Report : North America 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 9.8% CAGR, the North America Oxy Fuel Combustion Technology Market is speculated to be worth US$ 287.80 million by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the North America oxy fuel combustion technology market was valued at US$ 164.41 million in 2022 and is expected to reach US$ 287.80 million by 2028, registering a CAGR of 9.8% 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 North America oxy fuel combustion technology market expansion.
Air pollution is one of the most severe health and environmental issues across the region. Many of the leading causes of death, such as heart disease, stroke, lower respiratory infections, lung cancer, diabetes, and chronic obstructive pulmonary disease, are linked to air pollution, which includes outdoor and indoor particulate matter and ozone. It is at the top of the list in low-income countries. According to the World Health Organization (WHO), in 2019, ambient air pollution caused millions of premature deaths, out of which 89% of premature deaths occurred in low and middle-income countries. Hence, air pollution is more prevalent in low- and middle-income countries. Several initiatives have been taken by local and federal government bodies across the region over the years to minimize hazardous industrial air disposal. Initiatives taken by the federal government bodies are influencing the industrial sector to implement technological solutions to reduce the emission of carbon dioxide and other greenhouse gases during their combustion process. Thus, the factors mentioned above contribute to the North America oxy fuel combustion technology market growth.
On the contrary, high energy requirement and high cost associated with oxy fuel technology solutions hurdles the growth of North America oxy fuel combustion technology market.
Based on offerings, the North America oxy fuel combustion technology market is segmented into solution and services. The solution segment held 76.7% share of North America oxy fuel combustion technology market in 2022, amassing US$ 126.14 million. It is projected to garner US$ 214.48 million by 2028 to expand at 9.3% CAGR during 2022–2028.
Based on end-user industry, the North America oxy fuel combustion technology market is segmented into oil & gas, power generation, manufacturing, metal & mining, and others. The power generation segment held 36.1% share of North America oxy fuel combustion technology market in 2022, amassing US$ 59.35 million. It is projected to garner US$ 95.98 million by 2028 to expand at 8.3% CAGR during 2022–2028.
Based on country, the North America oxy fuel combustion technology market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 70.9% share of North America oxy fuel combustion technology market in 2022. It was assessed at US$ 116.55 million in 2022 and is likely to hit US$ 198.58 million by 2028, exhibiting a CAGR of 9.3% during the forecast period.
Key players dominating the North America oxy fuel combustion technology market are Air Liquide SA, Air Products & Chemicals Inc, 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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