Report : Middle East and Africa 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)
Services Segment is Expected to be Fastest Growing During the Forecast Period for MEA Region
According to a new market research study on “MEA 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$ 56.59 million by 2028 from 37.79 US$ million in 2021. The market is estimated to grow at a CAGR of 5.9% from 2021 to 2028. The report provides trends prevailing in the MEA oxy fuel combustion technology market along with the drivers and restraints pertaining to the market growth. Developing countries witnessing high demand for oxy fuel combustion technology is the major factor driving the growth of the MEA 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 MEA oxy fuel combustion technology market.
MEA oxy fuel combustion technology market is segmented into offerings, end-use industry, and country. Based on offering, the MEA 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 MEA 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 MEA oxy fuel combustion technology market is segmented into Saudi Arabia, South Africa, UAE, and rest of MEA. South Africa held the largest market share in 2020.
Among the MEA countries, Iran has reported the highest number of COVID-19 cases. Moreover, Turkey, Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are among the other countries in the region that faced notable disruptive effect of the COVID-19 pandemic. The Middle Eastern and African countries have reported less cases than the countries in North America and Europe; therefore, strict lockdown regulations were not imposed in all these countries. The lockdown measures were imposed only in a few countries that witnessed rapid spread of the infection. However, similar to the global trend, the oxy fuel combustion technology market in the MEA witnessed a mixed impact of the pandemic. According to the analysis, oxy fuel combustion technology providers witnessed reduced demand, lower returns for selective projects, and delay or cancellation of new or ongoing projects. They also witnessed instability in their operations and ability to access capital in favorable terms.
Air Liquide SA; Air Products and Chemicals, Inc.; FALORNI GIANFRANCO S.R.L; General electric Company; HEIDELBERGCEMENT AG; Hitachi, Ltd.; Jupiter Oxygen Corporation; and LINDE are among the leading companies in the MEA 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.
MEA Oxy Fuel Combustion Technology Market, By Country, 2020 and 2028 (%)
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