Oxy Fuel Combustion Technology Market worth US$ 825.17 million by 2028 - Exclusive Research by The Insight Partners
The Insight Partners
The Oxy Fuel Combustion Technology Market is expected to register an incremental growth value of US$ 370.99 million during the forecast period
NEW YORK, UNITED STATES, April 13, 2023 /EINPresswire.com/ -- According to our latest market study on “Oxy Fuel Combustion Technology Market1 Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offerings (Solution and Services); End-Use Industry (Oil & Gas, Power Generation, Manufacturing, Metal & Mining, and Others), the market is projected to reach US$ 825.17 million by 2028; it is expected to grow at a CAGR of 10.5% from 2022 to 2028.
Report Coverage - Oxy Fuel Combustion Technology Market
Report Coverage Details
Market Size Value in US$ 454.18 million in 2022
Market Size Value by US$ 825.17 million by 2028
Growth rate CAGR of 10.5% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 154
No. of Tables 55
No. of Charts & Figures 71
Historical data available Yes
Segments Covered Offerings, and End-Use Industry
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Oxy Fuel Combustion TechnologyMarket in APAC to Grow at Highest CAGR During Forecast Period
APAC comprises India, China, Japan, Australia, South Korea, and the Rest of APAC. Countries such as Japan, India, China, Australia, Singapore, Taiwan, and Indonesia have a plethora of manufacturing industries owing to a diverse sector that includes electronics, chemicals, textiles, automobiles, and power generation. Over the years, the manufacturing spending of the region has grown significantly, and it is further anticipated to grow at the highest estimated growth rate. This is also increasing the number of hazardous gas emissions by the region.
In Asia, carbon capture and storage provide a way to balance economic growth and continue fossil fuel usage with emission reductions. Carbon capture and storage is recognized as effective greenhouse gas mitigation tool by government bodies in the region. It also acknowledges that widespread adoption of carbon capture and storage technologies would be needed to substantially reduce CO2 emissions to the atmosphere. In addition to considerable domestic CCS programs in the APAC countries—for instance, Geoscience Australia's Greenhouse Gas Storage and Greenhouse Gas Monitoring projects—the countries are also involved in several international forums which aim to accelerate the development and deployment of CCS, thereby directly impacting the oxy-fuel combustion technology market growth across the region.
The ongoing COVID-19 outbreak is restraining the growth of the global Oxy-Fuel Combustion Technology market in 2020, and it is likely to continue till early 2021 owing to disruptions in supply chains, a decrease in demand and production, and a decline in the economic and industrial growth among major regions such as North America, Europe, and Asia Pacific. Hence, there is a decline in y-o-y growth during the year 2020–2021. However, the growth is expected to normalize from 2021 onward, and the market is expected to grow at a steady pace from 2021 to 2028.
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Key Findings of Study:
Air pollution awareness programs in both developed and developing countries have experienced a surge over the years to combat against the rising climatic changes due to the increasing emission of greenhouse gases. Some of the international government organizations working on the awareness programs are World Health Organization, United States Environmental Protection Agency, and The World Economic Forum, among others. Similarly, various non-profit private organizations are also taking initiatives to educate industries regarding the harmful gases emitted by them in the environment.
These organizations include The Coalition for Clean Air, The Union of Concerned Scientists, and Earthjustice. Thus, the rising initiatives by the above-mentioned organizations are influencing the end-user industries to adopt technologies that will reduce the emission of hazardous gas in the environment, thereby contributing to the growth of the global oxy fuel combustion technology market.
Oxy Fuel Combustion Technology Market: Competitive Landscape and Key Developments
FALORNI GIANFRANCO S.R.L, General Electric, HeidelbergCement AG, Hitachi, Jupiter Oxygen, Linde, Air Liquide, Air Products and Chemicals Inc., Encon Thermal Engineers Pvt. Ltd., and ESA S.p.A. are a few of the key oxy fuel combustion technology market players profiled in the study.
In November 2022, NET Power LLC announced its plan to develop and build the world’s first utility-scale natural gas-fired power plant with near-zero atmospheric emissions. NET Power’s transformational technology produces power while inherently capturing nearly all emissions with its patented oxy-fuel combustion and supercritical CO2 cycle.
In May 2021, Linde has 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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