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According to our latest market study on “Oxy Fuel Combustion TechnologyMarket 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$ 749.60 million by 2028; it is expected to grow at a CAGR of 9.6% from 2021 to 2028.
Oxy Fuel Combustion TechnologyMarket in APAC to Grow at Highest CAGR during Forecast Period
APAC comprises India, China, Japan, Australia, South Korea, and 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, textile, 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 amount of hazardous gas emissions by the region.
In Asia, carbon capture and storage provides a way to balance economic growth and continue fossil fuel usage with emission reductions. Carbon capture and storage is recognized as an 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 Technologymarket in 2020, and it is likely to continue till early 2021 owing to disruptions in supply chains, decrease in demand and production, and 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.
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.
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