Portland, OR, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electrostatic precipitator market estimated at $6.6 billion in 2020 and is expected to hit $10.0 billion by 2030, registering a CAGR of 4.3% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in awareness about air quality management and rapid Industrialization in both the developed and developing economies drive the growth of the global electrostatic precipitator market. On the other hand, emergence of renewable energy sources impedes the growth to some extent. Nevertheless, development of coal-fired and gas-fired power plants is expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Shutdown of oil refineries and chemical manufacturing industries reduced the consumption of electrostatic precipitators for soot and ash removal purposes, especially during the initial phase. This factor impacted the global electrostatic precipitator market negatively.
- Also, decline in global electricity consumption due to the closure of large-scale industries, offices, and malls led the electrostatic precipitator market to witness a downfall in demand. However, the market is projected to recoup soon.
The global electrostatic precipitator market is analyzed across product type, end use, and region.
Based on product type, the plate wire segment accounted for nearly two-fifths of the total market share in 2020, and is projected to rule the roost by the end of 2030. The wet segment, on the other hand, would cite the fastest CAGR of 4.8% throughout the forecast period.
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Based on end use, the power generation segment contributed to nearly two-fifths of the total market revenue in 2020, and is expected to lead the trail by 2030. The metal segment, however, would grow at the fastest CAGR of 5.1% from 2021 to 2030.
Based on geography, Asia-Pacific held the major share in 2020, garnering around one-third of the global electrostatic precipitator market. The same region would also exhibit the fastest CAGR of 4.8% by 2030. The other three provinces discussed in the report include North America, Europe, and LAMEA.
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The leading market players analyzed in the global electrostatic precipitator market report include DUCON, FLSmidth, General Electric, Trion IAQ, Mitsubishi Power, Ltd, S.A. Hamon, John Wood Group PLC, Siemens AG, Babcock & Wilcox Enterprises, Inc., and Thermax Limited. These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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