Report : Asia Pacific Oxy Fuel Combustion Technology Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offerings (Solution and Services), End-Use Industry (Oil & Gas, Power Generation, Manufacturing, Metal & Mining, and Others)Â Â
Power Generation Segment to Dominate APAC Oxy fuel combustion technology Market during 2020–2028
According to a new market research study on “APAC Oxy fuel combustion technology Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offerings and End-Use Industry” is expected to reach US$ 158.77 million by 2028 from 73.29 US$ million in 2021. The market is estimated to grow at a CAGR of 11.7% from 2021 to 2028. The report provides trends prevailing in the APAC oxy fuel combustion technology market along with the drivers and restraints pertaining to the market growth. Rising demand for oxy fuel combustion technology among developing countries is the major factor driving the growth of the APAC oxy fuel combustion technology market. However, issues associated with high energy requirement and high cost associated with oxy fuel technology solutions hinders the growth of APAC oxy fuel combustion technology market.
APAC oxy fuel combustion technology market is segmented into offerings, end-use industry, and country. Based on offering, the APAC oxy fuel combustion technology market is segmented into solution and services. The solution segment held a larger market share in 2020. Based on end-user industry, the APAC oxy fuel combustion technology market is segmented into oil & gas, power generation, manufacturing, metal & mining, and others. Power generation segment held a larger market share in 2020. Based on country, the APAC oxy fuel combustion technology market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2020.
APAC constitutes a few of the world’s most populated countries that are also hub for manufacturing, namely India and China. China virtually imposed strict lockdown and social isolation, which almost halted the manufacturing and production for several weeks. Moreover, the country also suspended the import as well as export of critical raw materials and components, which disrupted the APAC supply chains in early 2020. India also imposed a nationwide lockdown to keep a check on the growing COVID-19 cases across the country. As a result, the discontinuation of industrial activities across China and India contributed to the disruption of supply chains of various industries. Production of essential commodities were permissible; however, the production of other goods including metal and glass was halted for weeks, Since oxy fuel combustion technology is prominently used in metal and glass production in APAC, the suspended operations in these industries lowered the demand for the said technology. However, as industries including power generation and waste disposal management have been functional throughout the pandemic, they continued to generate the demand for oxy fuel technology. Therefore, companies including Hitachi Ltd. and General Electrical were able to maintain their cash flows and revenue amid the pandemic.
Air Liquide SA; Air Products and Chemicals, Inc.; ENCON THERMAL ENGINEERS PVT. LTD; ESA S.P.A.; FALORNI GIANFRANCO S.R.L; General electric Company; HEIDELBERGCEMENT AG; Hitachi, Ltd.; Jupiter Oxygen Corporation; and LINDE are among the leading companies in the APAC oxy fuel combustion technology market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
APAC Oxy Fuel Combustion Technology Market, By Country, 2020 and 2028 (%)
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