revenue of USD 800 million by 2024.
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U.S. electrostatic precipitator industry will also see a lucrative roadmap in the coming years, having accounted for 60% of the overall North America revenue in 2015. A high number of industry participants in this region, technology developments, and significant awareness regarding environmental hazards from industrial emissions are factors boosting the regional demand. UK is forecast to drive Europe market size, with a target CAGR of 6% over 2016-2024.
Key participants in the ESP market are GEECO Enercon Pvt. Ltd, Clean Tunnel Air International AS, Siemens AG, Babcock & Wilcox Enterprises, and Ducon Technologies Inc.
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