11 Jan 2016 12:01:45
Growing Commitments to Environment Protection Boosts Global Emission Control Systems Market
The manufacturing and production industries today are responsible for a large share of the output of harmful pollutants into the ecosystem. Chemical process industries, manufacturing industries, and large-scale power plants are all sources of particulates, harmful gases, vapors, and aerosols. Most of these pollutants are proven to be harmful to the environment as well as human well-being, which has become a major cause for concern for several regulatory boards around the world. One of the simpler and logical ways of controlling the output is to use emission control systems. As such, the global emission control systems market provides a large array of technologies and chemicals that aim to curb and/or neutralize pollutants before they escape into the surroundings.
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The global emission control systems market is exhibiting a CAGR of 7.30% between 2015 and 2023. The market was valued at US$11.7 bn in 2014 and is expected to grow till US$22.1 bn in 2023. The top companies in the global emission control systems market are BASF Catalysts LLC, CECO Environmental Corp., Mitsubishi Hitachi Power Systems Limited (MHPS), Johnson Matthey PLC, GEA Group AG, Babcock & Wilcox Enterprises Inc., and Alstom Group. With their outreach across the world, the players in the global emission control systems market are poised to compete while creating a healthier world to live in.
Power Plants Dominate Demand for Emission Control Systems
The global emission control systems market can be segmented according to the type of emission control device and the emission source. From the perspective of emission source, the global emission control systems market is divided into the marine industry, the chemical process industry, power plants, and the waste to energy industry, along with other minor segments. Of these, the global emission control systems market is dominated by power plants, a segment that held 42.3% of the market in 2014. As for emission control devices, the market is divided into filters, incinerators, catalytic reactors, electrostatic precipitators, and others. The global emission control systems market was led by electrostatic precipitators in 2014, when it held 36.2% of the market.
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Asia Pacific Leads Global Emission Control Systems Market
Nearly 38% of the global emission control systems market was taken up by Asia Pacific in 2014. One of the key reasons for the growth of the regional global emission control systems market is the rapid industrialization of nations such as China and India. North America followed suit in terms of growth rate, owing to the implementation of increasingly stringent regulations regarding the release of harmful chemicals and gases into the environment. Similar environmental protection goals and commitments are shown by Europe, the third largest regional segment of the global emission control systems market in 2014. As for the Rest of the World, a high growth rate is imminent as evolving industry practices and adoption of efficient manufacturing means will allow for a better penetration of emission control systems.
The atmospheric level of harmful gases such as sulfur dioxide and nitrous oxides and particulate emissions is increasing at a fast pace. Government bodies are therefore taking stronger steps to protect the habitability of the land and preserve the environment for future generations. The global emission control systems market plays a critical part in this and therefore can be expected to grow in the near future.
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