Selbyville, Delaware, Aug. 13, 2019 (GLOBE NEWSWIRE) --
The global industrial emission control systems market size is anticipated to witness substantial growth over the forthcoming years. Tightening government regulations towards the preservation of environment brought on by rising concerns pertaining to greenhouse gas and industrial air emissions are expected to majorly fuel the need for emission control.
Industrial air emissions pose a serious global threat to not only the environment, but also the state of general human health. The subarctic regions, once considered to be the biggest, most pristine ecosystems across the world, are today being subjected to immense pressure from the mining and smelting industries due to lack of emission control.
Worldwide Industrial Emission Control Systems Market will achieve over 6% CAGR to hit USD 24 billion by 2024.
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The Arctic Monitoring and Assessment Programme identified that mining and smelting activities, especially the ones that involve nonferrous metals, are one of the biggest anthropogenic sources of air pollutants throughout the Arctic.
Meanwhile, the ferrous metals industry, particularly iron and steel, accounts for a substantial chunk of industrial emissions. The industry’s contribution can be attributed to the copious amounts of fumes it produces during the high-intensity, high-temperature oxygen steel refining processes.
Considering the severely detrimental impact industrial air emission has on the environment, today the metal industry is required to adhere to a number of strict guidelines pertaining to emission control. In an effort to meet these guidelines, metal and mining companies have become major application avenues for the global market. Rising demand from the metal, mining, chemicals, and manufacturing sectors will lead to better outcomes pertaining to emission control. during the forecast timeframe.
Industrial emission control systems market size from metal applications is anticipated to register a CAGR of 8% over 2016-2024.
Another application segment that is expected to make a notable contribution to the industrial emission control systems market share is the manufacturing sector. The segment’s contribution towards industrial air emissions is bifurcated into two separate categories – direct emissions and indirect emissions. While the former takes is manufactured at the production facility, indirect emissions are created off-site, and are relegated to the production facility’s electricity use.
Similar to the metal sector, the industrial air emissions created by the manufacturing sector are regulated by government bodies through stringent guidelines pertaining to emission control. Owing to the regulatory framework, the manufacturing sector is projected to emerge as a highly lucrative growth avenue transforming global industrial emission control systems market trends over the forecast period.
From a regional perspective, North America has been identified as a prominent market avenue for industrial emission control systems industry. The projected growth is expected to come from Canada and the United States. The presence of favorable laws and government agencies like the Canadian Environmental Protection Act (CEPA) and United States Environmental Protection Agency (EPA) that strive toward ensuring emission control, would be the primary growth catalysts.
Browse key industry insights spread across 146 pages with 238 market data tables & 10 figures & charts from the report, “Industrial Emission Control Systems Market” in detail along with the table of contents:
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Both CEPA and EPA regulate greenhouse gas emissions from several different industrial sectors throughout the region through effective standards and guidelines. As industries across both countries are required to meet these standards and guidelines, the North American market size is expected to thrive during the forecast time period.
U.S. industrial emission control systems market share from absorbers will depict a CAGR of more than 7% over 2016-2024, driven by the presence of international suppliers in the region and the strict laws about emission control.
Another regional market that is anticipated to showcase considerable growth is Australia. According to the Climate Council, back in 2017, Australia recorded an increase in its greenhouse gas emissions for the third consecutive year.
In an effort to curb this trend and tackle climate change, the Australian Federal Government has committed itself to the Paris Climate Agreement. Under this agreement, the Australian government has established a target of reducing the country’s greenhouse gas emissions by approximately 26% to 28% by 2030.
While commendable, the aforementioned goal falls short of what is required to address climate change effectively. The Climate Change Authority estimates that the country needs to set a 45% to 65% target to attain its 2030 deadline. Nevertheless, these goals would provide the region’s industrial emission control systems market the leverage it required to draw in significant amount of growth.
What does this report offer?
This industrial emission control systems market report covers an in-depth analysis of every segment comprising application, device, region and competitive landscape. The research study facilitates insights on this industry with regards to a number of parameters, such as industry outlook, growth drivers and regional drivers that are influencing the commercialization graph of the business space, global trends that characterize the industry and market segmentation.
The study cites that the application segment is further subdivided into power plants, chemicals & petrochemicals, cement, metal and manufacturing among others. Of these, the metal segment has obtained increased traction recently, primarily owing to the introduction of a number of favorable government-sponsored regulations and standards. In an effort to adhere to these strict and mandatory regulations, the metal industry is increasingly turning towards deploying devices to tackle emission control, augmenting industrial emission control systems market share further.
The manufacturing segment accounts for a considerable chunk of the global industrial emission control systems market share, primarily due to the sector’s integral role in producing a plethora of products that are used in day-to-day life. The key drivers pertaining to the application segment provide lucrative forecast during the projected time period, industry share of each sub-segment, as well as most rapidly expanding trends.
A detailed analysis of the device segment of industrial emission control systems industry is also entailed in the aforementioned research report. On the basis of device, the industry is classified into catalytic systems, electrostatic precipitators, scrubbers and absorbers.
In terms of regional analysis, the global market report is segregated into the U.S., Canada, Germany, France, UK, Italy, Spain, Russia, Netherlands, Belarus, Ukraine, India, China, South Korea, Japan, Australia, Indonesia, UAE, Saudi Arabia, Nigeria, South Africa, Angola, Mexico, Brazil, Venezuela, Argentina, Peru, Chile. The regions are further segmented based on market contribution, availability of industry players, consumer base, and many other aspects.
The study projects that industrial emission control systems market is likely to experience substantial growth across Europe, the North America and the Asia Pacific. The North America market outlook is slated to transform the global industry landscape, primarily due to the presence of a number of supportive laws and government agencies that mandate the permissible emission levels for numerous industrial sectors.
Moreover, the industrial emission control systems market report also encompasses a collection of crucial parameters that would assist stakeholders in easily undertaking necessary decision-making. The industrial emission control systems market research report also comprises important information pertaining to a number of different industry driving factors, SWOT analysis and more.
The aforementioned research report further provides a detailed industry analysis, executive summary, overview of overall global trends, crucial industry as well as insights market segmentation in the industrial emission control systems industry. Furthermore, deliverables with regards to the competitive spectrum as well as regulatory frame of reference have also been discussed within the study report along with business strategies that are being adopted by the prominent market players throughout the market landscape.
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