New York, Dec. 22, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Oxy Fuel Combustion Technology Market Size, Share, Growth and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Offerings (Solution and Services), End-Use Industry (Oil & Gas, Power Generation, Manufacturing, Metal & Mining, and Others)”, the global oxy fuel combustion technology market demand is influenced by increasing government initiatives to reduce air pollution and rising demand for minimizing gas emissions in industrial processes.
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Global Oxy Fuel Combustion Technology Market - Report Scope:
| Market Size Value in | USD 386.52 Million in 2020 |
| Market Size Value by | USD 749.60 Million by 2028 |
| Growth rate | CAGR of 9.6% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| No. of Tables | 62 |
| No. of Charts & Figures | 71 |
| Historical data available | Yes |
| Segments covered | Offerings , End-Use Industry |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Oxy Fuel Combustion Technology Market – Key Product Developments:
Players operating in the oxy fuel combustion technology market are mainly focused on the development of advanced and efficient products.
In 2019: NGK SPARK PLUG CO., LTD. (NTK) and Mitsubishi Hitachi Power Systems, Ltd. (MHPS) declared the establishment of CECYLLS Co., Ltd. The two companies to manufacture and sell cylindrical cell stacks (Note1) as the power generating elements used in solid oxide fuel cells (SOFC).
In 2020: Linde partnered with new contract with Indian Oil Corporation Limited (IOCL), the largest refiner in India. Praxair India Private Limited operated an air separation unit (ASU) to supply oxygen and nitrogen to its incumbent customer, IOCL.
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A few key players operating in the global oxy fuel combustion technology market and profiled in this market study are Air Liquide; Air Products and Chemicals, Inc.; Encon Thermal Engineers Pvt. Ltd.; ESA S.p.A.; Falorni Gianfranco s.r.l.; General Electric Company; Hitachi Ltd..; Jupiter Oxygen Corporation; Linde; and HEIDELBERGCEMENT AG, amongst others.
COVID Impact on Global Oxy Fuel Combustion Technology Market Growth:
In North America, the US has reported more than 20 million COVID-19 cases, with California, Texas, Florida, and New York, among others, being the majorly affected areas. Although the federal government in the US did not impose nationwide lockdown in 2020, governors of a few sates decided to impose lockdowns in their respective states. The lockdown hindered the operations of various industries, including chemical, manufacturing, hospitality, and IT. Despite the wide applications of oxy fuel combustion systems, the companies providing these systems have been facing fluctuating demands amid the pandemic, which can be attributed to the decline of economic activity as well as significant disruption and volatility in the market. Metal production, coating and spraying, waste disposal, power generation, and glass production are among the key industries with wide applications for the oxy fuel combustion technology. However, the oxy fuel combustion system providers are actively working and running the plant during this period, which is allowing them to cater the customer demands.
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North America led the global oxy fuel combustion technology market with a substantial revenue share in 2020, followed by Europe and APAC. The US is in a prime position to commercialize the oxy fuel combustion technologies, which are expected to be required widely to completely decarbonize the global economy, owing to a renewed effort to formulate supportive policy and strengthen the current policy structure across the region. As a result, US leadership on CCS implementation would contribute significantly to the world, meeting its environment and sustainable-development goals. It would also help to lower the cost of carbon capture and storage (CCS), a technology that is critical for achieving climate targets and allowing technology implementation in other countries.
In 2020, Europe stood second in the oxy fuel combustion technology market with a decent share, and it is anticipated to witness a steady CAGR from 2021 to 2028. The European region includes France, Germany, Spain, Italy, the UK, and the Rest of Europe. Western European countries are more advanced compared to the Nordic and other Eastern European countries. Therefore, there are more developments and advancements with respect to the adoption of new technologies in the western part of Europe. On the other hand, economically strong countries such as Germany, Italy, and the UK have witnessed significant growth in the implementation of oxy fuel combustion technology solutions.
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Air pollution awareness programs in both developed and developing countries have experienced a surge over the years to combat against the rising climatic changes due to the increasing emission of greenhouse gases. Some of the international government organizations working on the awareness programs are World Health Organization, United States Environmental Protection Agency, and The World Economic Forum, among others. Similarly, various non-profit private organizations are also taking initiatives to educate industries regarding the harmful gases emitted by them in the environment.
These organizations include The Coalition for Clean Air, The Union of Concerned Scientists, and Earthjustice. Thus, the rising initiatives by the above-mentioned organizations are influencing the end-user industries to adopt technologies that will reduce the emission of hazardous gas in the environment, thereby contributing to the growth of the global oxy fuel combustion technology market.
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