Report : North America 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
Solution Segment to Dominate North America Oxy fuel combustion technology Market during 2020–2028
According to a new market research study on “North America 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$ 266.21 million by 2028 from 143.18 US$ million in 2021. The market is estimated to grow at a CAGR of 9.3% from 2021 to 2028. The report provides trends prevailing in the North America oxy fuel combustion technology market along with the drivers and restraints pertaining to the market growth. Rising government initiatives to reduce air pollution is the major factor driving the growth of the North America 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 North America oxy fuel combustion technology market.
North America oxy fuel combustion technology market is segmented into offerings, end-use industry, and country. Based on offering, the North America 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 North America 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 North America oxy fuel combustion technology market is segmented into US, Canada, and Mexico. US held the largest market share in 2020.
In North America, the US has reported a huge number of COVID-19 cases of more than 20 million, 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 states 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 and 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 oxy fuel combustion technology. However, oxy fuel combustion system providers were actively working and running the plant during this period, which allowed them to cater to the customer demands. This has helped them maintain their cashflows and revenues.
Air Liquide SA; Air Products and Chemicals, Inc.; General electric Company; HEIDELBERGCEMENT AG; Hitachi, Ltd.; Jupiter Oxygen Corporation; and LINDE are among the leading companies in the North America 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.
North America Oxy fuel combustion technology Market, By Country, 2020 and 2028 (%)
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