Industrial emission control systems market is poised to expand at a significant pace on account of the increasing industrialization and the consequently rising environmental threats through these industrial emissions. The government measures toward curbing the greenhouse emissions is one of the major drivers for this industry. In collaboration with the environmental organization, the government worldwide is setting standards to be met by the industries regarding the industrial emission limits. For instance, U.S. based manufacturing and industrial units have to meet the emission standards set by the National Emission Standard for Hazardous Air Pollutants. The aforementioned factor coupled with the presence of a large base of industries across U.S. makes it one of the prominent grounds for the growth of industrial emission control systems industry. U.S. industrial emission control systems market is estimated to hit USD 2 billion by 2024.
U.S. Industrial Emission Control Systems Market Size, By Device 2013-2024 (USD Billion)
The increasing power supply demand from the evolving population is another chief driving factor for the industrial emission control systems market. Power plants account for a chunk of industrial emissions by releasing hazardous chemicals such as S03 into the atmosphere and are the prime contributors for industrial emission control systems industry share. Power plants applications are estimated to register a CAGR of 6% over the period of 2016-2024. Electrostatic precipitator is the most prominent device used across power plant units to control industrial emissions. In addition to this, ESPs are also deployed heavily across steel, paper, and cement industries. As per the estimates, Electrostatic precipitator market is estimated to witness gains at 5% over the coming seven years.
Cement, manufacturing, metal, and petrochemical are also some of the major regions significantly influencing the global industrial emission control systems market share. High content of VOCs emitted through these industries is causing a severe threat to the environment. These units are installing emission devices actively for the removal of toxic gasses and to meet the emission standards set by the government. For instance, chemical & petrochemical industrial units install Absorbers for the removal of toxic gasses released from these units to the atmosphere. In response to the increasing applications, absorbers market is projected to record a CAGR of 8% over the timeframe of 2016-2024.
The global landscape pertaining to the industrial emission control systems industry is indeed dynamic. Below are the regional market predictions over the period of 2016-2024:
Looking at the wide spectrum of applications of these emission devices and the demand from various industries, it is quite certain for the industrial emission control systems market to witness a strong growth roadmap ahead. As per the projections, global industrial emission control systems industry size will hit USD 24 billion by 2024.
Key players sharing this business space are Mitsubishi Hitachi Power Systems, BASF, Johnson Matthey, Ducon Technologies, Amec Foster Wheeler, CECO Environmental Corp, Thermax, General Electric, and Auburn Systems.