Report : Asia Pacific Oxy Fuel Combustion Technology Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Offerings (Solution and Services) and End-User Industry (Oil & Gas, Power Generation, Manufacturing, Metal & Mining, and Others)
At 13.4% CAGR, the Asia Pacific Oxy Fuel Combustion Technology Market is speculated to be worth US$ 185.38 million by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the Asia Pacific oxy fuel combustion technology market was valued at US$ 87.33 million in 2022 and is expected to reach US$ 185.38 million by 2028, registering a CAGR of 13.4% from 2022 to 2028. Increasing government initiatives to reduce air pollution and rising demand for minimizing gas emissions in industrial processes are the critical factors attributed to the Asia Pacific oxy fuel combustion technology market expansion.
Air pollution awareness programs in developed and developing countries have increased over the years to combat the rising climatic changes due to the increasing greenhouse gas emission. WHO and The World Economic Forum are among the international government organizations working on the awareness program. Similarly, various nonprofit private organizations are taking initiatives to educate industries regarding the adverse effect of harmful gases emitted by them in the environment. A few awareness programs have taken in recent years. For instance, BreatheLife, a global campaign, encourages people to act on air pollution to protect human health and the planet. The campaign is led by the WHO, UN Environment Programme (UNEP), and the CCAC. Similarly, The United Nations General Assembly designates the International Day of Clean Air for blue skies. It was held in September 2022 to bring attention to various air pollutants damaging human and environmental health. Thus, the rising initiatives by various organizations are influencing the end-user industries to adopt technologies that will reduce the emission of hazardous gas in the environment, which is expected to boost the growth of the Asia Pacific oxy fuel combustion technology market in the coming years.
On the contrary, high energy requirement and high cost associated with oxy fuel technology solutions hurdles the growth of Asia Pacific oxy fuel combustion technology market.
Based on offerings, the Asia Pacific oxy fuel combustion technology market is segmented into solution and services. The solution segment held 73.1% share of Asia Pacific oxy fuel combustion technology market in 2022, amassing US$ 63.84 million. It is projected to garner US$ 132.40 million by 2028 to expand at 12.9% CAGR during 2022–2028.
Based on end-user industry, the Asia Pacific oxy fuel combustion technology market is segmented into oil & gas, power generation, manufacturing, metal & mining, and others. The power generation segment held 35.5% share of Asia Pacific oxy fuel combustion technology market in 2022, amassing US$ 31.02 million. It is projected to garner US$ 62.52 million by 2028 to expand at 12.4% CAGR during 2022–2028.
Based on country, the Asia Pacific oxy fuel combustion technology market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 35.6% share of Asia Pacific oxy fuel combustion technology market in 2022. It was assessed at US$ 31.07 million in 2022 and is likely to hit US$ 62.21 million by 2028, exhibiting a CAGR of 12.3% during the forecast period.
Key players dominating the Asia Pacific oxy fuel combustion technology market are Air Liquide SA, Air Products & Chemicals Inc, Encon Thermal Engineers Pvt Ltd, ESA SpA, Falorni Gianfranco SRL, General Electric Co, HeidelbergCement AG, Hitachi Ltd, Jupiter Oxygen Corp, and Linde Plc among others.
- In May 2021, Linde has recently announced the development of a CO2-free combustion technology to help reduce carbon emissions from industrial processes. This innovative technology, which utilizes oxy-fuel combustion, aims to achieve a significant reduction in CO2 emissions by replacing traditional combustion with pure oxygen.
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